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Insurance (Amendment) Act, 2002 Section 17 - Bare Act

StateCentral Government
Year
Section TitleAmendment of Section 114a
Act Info:

In section 114A of the principal Act, in sub-section (2),--

(i) for clause (a), the following clauses shall be substituted, namely :--

"(a) the qualifications to be possessed by actuaries;

(aa) the matters including fee relating to the registration of insurers under section 3;";

(ii) in clause (g), for the words "fourth proviso", the words "fifth proviso" shall be substituted;

(iii) after clause (i), the following clauses shall be inserted, namely :--

"(ia) the form in which a return showing the investments made out of the controlled fund shall be submitted by an insurer carrying on life insurance business under sub-section (1) of section 28A;

(ib) the form in which a return showing all the changes that occurred in the investments shall be submitted by an insurer carrying on life insurance business under sub-section (2) of section 28A;

(ic) the form in which a return showing the investments made out of assets shall be submitted by an insurer carrying on general insurance business under sub-section (1) of section 28B;

(id) the form in which a return showing all the changes that occurred in the investments shall be submitted by an insurer carrying on general insurance business under sub-section (2) of section 28B;

(ie) the form of the statement and the sum to be specified under sub-section (2) of section 31B;";

(iv) after clause (v), the following clauses shall be inserted, namely :--

"(va) the amount of commission, fee or as remuneration in any form not exceeding thirty per cent to be paid or contract to be paid under sub-section (1) of section 42E;

(vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under sub-section (2) of section 42E;

(vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;";

(v) after clause (za), the following clause shall be inserted, namely :--

"(zb) the manner of receipt of premium to be specified under sub-section (6) of section 64VB.".




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