The Hindu Business Line : Commercial vehicle owners plan indefinite stir

Various types of commercial vehicles, including trucks, lorries, tankers, buses and taxies, will be off the roads for an indefinite period from January 25 in protest against the decision of the Insurance Regulatory & Development Authority (IRDA) to enforce from today an ad hoc increase in the premium rates in respect of third party motor insurance, according to Mr B. Channa Reddy, President of the All-India Confederation of Goods Vehicles Owners Associations (ACOGOA).

The decision on the indefinite strike from January 25 was taken at a meeting of commercial vehicle owners held under the aegis of ACOGOA at Bangalore recently, according to a statement issued by Mr Reddy.

The meeting deliberated on various issues, including the not-so-satisfactory record of public sector undertakings with regard to settlement of third party claims and private insurers' flat refusal to underwrite third party insurance policies.

"ACOGOA has always tried to resolve the relevant issues on the principle of `convince or get convinced'," the statement said.

ACOGOA has appealed to the Union Ministries of Road Transport and Finance and to the IRDA for immediate withdrawal of the proposal for hike in premium rates, as it is "ad hoc and arbitrary. Any proposal for premium rake hike should be based on adequate data in support of the hike."

The statement expressed the hope that the IRDA was presumably trying to collect such data.

ACOGOA will spearhead the agitation on behalf of owners of all types of commercial vehicles if the authorities concerned refuse to review the premium hike decision, the statement added.

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