Page 311 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

settlement of claims and also verify the accuracy of the
quarterly statements in respect of the pool business.

The fees of 1.25% of the premium to the pool
administrator will continue until revised. As has been
decided by the members in the General Insurance
Council meeting held on 29/01/2008 all operational
expenses (including hardware and software) shall
continue to be met by the pool administrator.

The automated transaction level data (data upload) will
continue to flow from the companies to the pool
administrator as at present.

Q.4. What is "Statement and intent" in regard to Motor
Third Party Pool? Define.

Ans: This has been stated by IRDA in its circular 035/IRDA/
motor-TP/2006 of 4th December, 2010, "Whereas
several complaints have been received regarding non-
availability of motor third party insurance especially for
commercial vehicles:

And whereas insurers have been expressing difficulty
to underwrite this business unless they are permitted to
charge premium rates that they consider appropriate,

And whereas considering the mandatory nature of motor
third party insurance business it is necessary for the

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