Bare Act Search Results

Insurance Act, 1938 (4 of 1938) Part II

Title: Provisions Applicable to Insurers

State: Central

Year: 1938

.....section 2 and Schedule, for "theStates" (w.e.f. 1-11-1956). Section 2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act The 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.] Section 3 - Registration (1) No 1 [person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 2 [India] and no insurer carrying on any class of insurance business in 2 [India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3 [Authority] a certificate of registration 4 [for the particular class of insurance business]: 5 [Provided that in case an insurer who was carrying on any class of insurance business in 2 [India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this.....

Insurance Rules, 1939 Complete Act

State: Central

Year: 1939

.....ries of Pondicherry and Lakshadweep; and (vii) words used but not defined in these rules have the meanings respectively assigned to them in the Act. CHAPTER 2 Actuaries Rule 3 Qualifications of actuaries Any person signing as actuary under the Act shall be a Fellow of the Institute of Actuaries, London, or a Fellow of the Faculty of Actuaries in Scotland 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [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 . . [* * * * * * * .....

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

.....before the appointed day. Section 9 - General effect of vesting of controlled business (1) Unless otherwise expressly provided by or under this Act, all contracts, agreements and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which an insurer whose controlled business has been transferred to and vested in the Corporation is a party or which are in favour of such insurer shall in so far as they relate to the controlled business of the insurer be of as full force and affect against or in favour of the Corporation, as the case may be, and may be enforced or acted upon as fully and effectually as if, instead of the insurer, the Corporation had been a party thereto or as if they had been entered into or issued in favour of the Corporation. (2) If on the appointed day any suit, appeal or other legal proceeding of whatever nature is pending by or against an insurer, then, in so far as it relates to his controlled business, it shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Corporation of the business of the insurer or anything done under this Act, but the suit,.....

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

.....by the regulations made by the Authority in this behalf: Provided that a person who had been issued a licence under sub-section (1) of this section or sub-section (1) of section 64UM shall not be required to possess the requisite qualifications, practical training and pass such examination as required by clauses (e) and (f); (g) that he violates the code of conduct as may be specified by the regulations made by the Authority.] 13 [(5) If it be found that an insurance agent being an individual is, or being a company or firm contains a director or partner who is suffering from any of the disqualifications mentioned in sub-section (4), then, without prejudice to any other penalty to which he may be liable, the 14 [Authority] shall, and if the insurance agent has knowingly contravened any of the provisions of this Act may, cancel the licence issued to the agent under this section.] 15 [(6) The Authority may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee not exceeding fifty 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.....

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.....