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InsuranceLatestLegalOctober 2023

IRDAI Circular dated 18.10.2023 for inbuilt mandatory insurance under IMT-29 in a private car policy for employer vehicles used by the employees.

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IRDAI Circular dated 18.10.2023 on compulsory insurance under IMT-29 as an inbuilt coverage in a private car policy for vehicles of employer and used by the employees.

Clause 7 of Section 2 of Indian Motor Tariff 2002 in respect of a private car owned by an employed, used by the employees and involved in an accident.

Reference to the Judgment of the Madras High Court that in case of accident, it becomes nightmare for the claimants to recover compensation from the employer for the accident of their relatives – employees or their untimely death.   As a result, the High Court directed the IRDAI to make IMT-29 compulsory as an inbuilt coverage for employees while issuing a private car policy for such vehicles.

Circular on compulsory IMT 29 under Motor insurance.pdf

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