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Form 56
Form 56 is a notice to cease being a guarantor of a foreign insurance provider. It ensures that the authorised insurance provider is no longer responsible for the liabilities of a foreign insurer. Read on to know how you can fill this form, download it, and understand its importance.
What is Form 56?
Form 56 is an official Notice to Cease to Act as a Guarantor submitted to the concerned Regional Transport Office (RTO) when an authorised insurer intends to withdraw from acting as a guarantor for a foreign insurer. As per Rule 160(3) of the Central Motor Vehicles Rules, 1989, this notice must be given in advance, and the change takes effect either on the mentioned date or after two months from the date of submission, whichever is later. The authorised Indian insurer acting as guarantor to the foreign insurer fills out this form and submits it to the concerned registering authority.
What Details are Included in Form 56?
Form 56 contains the details listed below:
- Foreign Insurer Details: Name and office address of the foreign insurer.
- Proposed Cessation Date: Date on which the authorised insurer desires to cease acting as a guarantor in India.
- Date of Application: Date on which the notice in Form 56 is submitted.
- Authorised Insurer (Guarantor) Details: Signature and stamp of the authorised insurance provider acting as guarantor.
How to Download Form 56?
Follow the step-by-step guide below to download Form 56 from the Parivahan Sewa portal:
- Step 1: Go to the official Parivahan Sewa website.
- Step 2: Tap on Informational Services from the navigation bar options.
- Step 3: Choose Downloadable Forms from the drop-down list visible on your screen.
- Step 4: From the RTO forms list, tap on Form 56 to access and download the form in PDF format.
Importance of Form 56
Check out the importance of Form 56 below:
- Liability Termination: It provides a formal legal exit, ensuring the insurer is no longer held financially responsible for new liabilities or claims incurred by the foreign insurer after the specified date.
- Regulatory Accuracy: It ensures that the name of the authorised insurer is removed as guarantor from the list maintained under Rule 159 of the Central Motor Vehicles Rules, 1989.
Things to Keep in Mind About Form 56
Authorised insurers must keep these points in mind to ensure a smooth cessation process:
- The Two-Month Window: Submit Form 56 not more than two months before the date you intend to stop acting as a guarantor.
- Authentication: The form must bear the official seal and signature of the authorised insurer. Unsigned or improperly signed documents will be rejected by the registering authority.
- Notice to the Foreign Insurer: While the form is submitted to the authority, it is standard practice and often contractually required to notify the foreign insurer of this cessation in advance.
Frequently Asked Questions (FAQs)
You need to submit a notice to cease being a guarantor for a foreign insurer in Form 56 to the concerned registering authority. The authority verifies the details and documents and then processes the application.
Form 56 is the Notice to Cease to Act as a Guarantor for a foreign insurer. It ensures that the name of the authorised Indian insurer is removed from the list maintained under Rule 159 of the Central Motor Vehicles Rules, 1989, as a guarantor.
You can download RTO Form 56 through the official Parivahan Sewa website. Go to the Informational Services section in the navigation bar, click Downloadable Forms, and select Form 56.
An authorised Indian insurance company acting as a guarantor for a foreign insurer must fill out Form 56.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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