Title : Powers of Authority Regarding Returns
State : Central
Year : 1938
21. Powers of 1 [Authority] regarding returns (1) If it appearsto the 1 [Authority] that any returnfurnished to 2 [it] under the provisions of this Act isinaccurate or defective in any respect, 3 [it] may-- (a)require from the insurer such furtherinformation, certified if he so directs by an auditor or actuary, as he mayconsider necessary to correct or supplement such return; (b)call upon the insurer to submit for 4 [its] examinationat the principal place of business of the insurer in 5 [India] any bookof account, register or other document or to supply any statement which 3 [it] may specifyin a notice served on the insurer for the purpose; (c)examine any office of the insurer on oath in relation to thereturn; (d)decline to accept any such return unless theinaccuracy has been..... View Complete Act List Judgments citing this sectionTitle : Evidence of Documents
State : Central
Year : 1938
(1) Every return furnished to the 1 [Authority] which has been certified by the 2 [Authority] to be a return so furnished, shall be deemed to be a return so furnished. (2) Every document, purporting to be certified by the 1 [Authority]to be a copy of a return so furnished, shall be deemed to be a copy of that return and shall be received in evidence as if it were the original return, unless some variation between it and the original return is proved. _____________________ 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. Substituted by Act 47 of 1950, section 4 for "Superintendent (w.e.f. 1-6-1950) and again substituted by Act..... View Complete Act List Judgments citing this sectionTitle : Search and Seizure
State : Central
Year : 1938
1[34H. Search and seizure ( 1 ) Where the2[Chairperson of the Authority], in consequence of information in hi s possession, has reason to believe that -- (a) any person who has been required under sub-section (2 ) of section 33 to produce, or cause to be produced, any books, accounts or other documents in hi s custody or power has omitted or failed to produce, or cause to be produced, such books, accounts or other documents, or (b) Any person to whom a requisition to produce any books, accounts or other documents as aforesaid has been or might be issued will not, or would not, produce or cause to be produced, any books, accounts or other documents which will be useful for, or relevant to, an investigation under sub-section (1 ) of section 33 or an inspection under sub-section (1..... View Complete Act List Judgments citing this sectionTitle : Power of Authority to Prepare Scheme of Amalgamation
State : Central
Year : 1938
1 [37A. Power of 2 [Authority] to prepare Scheme of Amalgamation (1) If the 2 [Authority] is satisfied that-- (i) in the public interest; or (ii) in the interests of the policy-holders; or (iii) in order to secure the proper management of an insurer; or (iv) in the interest of insurance business of the country as a whole, it is necessary so to do, 3 [it] may prepare a scheme for the amalgamation of that insurer with any other insurer (hereinafter referred to in this section as the transferee insurer): Provided that no such scheme shall be prepared unless the other insurer has given his written consent to the proposal for such amalgamation. (2) The scheme aforesaid may contain provisions for all or any of the following matters, namely:-- (a) the constitution, name and..... View Complete Act List Judgments citing this sectionTitle : Directors of Insurers Being Companies
State : Central
Year : 1938
(1) Where the insurer is 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 carries on the business of life insurance, not less than one-fourth of the whole number of the directors of the company 2 [the number to be elected not being less than two in any case] 3 [shall, notwithstanding anything to the contrary in the Articles of Association of the company, be elected in the prescribed manner by the holders of policies of life insurance issued by the company]. 4 [(2) Only and all persons holding otherwise than as assignees policies of life insurance issued by the company of such minimum amount and having been in force..... View Complete Act List Judgments citing this sectionTitle : When Administrator for Management of Insurance Business May Be Appointed
State : Central
Year : 1938
1 [52A. When Administrator for management of insurance business may be appointed (1) If at any time the 2 [Authority] has reason to believe that an insurer carrying on life insurance business is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies, 3 [it] may, after giving such opportunity to the insurer to be heard as 3 [it] thinks fit, make a report thereon to the Central Government. (2) The Central Government, if it is of opinion after considering the report that it is necessary or proper to do so, may appoint an Administrator to manage the affairs of the insurer under the direction and control of the 4 [Authority]. (3) The Administrator shall receive such remuneration as the Central Government may direct and the Central Government..... View Complete Act List Judgments citing this sectionTitle : Books to Be Kept by Insurers Established Outside India
State : Central
Year : 1938
Every insurer, having his principal place of business or domicile outside 1 [India], Shall keep at his principal office in 1 [india] such books of account, registers and documents as will enable the accounts, statements and abstracts which he is required under this Act to furnish to the 2 [Authority] in respect of the insurance business transacted by him, in India to be compiled and, if necessary, checked by the 2 [Authority] 3 [and shall furnish to the 4 [Authority] on or before the last day of January in every calendar year a certificate from an auditor to the effect that the said books of account, register and documents are being kept as required at the principal office of the insurer in India]. ________________________ 1. Substituted by Act 62 of 1956, section 2 and Schedule,..... View Complete Act List Judgments citing this sectionTitle : Composition of the Advisory Committee
State : Central
Year : 1938
(1) The Advisory Committee shall consist of the following members, namely:-- (a) the 1 [Chairperson of the Authority, ex officio, who shall be the Chairman; (b) a senior officer of the office of the 2 [Authority nominated by the 2 [Authority, who shall be the Vice-Chairman; (c) not more than ten representatives of Indian insurers, elected (in their individual capacities) by such insurers in such manner, from such areas and from among such insurers or groups of insurers as may be prescribed; (d) not more than four representatives of insurers incorporated or domiciled elsewhere than in India but registered in India, elected (in their individual capacities) by such insurers in such manner, and from among such insurers or groups of insurers as may be prescribed. (2) The Secretary..... View Complete Act List Judgments citing this sectionTitle : Power of the Advisory Committee to Regulate Rates, Advantages, Etc.
State : Central
Year : 1938
(1) The Advisory Committee may, from time to time and to the extent it deems expedient, control and regulate the rates, advantages, terms and conditions that may be offered by insurers in respect of any risk or of any class or category of risks, the rates, advantages, terms and conditions of which, in its opinion, it is proper to control and regulate, and any such rates, advantages, terms and conditions shall be binding on all insurers: Provided that 1 [the Authority], may, permit any insurer to offer, during such period (being not more than two years but which may be extended by periods of not more than two years at a time) and subject to such conditions as may be specified by 2 [it], rates, advantages, terms or conditions different from those fixed by the Advisory Committee in..... View Complete Act List Judgments citing this sectionTitle : Registration
State : Central
Year : 1938
(1) No provident society except a provident society registered under the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912), shall receive any premium or contribution until it has obtained from 1 [the Authority, before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999, a certificate of registration]. (2) Every application for registration shall be accompanied by-- (a) a certified copy of the rules of the society, and when the society is a company 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..... View Complete Act List Judgments citing this section