Third-party vehicle insurance: Insurers in distress over three-year rate pause
India mandates third-party vehicle insurance, or liability insurance, for all motorists to cover damages or injuries caused by the policyholder to someone else. The Insurance Regulatory and Development Authority of India, or Irdai, typically revises the premium rates for third-party vehicle insurance policies every 1-2 years under the Motor Vehicle Act. However, its last rate…