Page 317 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

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.

9. 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.

10. Pool administrator shall conduct periodical
inspections of the member companies to assess their
efficiency in settlement of claims and also verify
the accuracy of the quarterly statements in respect
of the pool business.

11. 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.

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