Bare Act Search Results

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).

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).

Insurance Act, 1938 Complete Act

State: Central

Year: 1938

.....to the business of insurance. Whereas it is expedient to consolidate and amend the law relating to the business of insurance; It is hereby enacted as foltows :- This Act has been applied to- (i) the partially excluded areas in the District of Darjesling, see Bengal Government Notification No. 1902-Com., dated 28-6-1939, Calcutta Gazette, dated 16-7-1939; (ii) the partially excluded areas in the Province of Orissa with effect from 14-10-1939, see Orissa Laws Validating Regulation, 1943 (1 of 1943). The Act has been extended to the new Provinces and Merged States by the S.3OF THE Merged States (Laws) Act, 1949 (1-1-1950) and to the States of Manipur, Tripura and Vindhya Pradesh by the Union Territories (Laws) Act, 1950 (30 of 1950), section 3 (16-4-1950). Manipur and Tripura are Union territories now and Vindhya Pradesh has been merged with the State of Madhya Pradesh -- See Act 37 of 1956, section 9(1)(e). It has been extended to the Union territories of- (1) Goa, Daman and Diu by Regn. 12 of 1962 (15-12-1963); (2) Dadra and Nagar Haveli, by Regn. 6 of 1963 (1-7-1965); (3) Pondicherry, by Regn. 7 of 1963 (1-10-1963); and (4) Laccadiv, Minicoy and Amindivi Islands, by Regn......

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 Act, 1938 (4 of 1938) Part V

Title: Miscellaneous

State: Central

Year: 1938

.....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 insurance company, the court may direct the attachment of-- (i) any property of the insurer in the possession of the delinquent; (ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the me aning of sub-section ( 5 ); (iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section ( 1 ) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was.....

Insurance 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.....

Insurance Act, 1938 (4 of 1938) Part III

Title: Provident Societies

State: Central

Year: 1938

.....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 society is not such a company a certified copy of the deed of constitution of the society; (b) the names and addresses of the proprietors or directors, and the managers of the society, the full address of the registered office of the society, 2 [the full address of the principal office of the society in 14[India], the name of the manager at such office, and the name and address of some one or more persons resident in 3 [India] authorised to accept any notice required to be served on the society]; (c) a certificate from the Reserve Bank of India that the initial deposit referred to in section 73 has been made; 4 [***] (d) a declaration verified by an affidavit 5 [made by the principal officer of the society authorised in that behalf] that the minimum working capital required by section 72, is available; 6 [and 6 [(e) the 7 [receipt showing payment in the prescribed manner of the prescribed fee].....

Insurance 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.....

Insurance Act, 1938 (4 of 1938) Section 3

Title: Registration

State: Central

Year: 1938

.....under the Indian Companies Act, 1913 (7 of 1913), 10 [or under the Indian Companies Act, 1882 (6 of 1982), or under the Indian Companies Act, 1866 (10 of 1866); or under any Act repealed thereby,] or, in the case of any other insurer specified in sub-clause (a), (ii) or sub-clause (b), of clause (9) of section 2, certified copy of the deed of partnership or of the deed of constitution of the company, as the case may be, or in the case of an insurer having his principal place of business or domicile outside 2 [India], the document specified in clause (a) of section 63; (b) the name, address and the occupation, if any, of the directors where the insurer is a company incorporated under the Indian Companies Act, 1913 (7 of 1913), 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 in the case of an insurer specified in sub-clause (a) (ii) of clause (9) of section 2 of the names and addresses of the proprietors and of the manager in 2 [India], and in any other case the full address of the principal office of the insurer in 2 [India], and the names of the directors and the.....

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).