Insurance Act, 1938 (4 of 1938) Section 52B - Bare Act

¹ [52B. Powers and duties of the Administrator

(1) The Administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the ² [Authority] a report stating which of the following courses is in the circumstances most advantageous to the general interests of the holders of life insurance policies, namely: -

(a) the transfer of the business of the insurer to some other insurer;

(b) the carrying on of its business by the insurer (whether with the policies of the business continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts);

(c) the winding up of the insurer; and

(d) such other course as he deems advisable.

(2) On the filing of the report with the ² [Authority], the ² [Authority] may take such action as ³ [it] thinks fit for promoting the interests of the holders of life insurance policies in general.

(3) Any order passed by the ² [Authority] under sub-section (2) shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, of a company.

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1. Inserted by Act 47 of 1950, section 42 (w.e.f. 1-6-1950).

2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000).