Act Text
Preamble1 - Insurance Act, 1938
Section3 - (16-4-1950). Manipur and Tripura are Union territories now and Vindhya Pradesh has been merged with the State of Madhya
Section1 - Short title, extent and commencement Statements prepared under this Schedule must be prepared, so far as practicable,
Section2 - Definitions Except with respect to rates of premium or contribution, items in statements prepared under this Schedule
Section2A - Rule of construction in applying Act to Part B States
Section2B - Appointment of Controller of Insurance PART 2 PROVISIONS APPLICABLE TO INSURERS
Section2C - Prohibition of transaction of insurance business by certain persons 45[a] See footnote [a] under
Section2D - Insurers to be subject to this Act while liabilities remain unsatisfied [. .- Every insurer shall be subject to all the
Section2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement 55[a] See footnote
Section98 - before application for registration is made has been deposited together with a certificate from the Reserve Bank of
Section97 - apply, a declaration verified by an affidavit made by the principal officer of the insurer authorized in that behalf
Section4 - (1-6-1950). [Controller] shall withhold registration or shall cancel a registration already made, if he is satisfied
Section62 - is not satisfied. 76[a] Substituted and deemed always to have been substituted for the original sub-section
Section7 - (1-9-1950). [
Section3A - Renewal of registration
Section3B - Certification of soundness of terms of life insurance business [. .- If, when considering an application for
Section8 - (1-6-1950). [this Act] applies, shall pay] or undertake to pay on any policy of life insurance issued after the 120[c]
Section5 - (20-3-1946). [commencement of the Insurance
Section6 - (20-3-19461. [Provided further that in the application of this section to any insurer who begins to carry on insurance
Section6A - Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares
Section6B - Provision for securing compliance with requirements relating to capital structure
Section6C - Conversion of company limited by shares into company limited by guarantee
Section9 - Refund of deposit [. .- Where an insurer has ceased to carry on in India all classes of insurance business, and his
Section10 - Separation of accounts and funds
Section11 - (1-6-1950). [and every insurer shall, within the time limited in
Section12 - (1-6-1950). [accompanied by a statement containing the names, descriptions and occupations of, and the directorships
Section13 - Actuarial report and abstract
Section14 - Register of policies and register of claims Every insurer, in the case of an insurer specified in sub-clause
Section15 - Submission of returns
Section16 - Returns by insurers established outside India
Section17 - Exemption from certain provisions of the Indian Companies Act, 1913 Where an insurer, being a company incorporated
Section17A - This Act not to apply to preparation of accounts, etc., for periods prior to this Act coming into force [. .- Nothing
Section18 - Furnishing reports Every insurer shall furnish to the 212[a] Substituted for "Superintendent of Insurance" by the
Section19 - Abstract of proceedings of general meetings Every insurer, being a company or body incorporated under any law for the
Section20 - Custody and inspection of documents and supply of copies
Section21 - Powers of Controller regarding returns
Section22 - Powers of Controller to order revaluation [
Section23 - Evidence of documents
Section24 - Summary of returns to be published [Omitted by the Insurance
Section25 - Returns to be published in statutory forms No insurer shall publish in 241[a] Substituted for "the States" by Jammu and
Section26 - Alternations in the particulars furnished with application for registration to be reported Whenever any alteration
Section27 - Investment of assets
Section27A - Further provisions regarding investments
Section27B - Further provisions regarding investments
Section28 - Statement of investments of assets 254[a] Sub-sections
Section28A - Return of investments relating to controlled fund and changes therein 269[a] Inserted by the Insurance
Section28B - Returns of investments relating to the assets and changes therein 272[a] Inserted by Insurance
Section29 - Prohibition of loans 274[a]
Section30 - Liability of directors, etc., for loss due to contravention's of sections 27, 27A and 29 If by reason of a
Section31 - Asscts of insurer how to be kept 282
Section31A - Provisions relating to managers, etc
Section31B - Power to restrict payment of excessive remuneration 289[a] Inserted by the Insurance
Section32 - Limitation on employment of managing agents and on the remuneration payable to them
Section32A - Prohibition of common officers and requirement as to whole time officers
Section33 - Power of investigation
