Page 38 - Motor Insurance Ebook IC 72
P. 38
The Insurance Times
business in India and the same is administered by the
GIC. The basic objective of the pool to is to provide
third party insurance to commercial vehicles only and in
that process to share the losses resulting from such
insurance in proportionate to their market share with
respect to the total general insurance business
underwritten in each of the financial year. Accordingly,
respective insurers required to transfer the TP premium
of commercial Vehicles to the pool.
However, IRDA vide its order IRDA/NL/ORD/MPL/
276/12/2011 dated 23rd Dec. 2011 dismantled the
IMTPP with effect from 31/03/2012 and introduced a
new concept known as "Declined Pool".
This is applicable to all the existing and incoming new
non-life insurance company except specliased health
insurer. GIC Re. is the pool administrator with obligatory
cession 10%. It cover stand alone liability of all
commercial vehicle excluding Misc and Special Type
of vehicle under class code 23
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