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The Supreme Court refused to extend deadline and said that all the new vehicles bought from September 1 is mandatorily required to have a third party insurance. While considering a public interest litigation that seeks guidelines to improve road safety filed by SRajaaeekaran , Chairman and Head of Department of Orthopaedics Ganga Hospital, Coimbatore , the bench headed by Justice Lokur and Deepak Gupta on 20thJuly had said that third party insurance must be made for three years for two wheelers and five years for three wheelers.
The decision was taken by an SC bench on the basis of decisions taken by the Supreme court Committee on road safety by former judge Justice K.S. Radhakrishnan. The bench noted on 26tg March 2018 that there are about 18 Crore vehicles on the road and only 6 crores have third party insurance. The application filed by the General Insurance Council was to extend the deadline m this was dismissed by the SC. IRDA has passed a circular complying with the orders of the Apex court.
No third part insurance may be cancelled by insurer or insured except for double insurance, vehicle not in use anymore, constructive loss.
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