Section33A - Power to appoint staff The Central Government or the Controller may appoint such staff, and at such places as it or he
Section34 - Power of the Controller to issue directions
Section34A - Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the
Section388 - make; the provisions of
Section311 - apply in relation to the manager of the company) of the Companies Act, 1956, shall apply to any matter in respect of
Section34B - Power of Controller to remove managerical persons from office
Section34C - Power of Controller to appoint additional directors
Section34D - Sections 34B and 34C to override other laws Any appointment or removal of a director or chief executive officer in
Section34E - Further powers of Controller The Controller may,
Section34F - Power of Controller to issue directions regarding re-insurance treaties, etc
Section34G - Power of Controller to order closure of foreign branches Without prejudice to the generality of the powers conferred by
Section34H - Search and seizure
Section35 - Amalgamation and transfer of insurance business
Section36 - Sanction of amalgamation and transfer by Controller 313[b] Substituted for "Court", by the Insurance
Section37 - Statements required after amalgamation and transfer Where an amalgamation takes place between any two or more insurers,
Section37A - Power of Controller to prepare scheme of amalgamation
Section38 - Assignment and transfer of insurance policies
Section39 - Nomination by policy-holder
Section40 - Prohibition of payment by way of commission or otherwise for procuring business
Section40A - Limitation of expenditure on commission 368 Sections 40-A, 40-B and 40-C were inserted by the Insurance
Section102 - in respect of a contravention of any of the provisions of the preceding sub-sections by an insurer, any insurance agent
Section40B - Limitation of expenses of management in life insurance business
Section40C - Limitation of expenses of management in general insurance business 372[a] See footnote under
Section41 - Prohibition of rebates
Section42 - Licensing of insurance agents 377[a] Substituted for the former sub-section
Section42A - entitling it to act as a principal agent for the purpose of procuring insurance business : Provided further that in the
Section42B - Regulation of employment of principal agents
Section42C - Regulation of employment of chief agents and special agents 392[a] See footnote
Section42E - Commission, brokerage or fee payable to intermediary or insurance intermediary. 394
Section43 - Register of insurance agents
Section44 - Prohibition of cessation of payments of commission
Section44A - Power to call for information [- For the purposes of ensuring compliance with the provisions of
Section45 - Policy not to be called in question on ground of misstatement after two years No policy of life insurance effected
Section46 - Application of the law in force in India to policies issued in India The holder of a policy of insurance issued by an
Section47 - Payment of money into Court
Section47A - Claims on small life insurance policies
Section48 - Directors of insurers being companies
Section48A - Life insurance agents not to be directors of life insurance companies [. .- No insurance agent who solicits or procures
Section48B - Further provision regarding directors
Section48C - Appointment of additional directors [Omitted by the Insurance
Section49 - Restriction on dividends and bonuses 426[a] Substituted by the Insurance
Section50 - Notice of options available to the assured on the lapsing of a policy An insurer shall, [before the expiry of three
Section51 - Supply of copies of proposals and medical reports Every insurer shall, on application by a policy-holder and on payment
Section52 - Prohibition of business on dividing principle 435
Section52A - When Administrator for management of insurance business may be appointed
Section52B - Powers and duties of the Administrator
Section106 - (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under
Section52C - Cancellation of contracts and agreements [ The Administrator may, at any time during the continuance of his appointment
Section52D - Termination of appointment of Administrator [ If at any time, on a report made by the Controller in this behalf, it
Section52E - Finality of decision appointing administrator [ Any order or decision of the Central Government made in pursuance of
Section52F - Penalty for withholding documents or property from Administrator [. .- If any director or officer of the insurer or any
Section52G - Protection of action taken under Sections S2-A to 52-D
Section52H - Power of Central Government to acquire undertakings of insurers in certain cases
Section52I - Power of Central Government to make scheme
Section52M - (both inclusive) in relation to the acquired insurer
Section52J - Compensation to be given to the acquired insurer
Section52K - Constitution of the Tribunal
