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Motor Vehicle Insurance in India protects the motor vehicle owner against (a) the loss of or damage to the vehicle due to an insured risk, loss of use, theft, etc., and (b) indemnification if the vehicle owner is liable to any third party by law. Third-party insurance is a legal requirement.
To enforce the provisions of the various acts of motor vehicles, central motor vehicle rules and the State motor vehicle rules as laid down by the government from time to time. To ensure that co-ordinated development of road transport through management of permit. To charge and collect tax as per the provisions of the motor vehicle act.
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a ...
Payment and settlement systems are used for financial transactions in India. Covered by the Payment and Settlement Systems Act of 2007 (PSS Act), legislated in December 2007, they are regulated by the Reserve Bank of India (RBI) and the Board for Regulation and Supervision of Payment and Settlement Systems. [1] India has multiple payments and ...
The Motor Vehicles Act is an Act of the Parliament of India which regulates all aspects of road transport vehicles. The Act provides in detail the legislative provisions regarding licensing of drivers/conductors, registration of motor vehicles, control of motor vehicles through permits, special provisions relating to state transport undertakings, traffic regulation, insurance, liability ...
National Insurance Company Limited (NICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia. National Insurance company and Asian Insurance company was nationalised in 1972.
Two-wheeler insurance is a type of insurance that is mandatory in India. Falling under the General insurance product category, it helps protect people against accidents that take place on the road. Active two wheeler insurance shields the vehicle owner from any unforeseen occurrences like the accident or any serious damage to the motor vehicle.
In 2023, the Kerala Motor Vehicles Department (MVD) became the first transport department in India to implement a large-scale Artificial Intelligence (AI) camera system for traffic violation detection and road safety enforcement. This initiative, known as the "Safe Kerala" scheme, involved the installation of 726 cameras across the state.