The protest against the steep hike in motor third-party insurance premium for goods carrying vehicles is set to intensify.
Irked by the refusal of the Insurance Regulatory and Development Authority of India (IRDAI) to roll back the hike in premium even after six days of the truckers’ strike in South India, transporters are gearing up for a nationwide strike from April 8.
“The hike in premium has been decided on the basis of a certain well-defined formula after proposing the same in an exposure draft before notifying the final rates. The regulator is not willing to roll back the hike now,” a senior IRDAI official told BusinessLine here.
The representatives of the All India Motor Transport Congress (AIMTC), South India Motor Transport Association (SIMTA) and All India Confederation of Goods Carrying Vehicle Owners Association had met the IRDAI team on Monday to seek a reduction in premium, but in vain.
