Page 316 - Motor Insurance Ebook IC 72

The Insurance Times

before the last working day of the succeeding month
of each quarter.

4. Since the motor third party business is expected to
run on a 'no profit no loss' basis, there shall be no
ceding commission in respect of the business ceded
to the pool with effect from 1/4/2010.

5. It will be obligatory on the part of the insurance
companies to segregate funds on account of the
pool business in their accounts and invest them in a
manner as provided in the IRDA's Investment
Regulations.

6. 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.

7. 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.

8. Each member company shall be responsible for
remittance of monies to the pool administrator on a

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