Bare Act Search Results

Actuaries Act 2006 Complete Act

State: Central

Year: 2006

ACTUARIES ACT 2006 ACTUARIES ACT. 2006 35 of 2006 An Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows: CHAPTER 1 : PRELIMINARY: SECTION 1: Short title, extent and commencement: (1) This Act may be called the Actuaries Act, 2006. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision. SECTION 2: Definitions: (1) In this Act, unless the context otherwise requires, (a)"Actuary" means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of .....

Actuaries Act, 2006 Chapter I

Title: Preliminary

State: Central

Year: 2006

(1) This Act may be called the Actuaries Act, 2006. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision.1 _______________________ 1. Enforcement date for the Actuaries Act, 2006 as per notification no: SO1912(E) dated 08.11.2006, is 10.11.2006. Section 2 - Definitions (1) In this Act, unless the context otherwise requires,-- (a) "Actuary" means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees'.....

Actuaries Act, 2006 Section 2

Title: Definitions

State: Central

Year: 2006

.....member or an employee of a company, he, whether or not in consideration of remuneration received or to be received,-- (i) engages himself in actuarial profession; or (ii) offers to perform or performs services involving the application of actuarial techniques in the fields of insurance, pension, investment, finance and management; or (iii) renders such other services as, in the opinion of the Council, are or may be rendered by an actuary in practice; or (iv) is in employment of a person engaged in one or more of the activities mentioned in clauses (i), (ii) and (iii) above, and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly. Explanation.--For the purposes of this sub-section, the expression "company" includes a public financial institution as defined in section 4A of the Companies Act, 1956(1 of 1956).

Insurance Act, 1938 Complete Act

State: Central

Year: 1938

.....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 foltows :- This Act has been applied to- (i) the partially excluded areas in the District of Darjesling, see Bengal Government Notification No. 1902-Com., dated 28-6-1939, Calcutta Gazette, dated 16-7-1939; (ii) the partially excluded areas in the Province of Orissa with effect from 14-10-1939, see Orissa Laws Validating Regulation, 1943 (1 of 1943). The Act has been extended to the new Provinces and Merged States by the S.3OF THE Merged States (Laws) Act, 1949 (1-1-1950) and to the States of Manipur, Tripura and Vindhya Pradesh by the Union Territories (Laws) Act, 1950 (30 of 1950), section 3 (16-4-1950). Manipur and Tripura are Union territories now and Vindhya Pradesh has been merged with the State of Madhya Pradesh -- See Act 37 of 1956, section 9(1)(e). It has been extended to the Union territories of- (1) Goa, Daman and Diu by Regn. 12 of 1962 (15-12-1963); (2) Dadra and Nagar Haveli, by Regn. 6 of 1963 (1-7-1965); (3) Pondicherry, by Regn. 7 of 1963 (1-10-1963); and (4) Laccadiv, Minicoy and Amindivi Islands, by Regn......

Insurance Act, 1938 (4 of 1938) Part III

Title: Provident Societies

State: Central

Year: 1938

.....incorporated under the Indian Companies Act, 1913 (7 of 1913) 2 [or under the Indian Companies Act, 1882 (6 of 1882) or under the Indian Companies Act, 1866 (10 of 1866) or under any Act repealed thereby,] a certified copy of the Memorandum and Articles of Association or where the society is not such a company a certified copy of the deed of constitution of the society; (b) the names and addresses of the proprietors or directors, and the managers of the society, the full address of the registered office of the society, 2 [the full address of the principal office of the society in 14[India], the name of the manager at such office, and the name and address of some one or more persons resident in 3 [India] authorised to accept any notice required to be served on the society]; (c) a certificate from the Reserve Bank of India that the initial deposit referred to in section 73 has been made; 4 [***] (d) a declaration verified by an affidavit 5 [made by the principal officer of the society authorised in that behalf] that the minimum working capital required by section 72, is available; 6 [and 6 [(e) the 7 [receipt showing payment in the prescribed manner of the prescribed fee].....

