Page 310 - Motor Insurance Ebook IC 72

The Insurance Times

The business transacted by insurance companies on
account of pool and also investment of the funds
shall be specifically confirmed by the statutory
auditors of the company in the annual accounts of
the company.

The Appointed Actuary of the insurance company shall
also confirm in his annual report, the incorporation of
the pool liabilities, including revisions, in the company's
accounts.

Each member company shall be responsible for
remittance of monies to the pool administrator on a
quarterly basis along with the quarterly statements.
Any delay in remittance shall attract interest for
delayed payment @ 10% p.a. as agreed between the
pool members in the meeting of the General Insurance
Council.

The pool administrator shall continue to prepare and
submit half yearly and annually audited accounts for
the pool and also appointed actuary's annual report. The
annual audited accounts shall also incorporate any
revision in liabilities.

Pool administrator shall conduct periodical inspections
of the member companies to assess their efficiency in

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