What purpose is served by making extra insurance mandatory for all: Rajiv Bajaj

Bajaj Auto MD Rajiv Bajaj has said that "overregulation" is killing the two-wheeler industry. "This started in September 2018 when insurance costs went up," he said, referring to a court order that made five-year third-party insurance cover for two-wheelers mandatory. "What purpose is served by making additional insurance mandatory for all, as if people can't think for themselves?" Bajaj asked.