New delhi> The All India Road Transport Workers’ Federation, in a statement issued on May 21, has strongly condemned the proposal of the Insurance Regulatory and Development Authority (IRDA) to enhance the third party insurance premium rates for the motor vehicles including agriculture tractors. The proposal is irrational, non transparent and highly exploitative.
The last date for the stakeholders to place their comments is May 29 which amounts to very insufficient time. AIRTWF demands the IRDA to withdraw the proposal immediately and negotiate with all the stakeholders by giving substantial information and data. AIRTWF calls upon all the stakeholders to raise their voice on the proposal of the IRDA and appeals all to be prepared to organise a protest before the IRDA headquarters if it does not withdraw the proposal.
Last year, the AIRTWF had asked the IRDA, under the RTI Act, to provide information on the amount collected as premium and the amount paid as compensation to the victims. Surprisingly, the IRDA replied that they do not have the information. Without having the information, how the IRDA is enhancing the premium rates every year, is a million-dollar question. It proves that there is no transparency at all. This is nothing but allowing the insurance companies to exploit the motor vehicle owners, said the AIRTWF’s statement.
