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The non-life insurance industry has decided to contract out resolution of accidental reimbursement claims to a central body to lessen losses bobbing out of large awards.
The central agency, which is the General Insurance Corporation’s subdivision, services all reports for payment owing to accidents caused by commercial vehicles. The regulator has been directed the industry to pool all gains or losses getting up motor third-party liability insurance.
Insurance Regulatory and Development Authority stated that the motor insurance pool will get into effect from April 1 and will be applicable to all commercial vehicles that would include all vehicles makes and classes.
Prudential ICICI Mutual Fund has been assigned a new name ‘ICICI Prude
