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Start Free TrialInsurance 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).
View Complete Act List Judgments citing this sectionInsurance 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).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 33
Title: Power of Investigation and Inspection by Authority
State: Central
Year: 1938
.....that connection and all other matters incidental thereto as are, in its opinion, necessary to enable the Investigating Authority to discharge satisfactorily his functions under this section. Explanation.--For the purposes of this section, expression "insurer" shall include in the case of an insurer incorporated in India-- (a) all its subsidiaries formed for the purpose of carrying on the business of insurance exclusively outside India; and (b) all its branches whether situated in India or outside India. (9) No order made under this section other than an order made under clause (b) of sub-section (6) shall be capable of being called in question in any court. (10) All expenses of, and incidental to, any investigation made under this section shall be defrayed by the insurer, shall have priority over that debts due from the insurer and shall be recoverable as an arrear of land revenue.] ________________________ 1. Substituted by Act 25 of 1942, section 3 and Schedule II, for the heading "Inspection". 2. Substituted by Act 41 of 1999, section 30 and Schedule II, for section 33 (w.e.f. 19-4-2000). Earlier sections 33 and 34 were substituted by Act 47 of 1950, section.....
View Complete Act List Judgments citing this sectionInsurance 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).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 102
Title: Penalty for Default in Complying With, or Act in Contravention Of, This Act
State: Central
Year: 1938
1[ 102 . Penalty for default in complying with, or act in contravention of, this Act If any person, who is required under this Act, or rules or regulations made thereunder,-- (a) to furnish any document, statement, account, return or report to the Authority, fails to furnish the same; or (b) to comply with the directions, fails to comply with such directions; (c) to maintain solvency margin, fails to maintain such solvency margin; (d) to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties, he shall be liable to a penalty not exceeding five lakh rupees for each such failure and punishable with fine. ________________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for sections 102 to 105 (w.e.f. 19-4-2000).
View Complete Act List Judgments citing this sectionInsurance 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.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Schedule VI
Title: The Sixth Schedule
State: Central
Year: 1938
.....special agent in respect of policies of life insurance procured by hi m through insurance agents shall only be in the form of an overriding commission. Explanation.--In this Schedule "business in force" me ans the total sum assured with bonuses, without taking into account re-insurances, ceded or accepted, by an insurer in respect of the whole of the life insurance business on the working day of the calendar year or the period covered by the revenue account furnished by such insurer under clause (b) or sub-section ( 2 ) of section 16 as the case may be, preceding the calendar year in question.] _______________________ 1. Inserted by Act 47 of 1950, section 38 (w.e.f. 1-9-1950).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 64UM
Title: Licensing of Surveyors and Loss Assessors
State: Central
Year: 1938
.....or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"): Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor. (3) The 1 [Authority] may, at any time, in respect of any claim of the nature referred to in sub-section (2), call for an independent report from any other approved surveyor or loss assessor specified by 6 [it] and such surveyor or loss assessor shall furnish such report to the 1 [Authority] within such time as may be specified by the 1 [Authority] or if no time limit has been specified by 6 [it] within a reasonable time and the cost of, or incidental to such report shall be borne by the insurer. (4) The 1 [Authority] may, on receipt of a report referred to in sub-section (3), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 27D
Title: Manner and Conditions of Investment
State: Central
Year: 1938
.....carrying on the business of life insurance, general insurance, or re-insurance in India on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 . ( 3 ) The Authority may, after taking into account the nature of business and to protect the interests of the policy-holders, issue to an insurer the directions relating to the time, manner and other conditions of investment of assets to be held by hi m: Provided that no direction under this sub-section shall be issued unless the insurer concerned has been given a reasonable opportunity of being heard.] ______________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000 ).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 34B
Title: Power of Authority to Remove Managerial Persons from Office
State: Central
Year: 1938
.....be punishable with fine which may extend to two hundred and fifty rupees for each day during which such contravention continues. ( 5 ) Where an order under subsection ( 1 ) has been made, the2[ Authority] may, by order in writing, appoint a suitable person in place of the director or chief executive officer who has been removed from hi s office under that sub-section, with effect from such date as may be specified in the order. ( 6 ) Any person appointed as director or chief executive officer under this section shall -- (a) hold office during the pleasure of the2[ Authority] and subject thereto for a period not exceeding three years or such farther periods not exceeding three years at a time as the2[ Authority] may specify; (b) not insure any obligation or liability by reason only of hi s being a director or chief executive officer or for anything done or omitted to be done in good faith in the execution of the duties of hi s office or in relation thereto. ( 7 ) Notwithstanding anything contained in any law or in any contract, me morandum or articles of association, on the removal of a person from office under this section, that person shall not be entitled to claim.....
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