THE CONVERGENT RISK AND THE NEED OF COMPULSORY INSURANCE: A LEGAL ANALYSIS AND INTERPRETATION UNDER MOTOR VEHICLE ACT, 1988
AUTHOR – ABHISHEK SUNAR, ADVOCATE, DISTRICT & SESSIONS COURTS AND HIGH COURT, GANGTOK- SIKKIM. B.A.LL.B (HONS.), LL.M ( CONSTITUTIONAL & ADMINISTRATIVE LAW), ALLIANCE UNIVERSITY, BENGALURU – KARNATAKA.
BEST CITATION – ABHISHEK SUNAR, THE CONVERGENT RISK AND THE NEED OF COMPULSORY INSURANCE: A LEGAL ANALYSIS AND INTERPRETATION UNDER MOTOR VEHICLE ACT, 1988, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (1) OF 2024, PG. 795-806, APIS – 3920 – 0001 & ISSN – 2583-2344.
An Insurance is a contract between the Insurance company and Insured person to indemnify the loss. In the advent of the growing demands of the world economic forums and the banking sectors it has discursively and unrelatedly remained less penetrative to fill the void amongst the esteeming challenges opposed due to compulsory Insurance policies and standards established in third-party motor insurance claims resulting to inimical factors leading to impending risk to the people, property, and the society at large. The strenuous policies to minimize the gap of such cautious facets involving risk and aggrandizing stance of the Motor Vehicle legislations including the Act of 1988 are not at par with the evolving trends and the issues compounding from the damages or loss incurred by the victims of an accident or mishaps in their course of employment in any establishment governed by the Workmen Compensation Act, 1923 and the Public Liability Insurance Act, 1991. This paper encapsulates the comprehensive medium to douse the risks and additionally review and evaluate different types of safeguarding mechanisms available to the victims as well as to determine multifaceted Insurances and the risks involved in the context of India. Further, It expounds upon the narratives and foremost effects of compulsory Insurances in the area of motor vehicle accidents claims and the inception of the third- party liability insurances and the pivotal understanding of the principle of no-fault liability. This paper attempts to explore all new adaptations inherited for evolving the compulsory Insurance policies which are still pervasive to the limited understanding of the complexities and methods by which it could be befitting to avoid intangible risks in the present model structure of the Insurance guidelines present in the society and the legal reasonings to corroborate the notion with the help of the decided legislations and cases.
Keywords :- Compulsory Insurance, Mandatory Insurance, Indemnity, Motor Insurance Risk, Liability, Information Problem, Insolvency.