This committee has been formed after the recommendations of the committee constituted under the chairmanship of the Home Secretary. This committee was investigating the traffic rules in Delhi. According to sources, the IRDA panel has been asked to come up with such rules so that the pilot project can be implemented immediately.
It was being discussed for many years, but this is the first time such a step has been taken. Although it has been implemented in western countries. It has been proved all over the world that 70 percent of the accidents are due to the wrong driving of the drivers.
The panel has been asked to evaluate the current traffic rules in force in the states and give necessary suggestions for improvement in them. This panel will collect the data so that appropriate steps can be taken in this direction. This panel will collect the data and transfer the complete history of violation of traffic rules of the vehicle to the Insurance Information Bureau of India (IIBI).
At this time, the insurance premium depends on what is your vehicle and what is its capacity. As per the annual report for 2017-18, it accounts for 30 per cent of the total collected non-life insurance.
According to government sources, insurance companies will have to play a big role to prevent road accidents. The government has increased the amount of compensation through insurance companies to 10 lakh in case of accidental death and 5 lakh in case of serious injury. In such a situation, if the number of accidents is reduced, then the total compensation to be given will also be reduced.