If the committee`s decision is not followed, the failing insurer or co-insurer must be threatened with a deterrent procedure, such as the fine. B, the exclusion of co-insurance transactions, including the recommendations of the General Insurance Council to the IRDA to withdraw these insurers/s in the event of a late payment. Each insurer appoints a Nodal Officer (NO) to its Corporate Office to handle all co-insurance disputes. In the case of a complaint that is not resolved at Level 2, the first party may contact the CEO of the parties involved with a copy of the complaint, who must resolve the matter within 14 business days from the date the complaint is received at its end. If no response is received within the prescribed time frame or if the response received is not satisfactory, the first part may enter level 4 of this escalation mechanism. In order to remedy certain market problems and improve the operational framework, a new co-insurance contract will be concluded from today, December 5, 2014, between non-life insurers licensed IRDA operating in the Indian market. In the future, where any additional non-life insurer is authorized by the IRDA, such an additional non-life insurer may agree to sign and comply with this co-insurance agreement from the date of the commissioning of such an additional non-life insurer by filing its signature at the end of this agreement. This is verified by the General Insurance Council, to the extent necessary, taking into account the need to promote co-insurance on sound lines and mutual understanding between insurers. k.
The co-insurer must satisfy all the claims of the lead insurer in accordance with the letter and spirit of this agreement, and any dispute or disagreement does not exempt the defaulting co-insurer from the interest guarantee unless it is declared by a decision of a competent commission in accordance with Point XI. c. Any approval following the issuance of the policy is strictly in accordance with the welfare and practice that governs the company concerned, and the adjustment of premiums, if any, is made in accordance with the co-insurance clause and clause IV specified. The lead insurer pays the commission/remuneration to the insurance agent/broker/intermediary or to the insurance intermediary concerned, if necessary, in full, as indicated by the insured, and recovers the share of the co-insurers by net count. In the event of the participation of more than one insurance agent/broker/broker or an insurance intermediary, the feather insurer passes on its gross co-payment to the co-insurer, in proportion to the share of co-insurance agreed between them, and the co-insurer would be responsible for the settlement of commissions/brokerage to its agent/broker/agent. All insurers agree that specialty insurance companies do not share the risk in other industries than those for which they were granted by the Authority under this co-insurance contract.