Page 410 - Motor Insurance Ebook IC 72
P. 410
The Insurance Times
This is also the only policy where insurance companies
receive a fixed premium but their liability is unlimited as
claims are paid on the basis of compensation awarded
by the motor accident claims tribunal. Four years ago,
the IRDA had revised rates on third party insurance
substantially to wipe out the deficit. However, the
regulator was forced to roll back the increase by 70%
after a nationwide stir by truckers sent food prices
soaring.
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