IRA reduces hike in the third party insurance premium to 70 percent
Hyderabad, January 23, 2007
The AP Lorry Owners Association has announced withdrawal of their indefinite strike with the Insurance Regulatory Authority (IRA) reducing the hike in the third party insurance premium from 150 percent to 70 percent. The Association president and management committee members of All India Motor Road Transport Association at a press conference said that the Government has agreed to refund the excess money paid since first of this month.
He said that a decision to go on a strike was taken at the All India Motor Congress Managing Committee in Vijayawada last month. The Finance Minister and Surface Transport Ministries mediated with the IRA following which it agreed to reduce the proposed hike.
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