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-

1. cover note of insurance and its validity;
2. rights and duties of the insured;
3. procedures and processes involved in processing of claims;
4. duties and obligations of the insurers to satisfy the judgments and awards;
5. 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;
6. procedures, processes and minimum terms of conditions for the settlement between the insurers and insured persons;
7. procedures to be followed in the transfer of certificate of insurance; and
8. such other matters directly or indirectly related to insurance of mechanically propelled vessels, for the purposes of effective implementation and administration of this Chapter.