Page 304 - Motor Insurance Ebook IC 72

The Insurance Times

in the pooling arrangement to the extent set out
herein.

Underwriting insurers; Every underwriting office of
every insurer that is authorized to underwrite motor
insurance business for the insurer shall also be authorized
to underwrite motor third party insurance business that
will be shared among all insurers through the pooling
arrangement.

Pooling mechanism" The pooling of business among all
insurers will be achieved through a multi-lateral
reinsurance arrangement between the underwriting insurer
and all the other registered insurers carrying on general
insurance business and general insurance reinsurers.

Participation in motor third party insurance pooled
business: The participation of General Insurance
Corporation of India (GIC) in the Pooled business shall
be such percentage of the motor business that is ceded
to it by all insurers as statutory reinsurance cessions
under Sec. 101 A of the Insurance Act.

The business remaining after such cession to GIC shall
be shared among all the registered general insurers
writing motor insurance business in proportion to the
gross direct general insurance premium in all classes of

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 304

Copyright@ The Insurance Times. 09883398055 / 09883380339