Insurance pools require prior approval, prescribed governance, and administrator reporting, while mandatory participation may be directed when necessary.

Insurance pool formation may be proposed by any IIO, but requires prior approval. Permission is determined after consideration of the pool's objectives, participation basis and capacity, liability limits, and applicable terms and conditions. IIOs may be directed to establish and participate in insurance pools where necessary. Pool constitution, administrator appointment, and submission of returns, re-insurance arrangement details, and performance statements must follow prescribed directions.

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