Indian motor insurers seek third-party premium deregulation and an end to knock-for-knock agreements

The Economic Times reports motor insurance representatives urged India's regulator to allow risk-based third-party premiums and end knock-for-knock agreements, under which insurers settle policyholders' damage claims without seeking recovery from the at-fault party's insurer. They also proposed named-driver policies, with higher premiums for unnamed-driver cover. Some participants argued commission caps alone may not cut distribution costs because automakers and dealers influence commissions and repair costs, according to people aware of the matter.