Section 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.