Chennai: Union Minister of State for Road Transport, Highways and Shipping, Pon Radhakrishnan, has appealed to the truckers to call off their strike — Chakka Jam — and resume normal life as the Insurance Regulatory and Development Authority of India (IRDAI) has assured to resolve the third party insurance premium issue amicably with the striking union representatives.
Informing that the meeting will be convened between the transport associations and IRDA on April 3 at 3 pm in Hyderabad, he expressed the hope that the issue of third party insurance would be resolved amicably. “IRDAI is holding a meeting with the transport associations to discuss the insurance issues. I appeal to transport associations to call off the agitation in the interest of public. I am sure that the issue will be resolved amicably,” he expressed.
The third party premium for automobiles is decided by IRDAI while all other premium rates are decided by the insurers - private and government owned.
Ironically, the prices of tyres and other components have remained stable while the insurance premium is going up.
According to sources in the All India Motor Transport Congress (AIMTC), the fleet owners invariably go for third party policies and take care of the damages to vehicles at their own expenses. About 6,50,000 trucks are off the roads in the Southern states and the business loss per day is said to be around Rs 4 crore.