Coinsurance Agreement 2014

(b) Verified policies established that in some «Event Cancellation Insurance» policies, the insurer had accepted the risk as a co-insurer, while the insurer did not have an approved product. With regard to the «Event Cancellation Policy», the underwriting policy approved by the Board of Directors does not contain any provisions and the chief songwriter of the insurer had expressed the following reservations about the acceptance of the activity as a co-insurance: (h) During the review of the optional investments, it was found that the insurer had entered into a reinsurance agreement with HDI Gerling Welt Services AG on 22.05.2013. The agreement between the insurer and HDI Gerling Welt Services AG did not mention the nature of the assignments transferred to HDI and includes management and remuneration conditions. The reinsurance policy was reviewed and approved by the Board of Directors at the meeting of 23 July 2014 and submitted to the Authority on 4 August 2014. We have taken the necessary corrective measures to ensure that the reinsurance policy is duly approved by the Board of Directors and then submitted to the Authority in accordance with the rules. The revised reinsurance policy was then submitted to the AMF on 15 February 2016. c. Maintaining the share of co-insurance in Magma`s net amount may not be feasible. (b) the sample of ten copies of the insurer`s agreements with car dealers and others, as well as copies of payment receipts and invoice, which were preferred by dealers/others, were examined. It was found that the level of services in the agreements and the information in the invoice for services are similar. With the exception of the invoice/invoice, there is no supporting documentation proving that the costs of providing the services indicated therein are collected in the invoice. Each insurer appoints a Nodal Officer (NO) in its corporate office who handles all disputes related to co-insurance. In the case of a complaint that is not resolved at Level 2, the first party may send a copy to the respective CEOs of the parties involved, who must resolve the matter within 14 business days of receipt of the complaint.

If no response is received within the time limit or if the response received is not satisfactory, the first part of Phase 4 may continue this escalation mechanism. The insurer mandated M/s. Magma Fincorp Ltd, the developer and corporate agent, through an infrastructure and real estate support service contract, administrative support, acquisition support, information technology, HR functions, accounts and tax and legal assistance. As a result, an amount of Rs. 4.30 Crs in 2012-13 and Rs. 9.80 crs in 2013-14 was paid to M/s. Magma Fincorp Ltd.c. Any approval after the policy has been issued must be strictly in accordance with the laws and plants that govern the transaction in question, and the adjustment of premiums, if any, is carried out in accordance with the co-insurance clause and clause IV above. . .

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