The Assigned Risks Pool Sample Clauses
The Assigned Risks Pool is a mechanism used to ensure that individuals or entities who are unable to obtain insurance coverage through the standard market can still secure necessary insurance. Typically, this pool is funded and managed collectively by insurance providers, who are required to accept a share of high-risk applicants assigned to them by the pool. For example, drivers with poor records who are denied auto insurance by private companies may be placed in the assigned risk pool to guarantee they have the legally required coverage. The core function of this clause is to provide a safety net for high-risk parties, ensuring access to essential insurance and promoting fairness in the insurance market.
The Assigned Risks Pool. 8 Where a firm carrying on a practice has not obtained qualifying insurance outside the assigned risks pool in respect of any indemnity period or part thereof to which these rules apply it must, if an eligible firm apply in accordance with the procedure set out in rule 11 to enter the assigned risks pool, subject to rule 9, before the start of the relevant indemnity period.
9 A firm about to start carrying on a practice which has not already obtained qualifying insurance outside the assigned risks pool may, if an eligible firm, apply to enter the assigned risks pool after the start of any relevant indemnity period. A firm must not start carrying on a practice without either having obtained qualifying insurance outside the assigned risks pool or, alternatively, in the case of an eligible firm, without having applied in accordance with the procedure set out in rule 11 to enter the assigned risks pool.
The Assigned Risks Pool. An Assigned Risks Pool (ARP) shall be established and operated and the ARP Manager shall carry out its functions in accordance with the following paragraphs of this Schedule 1 and the Rules.
The Assigned Risks Pool. An Assigned Risks Pool (ARP) shall be established and operated and the ARP Manager shall carry out its functions in accordance with the following paragraphs of this Schedule 1 and the Rules. In this Schedule, the following terms shall have the meanings given below: Actual Premium Payable means the Premium Payable by a Firm provided that, where the Premium Payable in respect of a Firm exceeds the Premium Cap (as applicable), the Premium Payable in respect of that Firm for the purpose of the calculations in paragraph 3.7 of this Schedule, shall equal the amount of the applicable Premium Cap;