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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.....

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Insurance Act, 1938 (4 of 1938) Section 106

Title: Power of Court to Order Restoration of Property of Insurer or Compensation in Certain Cases

State: Central

Year: 1938

.....purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss. ( 3 ) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section ( 1 ) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part. ( 4 ) Where at any stage of the proceedings against any person under this section (he reinafter referred to as the delinquent), the Court is satisfied by affidavit or otherwise-- (a) that a prima facie case has been made out against the delinquent; and (b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the me mbers of an.....

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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 .....

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Insurance Act, 1938 (4 of 1938) Section 34

Title: Power of the Authority to Issue Directions

State: Central

Year: 1938

.....in particular unless such insurer has been given a reasonable opportunity of being heard. ( 2 ) The2[ Authority] may, on representation made to4[ it] or on5[ its] own motion, modify or cancel any direction issued under sub-section ( 1 ), and in so modifying or cancelling any direction, may impose such conditions as3[ it] thinks fit, subject to which the modification or cancellation shall have effect.] ________________________ 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). 4. Substituted by Act 41 of 1999, section 30 and Schedule I, for "him" (w.e.f. 19-4-2000). 5. Substituted by Act 41 of 1999, section 30 and Schedule I, for "his" (w.e.f. 19-4-2000).

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

Title: Limitation of Expenses of Management in General Insurance Business

State: Central

Year: 1938

.....and dealings with share-holders and a proper share of managerial expenses calculated in such manner as may be prescribed, and (iv) any expenses debited to claims in the revenue account in Form F of Part II of the Third Schedule]; (iv) any expenses debited to claims in the revenues account in Form F of Part II of the Third Schedule (c) "insurance business transacted in India" includes insurance business wherever effected relating to any property situate in India or to any vessel or aircraft registered in India.] _______________________ 1. Inserted by Act 47 of 1950, section 31 (w.e.f. 1-6-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 3. Inserted by Act 62 if 1968, section 19 (w.e.f. 1-6-1969).

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Insurance Act, 1938 (4 of 1938) Section 52H

Title: Power of Central Government to Acquire Undertakings of Insurers in Certain Cases

State: Central

Year: 1938

.....such vesting be deemed to have been the rights and liabilities of such acquiring insurer. (6) Unless otherwise expressly provided by or under this section or sections 52-I to 52M, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the acquired insurer is a party or which are in favour, of the acquired insurer shall be of as full force and effect against or in favour, of the Central Government or, as the case may be, the acquiring insurer, and may be enforced or acted upon as fully and effectually as if in the place of the acquired insurer the Central Government or the acquiring insurer had been a party thereto or as if they had been issued in favour of the Central Government or the acquiring insurer, as the case may be. (7) If, on the appointed day, any suit, appeal or other proceedings of whatever nature, is pending by or against the acquired insurer, the same shall not abate, be discontinued or be, in any way prejudicially affected by reason of the transfer of the undertaking of the acquired insurer or of anything.....

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Deposit Insurance and Credit Guarantee Corporation Act, 1961 Amending Act 1

Title: Deposit Insurance Corporation (Amendment) Act, 1968

State: Central

Year: 1961

.....(AMENDMENT) ACT.1968 [Act, No. 56 of 1968] [27th December, 1968] PREAMBLE An Act further to amend the Deposit Insurance Corporation Act, 1961. BE it enacted by Parliament in the Nineteenth year of the Republic of India as follows;-- 1. Short title, commencement, etc.- (1)This Act may be called the Deposit Insurance Corporation (Amendment) Act , 1968 (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and for different States or for different parts thereof. (3) Any reference in any provision inserted in the Deposit Insurance Corporation Act, 1961 (hereinafter referred to as the principal Act).by any section of this Act to the commencement of the Deposit Insurance (Amendment) Act, 1968, shall in relation to the date on which the said section comes into force in that State or part. 2. Substitution of references to Banking Companies Act, 1949.- In the principal Act, for the words and figures "the Banking Companies Act 1949", wherever they occur, the words and figures "the Banking Regulation Act 1949" shall be.....

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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,.....

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

Title: Power of Authority to Issue Directions Regarding Re-insurance Treaties, Etc.

State: Central

Year: 1938

.....to the insurer or are detrimental to the public interest,3[ it] may, by order, direct that the insurer shall not enter into such re-insurance treaty or other re-insurance contract unless a copy of such treaty or contract has been furnished to3[ it] in advance and the terms and conditions thereof have been approved by4[ it] and if the insurer fails to comply with such order he shall be deemed to have failed to comply with the requirements of this Act.] _______________________ 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). 4. Substituted by Act 41 of 1999, section 30 and Schedule I, for "him" (w.e.f. 19-4-2000).

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Insurance Act, 1938 (4 of 1938) Section 52A

Title: When Administrator for Management of Insurance Business May Be Appointed

State: Central

Year: 1938

.....issue such directions to the Administrator as to his powers and duties as 3 [it] deems desirable in the circumstances of the case, and the Administrator may apply to the 4 [Authority] at any time for instructions as to the manner in which he shall conduct the management of the business of the insurer or in relation to any matter arising in the course of such management] ____________________________ 1. Insurance by Act, 47 of 1950, section 42 (w.e.f. 1-6-1950). 2. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted Act 41 of 1999, section 30 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). 4. Substituted Act 41 of 1999, section 30 Schedule I, for "Controller" (w.e.f. 19-4-2000).

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