Bare Act Search Results

Insurance Act, 1938 (4 of 1938) Part II

Title: Provisions Applicable to Insurers

State: Central

Year: 1938

.....be made under the foregoing provisions of this section before the application for registration is made whether any such application is or is not in fact made.] (8) A deposit made in cash shall be held by the Reserve Bank of India to the credit of the insurer and shall 21 [except to the extent, if any, to which the cash has been invested in securities under sub-section (9A)] be returnable to the insurer in cash in any case in which under the provisions of this Act a deposit is to be returned; and any interest accruing due and collected on securities deposited under sub-section (1) or sub-section (2) shall be paid to the insurer, subject only to deduction of the normal commission chargeable for the realization of interest. 22 [(9) The insurer may at any time replace any securities deposited by him under this section with the Reserve Bank of India either by cash or by other approved securities or partly by cash and partly by other approved securities, provided that such cash, or the value of such other approved securities estimated at the market rates prevailing at the time of replacement, or such cash together with such value, as the case may be, is not less than the value of.....

Insurance Rules, 1939 Complete Act

State: Central

Year: 1939

.....[or a Fellow of Actuarial Society of India]: Provided that where application is made to the Controller of Insurance and it Is shown to his satisfaction that the employment of an Associate of such institute of actuaries or of such Faculty of Actuaries 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [or of such Actuarial Society] or of any other person having actuarial knowledge for any specified purpose is expedient in order to enable an Insurer or a provident society to carry out any of his or its obligations under the Act, the Controller of Insurance may grant the application and permit such person to sign as actuary for the specified purpose, subject to such conditions and restric- tions as the Controller of Insurance thinks fit to impose. Rule 4 . . [* * * * * * * CHAPTER 3 Deposits with the Bank Rule 5 Deposits with the Bank (1) Deposits made in pursuance of the Act shall be held by that office of the Bank (hereinafter referred to as the appropriate Indian office) in whose area of administration the principal office in the State of the depositor is situated : Provided that deposits in sterling securities shall be held by the London office of the Bank on behalf of.....

Insurance Act, 1938 (4 of 1938) Section 34C

Title: Power of Authority to Appoint Additional Directors

State: Central

Year: 1938

.....Authority] may specify; (b) shall not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the execution of the duties of his office or in relation thereto; and (c) shall not be required to hold qualification shares of the insurer. (3) For the purpose of reckoning any proportion of the total number of directors of the insurer, any additional director appointed under this section shall not be taken into account.] ________________________ 1. Inserted by Act 62 of 1968, section 16 (w.e.f. 1-6-1969). 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).

Life Insurance Corporation Act, 1956 Chapter 4

Title: Transfer of Existing Life Insurance Business to the Corporation

State: Central

Year: 1956

.....in the first instance, and if the amount so determined is approved by the Central Government it shall be offered to the insurer in full satisfaction of the compensation payable to him under this Act, and if, on the other hand, the amount so offered is not acceptable to the insurer he may within such time as may be prescribed for the purpose have the matter referred to the Tribunal for decision. Section 17 - Constitution of Tribunals (1) The Central Government may for the purposes of this Act constitute one or more Tribunals and each of the Tribunals shall consist of three members appointed by the Central Government one of whom shall be a person who is, or has been, a Judge of a High Court or has been a Judge of the Supreme Court, and he shall be the Chairman thereof. (2) A Tribunal may choose one or more persons possessing special knowledge of any matter relating to any case under inquiry to assist the Tribunal in determining any question which has to be decided by it under this Act. (3) Every Tribunal shall have the powers of a civil court while trying a suit under the Code of Civil Procedure, 1908 (5 of 1908), in respect of the following matters:- (a).....

Insurance Act, 1938 (4 of 1938) Complete Act

Title: Insurance Act, 1938 (4 of 1938)

State: Central

Year: 1938

.....liabilities remain unsatisfied Section2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act Section3 - Registration Section3A - Renewal of registration Section3B - Certification of soundness of terms of life insurance business Section4 - Minimum limits for annuities and other benefits secured by policies of life insurance Section5 - Restriction on name of insurer Section6 - Requirement as to capital Section6A - Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares Section6AA - Manner of divesting excess shareholding by promoter in certain cases Section6B - Provision for securing compliance with requirements relating to capital structure Section6C - Conversion of company limited by shares into company limited by guarantee Section7 - Deposits Section8 - Reservation of deposits Section9 - Refund of Deposit Section10 - Separation of accounts and funds Section11 - Accounts and balance-sheet Section12 - Audit Section13 - Actuarial report and abstract Section14 - Register of policies and register of claims Section15 - Submission of returns .....

