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ARTICLE · 09 JULY 2018

Telematics & Motor Insurance In India

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Motor insurance is one of the major segments of general insurance business in India and has, per the IRDAI's report of September 2017, contributed to almost 39% of the total general insurance gross direct premium collections in the year 2016-17.

IndiaInsurance

Article by Celia Jenkins and Priya Misra

Motor insurance is one of the major segments of general insurance business in India and has, per the IRDAI's report of September 2017, contributed to almost 39% of the total general insurance gross direct premium collections in the year 2016-17. Further, per the Motor Vehicles Act 1988 (MV Act), it is mandatory for all vehicles plying on public roads to be insured under a third party liability insurance, which is issued by an Insurer in compliance with the provisions of applicable law.

Only an Insurer registered with the IRDAI under the Insurance Act 1938 (Insurance Act), is permitted to carry on the business of an insurance company in India. Furthermore, Insurers registered in India, are permitted to offer only those products which are approved by the IRDAI or filed with the IRDAI in advance, under the applicable product filing procedures. There are separate sets of procedures and requirements for life insurance and

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