Irdai sets up committee on motor vehicle database sharing model

The regulator said that IIBI would obtain data from national level entities such as Aadhar

 

The Insurance Regulatory and Development Authority of India (Irdai) has constituted a committee for the development of a model for sharing a motor vehicle database. This committee with four members includes public and private non-life insurance company executives apart from a member from the Insurance Information Bureau of India.

The regulator said IIBI would obtain data from national level entities such as Aadhar, Ministry of Road Transport & Highways and state governments which could be transferred to insurers after an agreement.

Irdai said some entities would press that further sharing of data could be made for commercial use only on revenue-sharing model.

This committee will be responsible for developing a revenue-sharing model in relation to the motor vehicle database that could be transferred. It will also look into billing and settlement frequency and processes.