(a) an arrangement for allocating high risk third-party policies
among insurers,
(b) an arrangement for the pooling of premiums collected from
the issue of third-party policies and for the allocation of the premiums among
insurers,
(c) an arrangement for the pooling of the costs of claims for
motor accidents covered by high risk third-party policies and for the
allocation of those costs among insurers.
Any such allocation may be made
among insurers generally in accordance with the market share of each insurer
or in any other appropriate manner.
(2) The regulations may make provision
for giving effect to any such arrangement.
(3) High risk third-party policies
are policies of a kind that the Authority determines incur a disproportionate
share of liability for the total cost of claims for motor accidents.
(4) The
Authority may, with the approval of the Minister, make such an arrangement a
condition of the licence of each insurer if the Minister is satisfied that
licensed insurers, or any of them, have refused to enter into the arrangement
with the Authority and the arrangement is appropriate having regard to the
objects of this Act.
