Page 45 - Insurance Times March 2021

ii) Determining possibility of failure of brakes or any other then we must write in report and insist insurance
parts. company to raise the issue in monthly meeting of the
road safety committee in every district headed by Dy.
iii) Determining possible defective construction of road
Commissioner, D.M. and represented by M.P, and
curve causing deviation in centre of gravity. If at any
point of accident gradient of the road is not proper then M.L.A. apart of other.
it should be remarked, if possible. xi) The Govt. should include surveyors by rotation in every
district in Road Safety Committee.
iv) If accidents are caused due to illegal cut on four-lane
by the locals you may mention it in the report with xii) Safety Belts and other device were used or not at the
location. time of accident, should also noted by the surveyor, if
possible.
v) Statutory indication like School, Hospital etc. Market,
curve etc not found which caused accident, you may In any particulars types of passenger vehicle as well as
mention. commercial vehicle. If it is having deficiencies of any
safety device then proper suggestion also come from
vi) Statutory indication were there but are not maintained surveyor to reduce the speed limit or otherwise.
that should be observed and noted in the report.
xiii) If the driver appear over aged or not medically fit or
vii) If there are regular animal movement then advice to having vision problem then surveyor also must put it in
install side grill, if accident caused because of the same,
black and white about the same in the report.
insurance company also should take up with authorities.
xiv) Pre accident condition, if it was responsible for
viii) There are large numbers of accidents due to trees on accident time has came to put in details in the report.
the road. Road construction companies are not cutting This is necessary because D.T.O are issuing certificate
trees due to several court directive but they are causing of registration, extension of certificate of registration
reasons for accidents. Surveyors may advice to cut such after 15 years without physical verification of the
trees.If the accidents/damage caused due to old trees vehicle. The poor pre-accidental vehicle is causing 15%
which has passed its life and was not removed or cut accident on the roads. It is also important because M.V.I
out by road authorities, surveyor must put remark. Due is responsible to inspect the vehicle on road on regular
to over aged tree several accidents are taking place. basis and check to take out all dangerous vehicle
ix) If vehicle was not having full set of vision light and playing on the road, but they are not performing their
indicators such as front light, fog light and brake and duties and accidents are increasing on cost of insurance
side indicator, the surveyor must quote remark in the premium.
report.
Conclusion:-
x) If any particular location has become accident prone Our drive is to minimize Risk vis-to-vis Insurance Premium.

Centre to hold 75% stake for at least 5 years in LIC

The Centre will hold at least 75 per cent stake in Life Insurance Corporation of India for the next five years and will
continue to hold at least 51 per cent in the life insurer after that period. The amendments to the Life Insurance Act,
1956, which was tabled along with the Finance Bill, also propose to increase the authorised share capital of the
corporation to Rs. 25,000 crore divided into 2,500 crore shares of Rs. 10 each. Finance Minister Nirmala Sitharaman
had, in the Budget, said that the government would like to take ahead the initial public offering of LIC in the coming
fiscal.
"In 2021-22 wewould also bring the IPO of LIC, for which I am bringing the requisite amendments in this Session
itself," she had said as part of the Budget speech. The other amendments to the Life Insurance Act include introduction
of provisions on corporate governance in line with SEBI norms to enable listing of LIC on stock exchanges.
"It is further proposed to substitute section 4 of the LIC Act to provide for the vesting of the general superintendence
and direction of the affairs and business of the LIC in its Board of Directors...," said the Notes on Clauses of the Finance
Bill. A key amendment is also regarding the utilisation of surplus from life insurance business under which it pays 5 per
cent of the surplus to the government. The government is also likely to continue with its guarantee on LIC policies.

The Insurance Times, March 2021 45