sch.4-sec.9Agreement for giving information about, and payment of, share of claim costs

sch.4-sec.9 Agreement for giving information about, and payment of, share of claim costs

Licensed insurers may enter into an agreement about how a claim manager must give a contributing insurer information about claim costs and payment of the contributing insurer’s share of the claim costs. However, the information must be given to a contributing insurer at intervals of not more than 6 months. Also, a contributing insurer must pay the full contribution payable by the insurer to the claim manager within 6 months after the claim is finalised. (sch.4-sec.9-ssec.1) Licensed insurers may enter into an agreement about how a claim manager must give a contributing insurer information about claim costs and payment of the contributing insurer’s share of the claim costs. (sch.4-sec.9-ssec.2) However, the information must be given to a contributing insurer at intervals of not more than 6 months. (sch.4-sec.9-ssec.3) Also, a contributing insurer must pay the full contribution payable by the insurer to the claim manager within 6 months after the claim is finalised.