Section52L - Tribunal to have powers of Civil Court
Section52N - Special provisions for the dissolution of acquired insurers Where any acquired insurer, being a company, has in
Section53 - Winding up by the Court
Section53A - Unpaid-up share capital [ Notwithstanding anything contained in any other law, in ascertaining for any purpose of this
Section54 - Voluntary winding up Notwithstanding anything contained in the Indian Companies Act, 1913, an insurance company shall
Section55 - Valuation of liabilities
Section56 - Application of surplus assets of life insurance fund in liquidation or insolvency
Section57 - Winding up of secondary companies
Section58 - Schemes for partial winding up of insurance companies
Section59 - Return of deposits In the winding up of an insurance company 460[a] Inserted by the Insurance
Section60 - Notice of policy values In the winding up of an insurance company for the purposes of a cash distribution of the assets
Section61 - Power of Court to reduce contracts of insurance
Section63 - Particulars to be filed by insurers established outside India Every insurer, having his principal place of business or
Section64 - Books to be kept by insurers established outside India Every insurer having his principal place of business or domicile
Section64A - Incorporation of the Insurance Association of India
Section64B - Entry of names of members in the register
Section64C - Councils of the Insurance Association of India There shall be two Councils of the Insurance Association of India,
Section64D - Authority of members of Association to act through agents It shall be lawful for any member of the Life Insurance
Section64E - Authorities of the Life Insurance Council and the General Insurance Council The authorities of the Life Insurance
Section64F - Executive Committees of the Life Insurance Council and the General Insurance Council
Section64G - Resignation and filing up of casual vacancies
Section64H - Duration and dissolution of Executive Committees
Section64I - Powers of Executive Committee of Life Insurance Council to hold examinations for insurance agents The Life Insurance
Section64J - Functions of Executive Committee of Life Insurance Council
Section64K - Executive Committee of Life Insurance Council may advise in controlling expenses
Section64L - Functions of Executive Committee of General Insurance Council
Section64M - Executive Committee of General Insurance Council may advise in controlling expenses
Section64N - Power of the Executive Committee to act together in certain cases The Central Government may prescribe the circumstance
Section64O - Omitted [Omitted by the Insurance
Section64P - Omitted [Omitted by the Insurance
Section64Q - Omitted [Omitted by the Insurance
Section64R - General powers of Life Insurance Council and General Insurance Council
Section64S - Power of Central Government to remove difficulties The Central Government may exercise such powers as may be necessary
Section64T - Power to exempt The Central Government may, subject to such conditions and restrictions as it may think fit to impose,
Section64U - Establishment of Tariff Advisory Committee
Section65 - Definition of "provident society"
Section65A - Prohibition of transaction of insurance business by provident societies other than public companies or co-operative
Section66 - Restrictions on provident societies [ No provident society shall undertake any form of insurance not falling within the
Section67 - Name No provident society established after the commencement of this Act shall adopt as its name, and no provident
Section68 - Insurable interest [Repealed by the Insurance
Section69 - Dividing business
Section70 - Registration
Section73 - has been made; 512[c] The word "and" was omitted by Act 13 of 1941,
Section72 - is available", by Insurance
Section70A - Renewal of registration
Section70B - Supplementary information and reports of alterations in particulars furnished with application for registration
Section71 - Certain provisions of Part II to apply to provident societies [. .- The provisions of 547[b] Substituted for "sections
Section73A - Restriction on name of provident society
Section74 - Rules
Section75 - Amendment of rules
Section76 - Supply of copy of rules Every provident society shall on demand deliver free of cost to any member of the society a
Section77 - Registered office Every provident society [shall have in 559 Substituted for "the States" by the Jammu and Kashmir
Section78 - Publication of authorised capital to contain also subscribed and paid-up capital Where any notice, advertisement or
Section79 - Registers and books Every provident society [shall keep at its principal office in 561 Substituted for "the States" by
Section80 - Revenue account, balance-sheet and annual statements
Section81 - Actuarial report and abstract
Section82 - Submission of returns to Controller
Section83 - Actuarial examination of schemes
