Formation of Motor Third Party Insurance Pool

Formation of Motor Third Party Insurance Pool

 According to Section 34 of the Insurance Act, the IRDA has directed that all the general insurance companies registered to carry the general insurance business including motor insurance business or general redirection business, jointly, with the following provisions to share all the motor third party business written by registered general insurance companies

1. Partnership in Pulling Configuration: Every insurer, including general insurance business (including motor insurance business) or general redirection business will automatically participate in Pulling configuration. 

2. Underwriting insurance companies: Each underwriting office of every insurer will be authorized to underwrite the motor insurance business for the insurer, but the motor third party insurance business will be authorized to be underwriting to be distributed to all insurers.

 3. Pooling Mechanism: The pooling of business in all insurers will be taken between the underwriting insurer and other registered insurers, including the underwriting insurer and general insurance business and general insurance reinforcements.

 4. Occupation in the Motor Third Party Insurance Profession: In the bridges, the participation of the general insurance corporation of India's general insurance corporation (GIC) will be the percentage of the motor business that will be the statutory repetitive test under section 101A of insurance orders by all insurers In all the registered general insurance companies in the Motor Insurance business in all the registered general insurance companies in the financial year, all the classes in the financial year will be distributed in all categories of general insurance premium in all categories of general insurance in the financial year.

 5. Business underwriting: The underwriting offices of insurers will follow the underwriting instructions of the important issues of underwriting and documentation and balances of balances and balances. This business will be underwritten on the covering rate and terms and conditions by the authorities on time-time. No vehicles owner will refuse a third party insurance cover in terms of their vehicle, which has a valid permit for the use of public roads.

6. Claims Procedure and Settlement: All claims in terms of third-party death or injury or physical harm, will be processed for quick and efficiently compromised according to the instructions of the general insurance council. For this purpose, the Council will adopt a pro-active claim settlement policy that adopts the most efficient claim processing methods. 

7. Pooling Configuration Administration: GIC Pulling will act as a manager of configuration. It will act under the guidance of the general insurance conference. For this purpose, the council can establish such committees in the insurer to manage pooling configuration and process and to settle the claims most efficiently. 

8. Remuneration: No agency commission or brokerage is payable in terms of motor third party insurance business. The underwriting insurer will be paid 10% reconsider commission on the Sided Premium for other insurers and redirects. As the administrator, GIC will be paid 2.5% of the total premium of a motor third party insurance business in terms of the business for a pulled account. Each insurer will suffer the value of the hardware needed to manage Pulling configuration in its office. The GIC should suffer the cost of hardware necessary to manage Pulling configuration in its office. The value of the operating software for Pulling Configuration will be divided by all insurers and resurrections determined by the General Insurance Council. Each insurer will spend the journey of his officials to attend Pulling arrangement. However, there is a claim to claim to claim any travel, especially. 

9. Agreement: Insurer and GIC will login to multi-letter rewards confirmation to affect this pooling plan. 

10. Review: Authority will review the need for pooling configuration and regulation of the premium rate and the conditions of the cover and will be considered necessary to point out the direction of the time.

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