Chennai, Aug. 26 -- The Insurance Regulatory and Development Authority of India (IRDAI) today rejected the representations by educational institutions to refund or reduce the premium for their buses for the closure period during the Covid-19 pandemic.
The IRDAI considered the representations submitted by The Association of Management of Coimbatore Anna University Affiliated Colleges, Coimbatore and Om Sri Vivekananda Educational Trust, Salem in 2020 on the orders of the Madras High Court.
The educational institutions in their representation had requested to formulate a viable policy to exempt their buses from payment of insurance premium or proportionately reduce the premium amounts, for the closure period on account of Covid-19 pandemic....