Staff Reporter: The Bangladesh Insurance Association (BIA) has requested the insurance companies, motor vehicle drivers, owners, institutions and concerned authorities to comply with the motor vehicle insurance policy.
On Tuesday (January 12th), the company issued a notice to several national dailies requesting them to drive on the road with a comprehensive motor insurance certificate.
It is mentioned in the notification that the Road Transport Act 2018 has been implemented by repealing the Motor Vehicles Ordinance 1983. According to section 80 (2) of the Road Transport Act-2018, insurance of every motor vehicle has been made compulsory and according to that section, Comprehensive Motor Insurance has to be taken for every motor vehicle. Third party insurance covers the loss or damage of a motor vehicle with third party insurance risk.
Article 70 (2) The owner or organization of the motor vehicle shall insure the motor vehicle operated under it regularly and the loss or damage of the motor vehicle shall be covered by the insurance and shall be entitled to receive appropriate compensation from the insurer.
The Insurance Development and Regulatory Authority (IDRA) has canceled insurance products related to third party insurance risks in the wake of the promulgation of the Road Transport Act-2018. As a result, no insurance company will issue third party insurance risk insurance certificates. Will instead give a certificate of comprehensive motor insurance.
Pursuant to Section 11 of the Act, a police officer may summon the driver or owner of a motor vehicle for the purpose of giving an excuse for keeping false or forged documents in accordance with the Penal Code, Section 474A of 180, including motor insurance policy.
All motor vehicle owners have been requested to keep their vehicles safe and drive on the road with a comprehensive motor insurance certificate.
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