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Insurance Policy for Vehicle; Law under MV Act 1988
Central Government Act
Section 157(2) in The Motor
Vehicles Act, 1988
(2)
The transferee shall apply within fourteen days from the date of transfer in
the prescribed form to the insurer for making necessary changes in regard to
the fact of transfer in the certificate of insurance and the policy described
in the certificate in his favour and the insurer shall make the necessary
changes in the certificate and the policy of insurance in regard to the
transfer of insurance.
Central Government Act
Section 157 in The Motor
Vehicles Act, 1988
157.
Transfer of certificate of insurance.
(1) Where a person in whose favour the
certificate of insurance has been issued in accordance with the provisions of
this Chapter transfers to another person the ownership of the motor vehicle in
respect of which such insurance was taken together with the policy of insurance
relating thereto, the certificate of insurance and the policy described in the
certificate shall be deemed to have been transferred in favour of the person to
whom the motor vehicle is transferred with effect from the date of its
transfer.
(2) The transferee shall apply within
fourteen days from the date of transfer in the prescribed form to the insurer
for making necessary changes in regard to the fact of transfer in the
certificate of insurance and the policy described in the certificate in his
favour and the insurer shall make the necessary changes in the certificate and
the policy of insurance in regard to the transfer of insurance.
Sec 146 of tge M.V.Act makes third party insurance mandatory for all vehicles.
And as per sec 147 the Insurers send intimation for cancellation of a cover
note/policy to the Insured as well as the RTO so that the RTO initiates
appropriate action against such offending owner of the vehicle. It is only in
the light of the mandatory provisions of thr M.V.Act that the Insurer sends
these intimations to the RTO. Should these intimations be maintained by the RTO
as a part of his records? If the Insurers have not complied with sending these
intimations to the RTO, does it not amount to a lapse on the part of the RTO in
enforcing the provisions of the M.V.Act?
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