The Motor Vehicles(Amendment) Bill 2016, introduced in the Lok Sabha by the Union Minister of Road Transport and Highways, Sri. Nitin Gadkari, on 09.08.2016, seeks to bring about comprehensive changes in the present Motor Vehicles Act. The salient features of the Bill are as follows :- Limits on insurer’s liability The proposed amendment seeks to put a cap on the liability to be borne by insurance companies in respect of third party claims. As per the present Act, the liability of the insurer for indemnifying the owner for compensation claims in respect of death or bodily injury arising out of use of motor vehicle is unlimited. In other words, as per present Act, the insurer has to cover the liability incurred in respect of any accident to the extent of actual amount of liability incurred.(See Section 147(2)(a) of present Act). However, the proposed Bill seeks to replace the said provision with an altogether new provision, which puts an upper limit of liability of insurer to an extent of Rs.10 lakh in respect of death and Rs. 5 lakhs in respect of bodily injury arising out of motor vehicle accident. As per the new provision, the Central Government, by rule-making, is… Read full this story
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