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Sec 150 of Motor Vehicle Act, 1988 provides for the rights of Third parties in the event of the insolvency of the insured or in the event of winding up when the insured is a Company. Read more
Sec 150 of Motor Vehicle Act, 1988 provides for the rights of Third parties in the event of the insolvency of the insured or in the event of winding up when the insured is a Company. The Act provides that if, either before or after that event, any third party liability is incurred by the insured, his rights against the insurer under the policy are transferred to the third party to whom the liability was incurred. Read more