The Insurance Regulatory and Development Authority (IRDA) have announced in Hyderabad that, it is going to come up with a web-based system to track vehicle insurance status soon. It may be implemented in the coming month itself.

Mr. A. Giridhar, Executive Director, IRDA has informed that IRDA will be launching the system from 9th of June this year. In this system there will be a database to support all the records. This database will contain all the information of the insured vehicles all across the country.

Data of the vehicles will be shared with the transport and police authorities in different States of India. This system can immediately provide the information of the insurance status of the vehicle. He has also informed that this system will undoubtedly have the advantage over the contemporary manual record maintenance system. The Transport Authority (RTA) in every State can also access this insurance status of different vehicles on the road.

As per Mr. Giridhar, the new system will be extremely helpful for the insurance companies as they can have the centralized data with them and there will no risk of duplications and multiple claims.