Insurance Act, 1938 (4 of 1938) Section 85

Title: Investment Funds

State: Central

Year: 1938

.....of a policy on which the society bears the risk and the policy was issued to the director on his own life and the loan is within the surrender value of the policy.] _________________________ 1. Sub-section (1) omitted by Act 47 of 1950, section 52 (w.e.f. 1-6-1950). 2. Inserted by Act 6 of 1946, section 35 (w.e.f. 20-3-1946). 3. Added by Act 11 of 1939, section 28. 4. Substituted by act 20 of 1940, section 13, for "any director or officer of the society" (w.e.f. 10-4-1940). 5. Substituted by act 20 of 1940, section 13, for "a director or officer of the society is a director or partner" (w.e.f. 10-4-1940). 6. Inserted by Act 20 of 1940, section 13 (w.e.f. 10-4-1940). 7. Substituted by Act 20 of 1940, section 13, for "or officer" (w.e.f. 10-4-1940). 8. 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). 9. Added by Act 11 of 1939, section 28 (w.e.f. 8-4-1941).

Insurance Act, 1938 (4 of 1938) Section 87A

Title: Amalgamation and Transfer of Insurance Business

State: Central

Year: 1938

.....transfer or society or of any or all of the societies concerned in the amalgamation, the 2 [Authority] may sanction the scheme, reducing the amount of such contracts upon such terms and subject to such conditions as 4 [it] may think proper, and the reduction of the contracts as sanctioned by the 2 [Authority] shall be valid and binding on all the parties concerned.] _________________________ 1. Inserted by Act 6, section 38 (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 "him" (w.e.f. 19-4-2000). 4. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000). 5. Substituted by the A.O. 1950, for "in the Provinces or in an Indian State".

Actuaries Act, 2006 Section 4

Title: Transfer of Assets, Liabilities, Etc., of Actuarial Society

State: Central

Year: 2006

.....such properties as may be in the possession of the said Society and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind; (b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Actuarial Society immediately before that day, for or in connection with the purpose of the said Society, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Institute; (c) all sums of money due to the Actuarial Society immediately before that day shall be deemed to be due to the Institute; and (d) all suits and other legal proceedings instituted or which could have been instituted by or against the Actuarial Society immediately before that day may be continued or may be instituted by or against the Institute.

Actuaries Act, 2006 Chapter VIII

Title: Dissolution of the Actuarial Society of India Registered Under the Societies Registration Act

State: Central

Year: 2006

.....no member of the society shall make, assert or take any claims or demands or proceedings in respect of that society except as provided in this Act. Section 49 - Provisions respecting employees of dissolved society (1) Every person employed in the dissolved society and continuing in its employment immediately before the commencement of this Act shall, as from such commencement, become an employee of the Institute, shall hold his office or service therein by the same tenure and upon the same terms and conditions and with the same rights and privileges as to retirement benefits as he would have held the same under the dissolved society if this Act had not been passed, and shall, continue to do so unless and until his employment in the Institute is terminated or until his remuneration, terms and conditions of employment are duly altered by the Institute. (2) Notwithstanding anything contained in the Industrial Disputes Act, 1947(14 of 1947) or in any other law for the time being in force, the transfer of the services of any employee of the dissolved society to the Institute shall not entitle any such employee to any compensation under that Act or other law, and no such.....

Actuaries Act, 2006 Section 48

Title: Dissolution of Actuarial Society of India

State: Central

Year: 2006

On the appointed day.-- (a) the Society known as the Actuarial Society of India registered under the Societies Registration Act, 1860(21 of 1860. Bombay Act XXXIX of 1950) and the Bombay Public Trusts Act, 1950 shall stand dissolved and thereafter no person shall make, assert or take any claims or demands or proceedings against the dissolved society or against any officer thereof in his capacity as such officer except in so far as may be necessary, for enforcing the provisions of this Act; (b) the right of every member to, or in respect of, the dissolved society shall be extinguished, and thereafter no member of the society shall make, assert or take any claims or demands or proceedings in respect of that society except as provided in this Act.