The Insurance Regulatory and Development Authority of India has called on general insurers to create long-term motor third-party liability products, the Asia Insurance Review reported.
The regulator is seeking five-year policies for two-wheelers and three-year contracts for cars. According to the report, more than half of the vehicles on India's roads do not have third-party insurance.
In April, the country's Supreme Court Committee on Road Safety recommended the same coverage duration.
