Page 315 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

Dismantling IMTPIP would mean a return to the status
quo ante. This means that PSU insurers would have
to resume underwriting the loss-making commercial
vehicle third party liabilities.

Q. 6 What are the IRDA guidelines on Rationalization
Ans: of Motor Third Party Pool for Commercial
Vehicles?
The IRDA has from time to time received
representations from general insurance companies who
are members of the motor third party commercial
vehicles pool that the present system of monthly transfer
of premiums to the pool administrator should be
discontinued.

In this regard, the Authority has decided as under:
1. The present system of monthly transfer of funds by

the insurance companies to the pool administrator
shall be discontinued with effect from 1/4/2010.

2. The companies shall submit quarterly statements in
respect of the motor commercial vehicle business
transacted on account of pool duly audited by their
statutory auditors.

3. The statements of accounts for every quarter shall
be submitted so as to reach the pool administrator

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