Page 306 - Motor Insurance Ebook IC 72
P. 306
The Insurance Times
arrangement. It will act under the guidance of the
General Insurance Council. For this purpose, the
Council may establish such Committees of insurers as
are necessary to operate the Pooling arrangement and
process and settle claims in the most efficient manner.
Remuneration : There will be no agency commission or
brokerage payable in respect of motor third party
insurance business. The underwriting insurer will be paid
a reinsurance commission of 10% on the premium ceded
by it to all the other insurers and reinsurers. The GIC as
administrator shall be paid a fee of 2.5% of the total
premium on motor third party insurance business in
respect of the business underwritten for the pooled
account.
Each insurer shall bear the cost of hardware required
to operate the pooling arrangement within its offices.
The GIC will bear the cost of hardware necessary to
administer the pooling arrangement in its office. The
cost of the operating software for the pooling
arrangement shall be shared by all the insurers and
reinsurers in the manner decided by the General
Insurance Council.
Each insurer shall bear the cost of travel of its executives
to attend to the work relating to the pooling arrangement.
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