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Indian regulator wants long-term liability insurance for vehicles

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.