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.