Insurance Regulator, Insurance Regulatory and Development Authority (IRDA) is developing database of all insured vehicles. This is following to the release that IRDA has prepared draft on design and development of Vehicle Insurance Status SMS System (VISSS).
The proposed system will offer instant and easy availability of insurance status of the vehicle. Due to this authorities will be able to track vehicles which are not insured, which will help them to take action against such non-insured vehicles and will also reduce forged policy document. This will lead to more and more vehicles getting into insurance bracket.
This is a web-based data collection system which will collect data from all insurance companies and will reply to a query sent by any stakeholder via the short message service (SMS).
Every year around 50 million motor vehicle policies are issued in India and after issuance of the policy, it takes 1 year for IRDA to receive the insurance data.