9
CurrentAgreement for giving information about, and payment of, share of claim costs
Schedule 4Motor Accident Insurance Act 1994 Industry Deed
Part 3Claims involving multiple insurers
9 Agreement for giving information about, and payment of, share of claim costs
(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.
(2)
However, the information must be given to a contributing insurer at intervals of not more than 6 months.
(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.
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