73. Powers of Central Government to make rules for Chapter XII.-
The Central Government shall, by rules made in this behalf, specify the terms, conditions and procedures to be complied with by the insurers and insured including-(a)cover note of insurance and its validity;(b)rights and duties of the insured;(c)procedures and processes involved in processing of claims;(d)duties and obligations of the insurers to satisfy the judgments and awards;(e)rights of claimants, liability of the insured and the insurers in special circumstances such as the insured becomes insolvent and the procedures to be followed;(f)procedures, processes and minimum terms of conditions for the settlement between the insurers and insured persons;(g)procedures to be followed in the transfer of certificate of insurance; and(h)such other matters directly or indirectly related to insurance of mechanically propelled vessels, for the purposes of effective implementation and administration of this Chapter.
