Magazine date:
Jan 2008 Recently set up by the supervising authority, the Indian Motor Insurance Pool (IMIP) has proceeded to the recruitment of its staff. Having been operational as of December 2007, the pool is required to reduce in a significant way loss reimbursement time.
The major handicaps crippling the motor class of business are fraud, the lengthy refund timings and the poor coverage of the vehicles in traffic, currently at 25%, despite the adoption of the compulsory motor insurance scheme.