Title : Registration of Principal Agents, Chief Agents and Special Agents
State : Central
Year : 1938
1[42A. Registration of principal agents, chief agents and special agents ( 1 ) The2[ Authority or an officer authorised by it] in this behalf shall in the prescribed manner and on payment of the prescribed fee which shall not be more than twenty-five rupees for a principal agent or a chief agent and ten rupees for a special agent, register any person who makes3[ an application to it] in the prescribed manner if -- (a) in the case of an individual, he does not suffer from any of the disqualifications me ntioned in sub-section (4 ) of section 42 , or (b) in the case of a company or firm, any of its directors or partners does not suffer from any of the said disqualifications, and a certificate to act as a principal agent, chief agent or special agent, as the case may be, for the..... View Complete Act List Judgments citing this sectionTitle : Restriction on Dividends and Bonus
State : Central
Year : 1938
1 [49. Restriction on dividends and bonus 2 [(1)] No insurer, being an insurer specified in sub-clause (a)(ii) or sub-clause (b) of clause (9) of section 2, who carries on the business of life insurance or any other class or sub-class of insurance business to which section 13 applies, shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to policy-holders or of making any payment in service of any debentures, utilize directly or indirectly any portion of the life insurance fund or of the fund of such other class or sub-class of insurance business, as the case may be, except a surplus shown in the valuation 3 [balance-sheet in such form as may be specified by the regulations made by the Authority] submitted to the 4 [Authority] as part of the abstract..... View Complete Act List Judgments citing this sectionTitle : Prohibition of Business on Dividing Principle
State : Central
Year : 1938
1 [(1)] No insurer shall after the commencement of this Act begin, or after three years from that date continue to carry on, any business upon the dividing principle, that is to say, on the principle that the benefit secured by a policy is not fixed but depends either wholly or partly on the results of a distribution of certain sums amongst policies becoming claims within certain time-limits, or on the principle that the premiums payable by a policy-holder depend wholly or partly on the number of policies becoming claims within certain time-limits: Provided that nothing in this section shall be deemed to prevent an insurer from allocating bonuses to holders of policies of life insurance as a result of a periodical actuarial valuation either as reversionary additions to the sums..... View Complete Act List Judgments citing this sectionTitle : Powers and Duties of the Administrator
State : Central
Year : 1938
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...... View Complete Act List Judgments citing this sectionTitle : Winding Up by the Court
State : Central
Year : 1938
1 [(1) The Tribunal may order the winding up in accordance with the Companies Act, 1956 (1 of 1956) of any insurance company and the provisions of that Act shall, subject to the provisions of this Act, apply accordingly.] (2) In addition to the grounds on which such an order may be based, the 2 [Tribunal] may order the winding up of an insurance company- (a) if with the sanction of the 2 [Tribunal] previously obtained a petition in this behalf is presented by shareholders not less in number than one tenth of the whole body of shareholders and holding not less than one-tenth of the whole share capital or by not less than fifty policy-holders holding policies of life insurance that have been in force for not less than three years and are of the total value of not less than fifty..... View Complete Act List Judgments citing this sectionTitle : Power of the Advisory Committee to Constitute Regional Committees
State : Central
Year : 1938
(1) The Advisory Committee may constitute such Regional Committees as and when it deems fit for one or more of the prescribed regions. (2) Each Regional Committee shall consist of not more than seven persons of which not more than five shall be elected by such groups of insurers carrying on general insurance business in the region as may be prescribed and not more than two shall be nominated by the 1 [Authority]. (3) For the purpose of enabling it effectively to discharge its duties, any Regional Committee may constitute such sub-committees as it may think fit, whether consisting of members of the Regional Committee or not. (4) It shall be the duty of every Regional Committee to advise the Advisory Committee on any question connected with the fixation of rates, advantages, terms..... View Complete Act List Judgments citing this sectionTitle : Levy of Fees by the Advisory Committee
State : Central
Year : 1938
(1) Every insurer shall annually before the prescribed date make payment to the Advisory Committee in the prescribed manner of such fees, not exceeding for any year, in the case of an insurer doing only re-insurance business in India, one percent of his total premiums in respect of facultative re-insurance accepted by him in India in the preceding year and in the case of any other insurer, one percent of the total gross premium written direct by him in India in the preceding year, as may be specified by the Advisory Committee for the purpose of this Part. (2) The Advisory Committee may collect, in addition to the fees mentioned in sub-section (1), reasonable fees and charges from any person to cover the cost of any specific services rendered by it. (3) If an insurer fails to make..... View Complete Act List Judgments citing this sectionTitle : Supplementary Information and Reports of Alterations in Particularsfurnished with Application for Registration
State : Central
Year : 1938
1 [70B. Supplementary information and reports of alterations in particulars furnished with application for registration (1) Every provident society registered under section 70 before the commencement of the Insurance (Amendment) Act, 1941 shall, before the expiration of three months from the commencement of the Insurance (Amendment) Act, 1941 furnish to the 2 [Authority] such particulars in addition to those already supplied for the purpose of obtaining registration as are required by sub-section (2) of section 70 of this Act as amended by the Insurance (Amendment) Act, 1941. (2) Every provident society registered under the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912), shall, before the expiration of three months from the commencement of the Insurance..... View Complete Act List Judgments citing this sectionTitle : Winding Up by Court and Voluntary Winding Up
State : Central
Year : 1938
(1) The Court may order the winding up of a provident society being a company incorporated under the Indian Companies Act, 1913 (7 of 1913), 1 [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] and the provisions of 2 [the Indian Companies Act, 1913 (7 of 1913)], shall subject to the provisions of this Part, apply accordingly. 3 [(2) In addition to the grounds on which such an order may be based, the court may order the winding up of a provident society if the 4 [Authority], who is hereby authorised to do so, applies in this behalf to the court on any of the following grounds, namely: - (a) that the registration of the society has been cancelled under sub-section (4) of section 70; (b) that..... View Complete Act List Judgments citing this sectionTitle : Acquisition of Surrender Values by Policy
State : Central
Year : 1938
1 [(1) A policy of life insurance under which the whole of the benefits become payable either on the occurrence, or at a fixed interval or fixed intervals after the occurrence, of a contingency which is bound to happen, shall, if all premiums have been paid for at least three consecutive years in the case of a policy issued by an insurer, or five years in the case of a policy issued by a provident society as defined in Part III, acquire a guaranteed surrender value, to which shall be added the surrender value of any subsisting bonus already attached to the policy, and every such policy issued by an insurer shall show the guaranteed surrender value of the policy at the close of each year after the second year of its currency or at the close of each period of three years throughout the..... View Complete Act List Judgments citing this section