THE INSURANCE ACT, 19381 [Act, No. 4 of 1938] [26th February, 1938] PREAMBLE An Act to consolidate and amend the law relating to the business of insurance. WHEREAS it is expedient to consolidate and amend the law relating to the business of insurance; it is hereby enacted as follows: -- ________________________ 1. The Act has been extended to-- Goa, Daman and Diu with modifications by Reg. 12 of 1962, section 3 and Schedule; and came into force in Pondicherry on 1-10-1963, vide Reg. 7 of 1963, section 3 and Schedule I; and brought into force in Dadra and Nagar Haveli (w.e.f. 1-7-1965) by Reg. 6 of 1963, section 2 and Schedule I; the whole of the Union Territory of Lakshadweep (w.e.f. 1-10-1967) vide Reg. 8 of 1965, section 3 and Schedule; and brought into force in the State of Sikkim (w.e.f. 1-7-1975) vide S.O. 274 (e), dated 24-6-1975.
View Complete Act List Judgments citing this section1[ 2A. Interpretation of certain words and expressions Words and expressions used and not defined in this Act but defined in the Life Insurance Corporation Act, 1956 (31 of 1956), the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and the Insurance Regulatory and Development Authority Act, 1999 shall have the meanings respectively assigned to them in those Acts.] ____________________ 1. Section 2A inserted by Act 47 of 1950, section 5 (w.e.f. 1-6-1950), rep. by the Adaptation of Laws (No. 3) Order, 1956 and again inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000).
View Complete Act List Judgments citing this section1 [2D. Insurers to be subject to this Act while liabilitiesremain unsatisfied Every insurershall be subject to all the provisions of this Act in relation to any class ofinsurance business so long as his liabilities in 2 [India] inrespect of business of that class remain unsatisfied or not otherwise providedfor. ______________________ 1.Sections 2A and 2B inserted by Act 11 of 1939, section 2A, and renumbered assections 2D and 2E respectively by Act 47 of 1950, section 3 (w.e.f. 1-9-1950). 2.Substituted by Act 62 of 1956, section 2 and Schedule, for "theStates" (w.e.f. 1-11-1956).
View Complete Act List Judgments citing this sectionThe provisions of this Act shall not apply to an insurer as defined in paragraph (i) or (iii) of sub-clause (a) of clause (9) of section 2 in relation to any class of his insurance business where such insurer has ceased, before the commencement of this Act, to enter into any new contracts of that class of business.]
View Complete Act List Judgments citing this section.....submitted to an actuary appointed by the insurer for the purpose and approved by the 2 [Authority], and may by order in writing further require the insurer to make within such time as may be specified in the order such modifications in the said rates, advantages, terms or conditions, as the case may be, as the said actuary may report to be necessary to enable him to certify that the said rates, advantages, terms and conditions are workable and sound.] ______________________ 1. Inserted by Act 6 of 1946, section 4 (w.e.f. 20-3-1946). 2. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again 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).
View Complete Act List Judgments citing this section.....6 [Authority] mayby order in writing exempt from the provisions of this section, for so long asthe company complies with such conditions, if any, as may be prescribed].] ______________________ 1.Substituted by Act 10 of 1948, section 2, for certain words (w.e.f.8-3-1948). 2.Substituted by Act 47 of 1950, section 8, for "the Insurance Act,1938" (w.e.f. 1-6-1950). 3.Substituted by Act 6 of 1946, section 5, for "commencement of thisAct" (w.e.f. 20-3-1946). 4.Substituted by Act 6 of 1946, section 5, for "fifty rupees or less or agross sum of rupees five hundred or less" (w.e.f. 20-3-1946). 5.Substituted by Act 13 of 1941, section 5, for sub-section (2) (w.e.f. 8-4-1941). 6.Substituted by Act 47 of 1950, section 4, for "Superintendent ofInsurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999,section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 7.Added by Act 6 of 1946, section 6 (w.e.f. 20-3-1946).
View Complete Act List Judgments citing this section.....defined in Part III], who begins to carry on insurance business after the commencement of this Act, shall adopt as its name and no such insurer carrying on business before the commencement of this Act shall continue after the expiry of six months from the commencement thereof to use as its name any combination of words which includes the word "provident". ______________________ 1. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 2. Added by Act 6 of 1946, section 6 (w.e.f. 20-3-1946). 3. Substituted by Act 13 of 1941, section 6 "to which part III applies" (w.e.f. 8-4-1941).
View Complete Act List Judgments citing this section.....under clause (i) or clause(ii), the deposit to be made under section 7 and any preliminary expenses incurredin the formation and registration of the company shall be excluded: Provided further that aninsurer carrying on business of life insurance, general insurance orre-insurance in India before the commencement of the Insurance Regulatory andDevelopment Authority Act, 1999 and who is required to be registered under this Act, shallhave a paid-up equity capital in accordance with clause (i) and clause (ii), asthe case may be, within six months of the commencement of that Act.] _______________________ 1.Substituted by Act 41 of 1999, section 30 and Schedule I, for section 6 (w.e.f.19-4-2000).
View Complete Act List Judgments citing this section( 1 ) Any deposit made under section 71[or section 98 ] shall be deemed to be part of the assets of the insurer but shall not be susceptible of any assignment or charge; nor shall it be available for the discharge of any liability of the insurer other than liabilities arising out of policies of insurance issued by the insurer so long as any such liabilities remain undischarged; nor shall it be liable to attachment in execution of any decree except a decree obtained by a policy-holder of the insurer in respect of a debt due upon a policy which debt the policy-holder has failed to realise in any other way. ( 2 ) Where a deposit is made in respect of life insurance business the deposit made in respect thereof shall not be available for the discharge of any liability of the insurer other than liabilities arising out of policies of life insurance issued by the insurer. _____________________ 1. Inserted by Act 11 of 1939, section 4.
View Complete Act List Judgments citing this section1[ 9. Refund of Deposit Where an insurer has ceased to carry on in India all classes of insurance business and hi s liabilities in India in respect of all classes of insurance business have been satisfied or are otherwise provided for, the Court may, on the application of the insurer, order the return to the insurer of the deposit made by hi m under this Act.] _____________________ 1. Substituted by Act 62 of 1968, section 7, for section 9 (w.e.f. 1-6-1969).
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