In consultation with the Insurance Regulatory and Development Authority of India (IRDAI), the Ministry of Road Transport and Highways (MoRTH) has put forth a proposal concerning the premium for Third-Party (TP) motor insurance and Liability Rules for the fiscal year 2023-24. The regulating body has proposed the base premium rates for TP insurance for private cars and two-wheelers. Another highlight of the proposal is the discount on the base premium for buses belonging to educational institutions, EVs (Electric Vehicles), three-wheeler passenger vehicles and hybrid EVs.