Page 125 - The Motor Vehicles Act, 1988

SECTION 149 THE MOTOR VEHICLES ACT, 1988 111

of any condition subject to which the policy is issued and of any other prescribed matters;
and different forms, particulars and matters may be prescribed in different cases.
(4) Notwithstanding anything contained in this Act, a policy of Insurance issued
before the commencement of the Motor Vehicles (Amendment) Act, 2019 shall be
continued on the existing terms under the contract and the provisions of this Act shall
apply as if this Act had not been amended by the said Act.
(5) Where a cover note issued by the insurer under the provisions of this Chapter
or the rules or regulations made thereunder is not followed by a policy of insurance
within the specified time, the insurer shall, within seven days of the expiry of the period
of the validity of the cover note, notify the fact to the registering authority or to such
other authority as the State Government may prescribe.
(6) Notwithstanding anything contained in any other law for the time being in
force, an insurer issuing a policy of insurance under this section shall be liable to
indemnify the person or classes of persons specified in the policy in respect of any
liability which the policy purports to cover in the case of that person or those classes of
persons.
148. Validity of policies of insurance issued in reciprocating countries

Where, in pursuance of an arrangement between India and any reciprocating
country, the motor vehicle registered in the reciprocating country operates on any route
or within any area common to the two countries and there is in force in relation to the
use of the vehicle in the reciprocating country, a policy of insurance complying with the
requirements of the law of insurance for the time being in force in that country, then,
notwithstanding anything contained in section 147 but subject to any rules which may
be made under section 164B such policy of insurance shall be effective throughout the
route or area in respect of which the arrangement has been made, as if the policy of
insurance had complied with the requirements of this Chapter.
149. Settlement by insurance company and procedure therefor
(1) The insurance company shall, upon receiving information of the accident, either
from claimant or through accident information report or otherwise, designate an officer
to settle the claims relating to such accident.
(2) An officer designated by the insurance company for processing the settlement
of claim of compensation may make an offer to the claimant for settlement before the
Claims Tribunal giving such details, within thirty days and after following such
procedure as may be prescribed by the Central Government.
(3) If, the claimant to whom the offer is made under sub-section (2),—
(a) accepts such offer,—
(i) the Claims Tribunal shall make a record of such settlement, and such
claim shall be deemed to be settled by consent; and
(ii) the payment shall be made by the insurance company within a
maximum period of thirty days from the date of receipt of such record
of settlement;
(b) rejects such offer, a date of hearing shall be fixed by the Claims Tribunal to
adjudicate such claim on merits.