Insurance Act, 1938 (4 of 1938) Section 40B

Title: Limitation of Expenses of Management in Life Insurance Business

State: Central

Year: 1938

.....this section,-- (a) "calendar year" or "year" means, in relation to an insurer who is required to furnish returns in accordance with sub-section (2) of section 16, the period covered by the revenue account furnished by such insurer under clause (b) of that sub-section; (b) "expenses of management" means all charges wherever incurred whether directly or indirectly, and includes-- (i) commission payments of all kinds, (ii) any amount of expenses capitalised, (iii) in the case of an insurer having his principal place of business outside India, a proper share of head office expenses which shall not be less than such percentage as may be prescribed of the total premiums (less re-insurances) received during that year in respect of life insurance business transacted by him in India, but does not include in the case of an insurer having his principal place of business in India any share of head office expenses in respect of life insurance business transacted by him outside India.] ________________________ 1. Inserted by Act 47 of 1950, section 31 (w.e.f. 1-9-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller".

Insurance Act, 1938 (4 of 1938) Section 42

Title: Licensing of Insurance Agents

State: Central

Year: 1938

.....rupees as may be determined by the regulations.] 16 [(7) Any person who acts as an insurance agent without holding a licence issued under this section to act as such shall be punishable with fine which may extend to 17 [five hundred rupees], and any insurer or any person acting on behalf of an insurer, who appoints as an insurance agent any person not licensed to act as such or transacts any insurance business in India through any such person, shall be punishable with fine which may extend to 18 [one thousand rupees]. (8) Where the person contravening sub-section (7) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be punishable with fine which may extend to 17 [five thousand rupees.] _______________________ 1. Subs-section (1) Substituted by Act 35 of 1957, section 3 (w.e.f. 1-9-1957) and again substituted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000). 2. The word "registered" omitted by Act 47 of 1950, section 32 (w.e.f......

Insurance Act, 1938 (4 of 1938) Section 56

Title: Application of Surplus Assets of Life Insurance Fund in Liquidation or Insolvency

State: Central

Year: 1938

.....of a branch only of the life insurance business in question has been allocated to policy-holders, the value of the assets and liabilities of the insurer in respect of that branch shall be separately ascertained in like manner as the value of his assets and liabilities in respect of the life insurance business was ascertained, and the surplus so found, if any, of assets over liabilities shall, for the purpose of determining the amount to be added to the liabilities of the insurer in respect of the life insurance business be deemed to be the prima facie surplus. ______________________ 1. Substituted by the Companies (Second Amendment) Act, 2002, section 133 and Schedule, for "Court".

Insurance Act, 1938 (4 of 1938) Section 42D

Title: Issue of Licence to Intermediary or Insurance Intermediary

State: Central

Year: 1938

.....may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority. ( 8 ) Any person who acts as an intermediary or an insurance intermediary without holding a licence issued under this section to act as such, shall be punishable with fine, and any insurer or any person who appoints as an intermediary or an insurance intermediary or any person not licensed to act as such or transacts any insurance business in India through any such person, shall be punishable with fine. ( 9 ) Where the person contravening sub-section ( 8 ) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be punishable with fine.] ____________________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Section 16

Title: Returns by Insurers Established Outside India

State: Central

Year: 1938

.....shall apply to such insurer in lieu of the provisions of sections 11, 12, 13 and 15. (2) The insurer shall, within the time specified in sub-section (1) of section 15, furnish to the 1 [Authority]four certified copies in the English language of every balance-sheet, account, abstract, report and statement supplied to the public authority referred in sub-section (1) of this section, and in addition thereto, 2 [four certified copies] in the English language of each of the following statements, namely:-- (a) a statement 3 [audited] 4 [by an auditor or] by a person duly qualified under the law of the insurer in India 5 [as at the date of any balance-sheet so furnished]; (b) 6 [for each class or sub-class of insurance business for which he is required under sub-section (1) of section 10 to keep a separate account of receipts and payments, a revenue account for the period covered by any account so 7 [furnished, prepared in accordance with the regulations, and in the form or forms, set forth in]] the Third Schedule applicable to 8 [that class or sub-class of insurance business] 9 [and similarly audited], showing separately with respect to business transacted by the insurer.....