Section84 - Separation of accounts and funds Where a provident society effects policies of insurance in connection with more than
Section85 - Investment of funds 591[a] Sub-section
Section86 - Inspection of books The books of every provident society shall at all reasonable times be open to inspection by the
Section87 - Inquiry by or on behalf of Controller 493[a] Substituted and deemed always to have been substituted for the former
Section87A - Amalgamation and transfer of insurance business
Section88 - Winding up by Court and voluntary winding up
Section89 - Reduction in insurance contracts The Court may make an order reducing the amount of the insurance contracts of a
Section90 - Appointment of liquidator
Section90A - Application of Act to liquidators [. .- Notwithstanding anything to the contrary contained in the provisions of
Section91 - Powers of liquidator
Section92 - Procedure at liquidation
Section93 - Dissolution of provident society
Section94 - Nomination and assignments
Section94A - Insurance co-operative society to be an insurer
Part4 - MUTUAL INSURANCE COMPANIES AND CO-OPERATIVE LIFE INSURANCE SOCIETIES
Section95 - Definitions
Section96 - Application of Act to Mutual Insurance Companies and Co-operative Life Insurance Societies The provisions of
Section98A - Prohibition of loans [. .- The provisions of
Section99 - Transferees and assignees of policies not to become members .- No transferee or assignee of a policy issued by an
Section100 - Publication of notices and documents of Mutual Insurance Companies and Co-operative Life Insurance Societies
Section101 - Supply of documents to members .- Every Mutual Insurance Company and every Co-operative Life Insurance Society shall,
Section101A - Re-insurance with Indian re-insurers
Section101B - Advisory Committee 682[a] Inserted by the Insurance
Section101C - Examination of re-insurance treaties [. .- The Controller may, at any time,
Section103 - Penalty for carrying on insurance business in contravention of sections 3, 7 and 98
Section104 - Penalty for false statement in document Whoever, in any return, report, certificate, balance sheet or other document,
Section105 - Wrongfully obtaining or withholding property 685[a] Substituted and shall be deemed always to have been substituted for
Section106A - Notice to and hearing of Controller
Section107 - Previous sanction of Advocate-General for institution of proceedings 687[a] Inserted by Insurance
Section107A - Chairman, etc., to be public servants [. .- Every whole-time Chairman, whole- time director, auditor, liquidator,
Section108 - Power of Court to grant relief .- If in any proceedings, civil or criminal, it appears to the Court hearing the case
Section109 - Cognizance of offences 723[a] Sub-sections
Section110 - Appeals
Section110A - Delegation of powers and duties of Controller 688[a] See footnote [a] under S. 110A. [. .- The 729[b] Substituted for
Section110B - Signature of documents 689[a] Inserted by the Insurance
Section110C - Power to call for information 690[a] Sections 110D to 110H inserted by the Insurance
Section110D - Certain claims for compensation barred [. .- No person shall have any right, whether in contract or otherwise, to any
Section110E - Sections 3A, 27B, 28B, 33 etc., to apply to general insurance business of the Life Insurance Corporation of India
Section110F - Provisions applicable to State Governments etc . .- The provisions of sections 3, S.3A of the Companies Act, 1956,
Section110G - Constitution of Consultative Committee
Section110H - Appeals
Section111 - Service of notices
Section112 - Declaration of interim bonuses . .- Notwithstanding anything to the contrary contained in this Act an insurer carrying
Section113 - Acquisition of surrender values by policy . .- [A policy of life insurance under which the whole of the benefits become
Section114 - Power of Central Government to make rules
Section115 - Alteration of forms . .- The Central Government may, on the application or with the consent of an insurer, not being a
Section116 - Power to exempt from certain requirements 691[a] Sub-sections
Section116A - Summary of returns to be published . .- The Central Government shall every year cause to be published in such manner as
Section117 - Saving of provisions of Indian Companies Act, 1913 ..- Nothing in this Act shall affect the liability of an insurer
Section118 - Explanation [. .- Nothing in this Act shall apply
Section119 - Inspection and supply of copies of published prospectus, etc 769[a] Substituted by the Insurance
Section120 - Determination of market value of securities deposited under this Act .- The market value on the day of deposit of
Section122 - Amendment of Schedule I, Act 9 of 1908 .- [Repealed by the Repealing and Amending Act, 1957
Section123 - Repeals .- [Repealed by the Repealing and Amending Act, 1957
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