Page 44 - Insurance Times September 2015 SAMPLE

of Tribunal to the Bank is not complied with, the Tribunal
can freeze the A/C.

8-10- S. 258 Draft Bill, 2015 corresponding to S. 172

M V Act, 1988- Award of compensatory costs in certain
cases.- S. 172 M V Act, 1988 provides the minimum amount
of compensatory cost at Rs. 1000/-. However, the same
was deleted in the corresponding proviso of S. 258 RT & S
Bill, 2015. Hence, in the absence of the same, the minimum
compensatory cost it can be anything even less than Rs.
1000/-. Now it is for the Tribunal to determine without
bottom line.

9. Conclusion- This is not an exhaustive study on the and Safety Bill, 2015 and a comprehensive and exclusive
legislation prepared on the subject in consultation with all
subject, but a limited review and analysis of the important the stakeholder, keeping the interest of the insurance
provisions relating to payment of compensation to road industry and victims right to receive compensation in mind.
accident victims vis-a-vis liability of insurer. The changes
mentioned hereinabove were based on prima-facie References
observation of the Draft Bill, 2015. Like others, I also had
my share of confusion over the Draft Bill, 2015, but hope 1. Draft Road Transport and Safety Bill, 2014
the same will be cleared soon. 2. Draft Road Transport and Safety Bill, 2015
3. Insurance Times, November 2014
10. Last word- I still stand by my view as stated in my 4. Insurance Times, July 2015
5. Motor Vehicles Act, 1988
earlier Articles to the effect that, the relevant provisions
relating to payment of compensation to road accident
crashes should be carved out from the Draft Road Transport

Insurance Quiz

Q 1 IRDAI had proposed a minimum of ___of ULIP funds to be invested in government securities .
Q 2 Which Life insurance company was penalized by the IRDAI on account of violation of outsourcing norms ?
Q 3 What is the amount of health coverage decided by the govt for the secondary and tertiary treatment of the

senior citizens?
Q 4 Which insurance company was given the charge of covering seven crops in Chhattisgarh?
Q 5 LIC has picked up an additional 2% stake in which bank?
Q 6 Which Private life has decided to expand bancassurance by 50%?
Q 7 Who will be the chairperson of the LIC council executive committee ?

The answers of the quiz are from this issue itself. Just go through our journal and you will find the answers. Send your answers
by Email to info@sashipublications.com and you can get a chance to win “Risk Management CD” absolutely free of cost. The
CD will be offered to person giving all correct answers. If we receive more than one entry with all correct answers the name
of winner will be drawn from lottery. The last date of receipt of entry is 28th SEP 2015.
So Hurry and Submit your entry at the earliest !!!!

40 The Insurance Times, September 2015

Copyright@ The Insurance Times. 09883398055 / 09883380339