Bare Act Search Results

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) Schedule V

Title: The Fifth Schedule

State: Central

Year: 1938

.....are to be shown to the nearest rupee. 3. Extra premium shown in the Forms of Summary and Valuation prepared under the Fourth Schedule to this Act must not be included in statements prepared under this Schedule. 4. Every statement prepared under this Schedule shall be signed by the actuary making the investigation in connection with which it is prepared. 5. For the purposes of this Schedule the following expressions have the meanings hereby respectively assigned to them, namely:-- (a) "annual loading" means the provision made for future expenses and profits; (b) "extra premiums" means a charge for any risk not provided for in the minimum contract premium; (c) "net premiums" means the premiums taken credit for in the valuation in connection with which any statement is prepared; and (d) "valuation date" means as respects any valuation the date as at which the valuation is made. PART II REQUIREMENTS FOR STATEMENTS APPLICABLE TO LIFE INSURANCE The statements required to be prepared under this Part of this Schedule are as follows, namely:-- 1. Statements separately prepared in respect of policies with and without participation in profits, showing:-- (a) as.....

Insurance Act, 1938 (4 of 1938) Section 37A

Title: Power of Authority to Prepare Scheme of Amalgamation

State: Central

Year: 1938

.....or for the maintenance of the business of the insurer; (g) the payment in cash or otherwise to policy-holders, and other creditors in full satisfaction of their claim,-- (i) in respect of their interest or rights in or against the insurer before the amalgamation; or (ii) where their interest or rights aforesaid in or against the insurer has or have been reduced under clause (f) in respect of such interest or rights as so reduced; (h) the allotment to the shareholders of the insurer for shares held by them therein before the amalgamation whether their interest in such shares has been reduced under clause (f) or not] of shares in the transferee insurer and where any shareholders claim payment in cash and not allotment of shares, or where it is not possible to allot shares to any shareholders, the payment in cash to those shareholders in full satisfaction of their claim-- (i) in respect of their interest in shares in the insurer before the amalgamation; or (ii) where such interest has been reduced under clause (f) in respect of their interest in shares as so reduced; (i) the continuance of the services of all the employees of the insurer (excepting such of them as.....

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

Title: Constitution of the Tribunal

State: Central

Year: 1938

.....for any reason, a vacancy occurs in the office of the chairman or any other member of the Tribunal, the Central Government may fill the vacancy by appointing another person thereto in accordance with the provisions of sub-section (2), and any proceeding may be continued before the Tribunal so constituted from the stage at which the vacancy occurred. (4) The Tribunal may, for the purpose of determining any compensation payable under section 52J, choose one or more persons having special knowledge or experience of any relevant matter to assist it in the determination of such compensation.] ____________________________ 1. Inserted by Act 62 of 1968, section 22 (w.e.f. 1-6-1969).

Insurance Act, 1938 (4 of 1938) Section 64UC

Title: Power of the Advisory Committee to Regulate Rates, Advantages, Etc.

State: Central

Year: 1938

.....the insurer for such contravention, the 4 [Authority] may, if the insurer removes the contravention by recovering the deficiency in the premium, or where it is not practicable to do so, modifies suitably or cancels the contract of insurance, compound the offence on payment to the Advisory Committee of such fine, not exceeding rupees one thousand, as he may decide in consultation with the Advisory Committee.] ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "the Controller may, with the previous approval of the Central Government" (w.e.f. 19-4-2000). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "him" (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 "Controller" (w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Section 64VA

Title: Sufficiency of Assets

State: Central

Year: 1938

.....thousand rupees in respect of a country craft insurer or in respect of an insurer not having a share capital and carrying on only such insurance business as, in the opinion of the Central Government, is not carried on ordinarily by insurers under separate policies. 2 [(7) Every insurer shall furnish to the Authority his returns under section 15 or section 16, as the case may be, in case of life insurance business a statement certified by an actuary approved by the Authority, and in case of general insurance business a statement certified by an auditor approved by the Authority, of the required solvency margin maintained by the insurer in the manner required by sub-section (1A).] ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "at all times" (w.e.f. 19-4-2000). 2. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Part I

Title: Preliminary

State: Central

Year: 1938

.....Government or the Government of any 5 [* * *] State; (ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town; (iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5 [* * *] State as to the repayment of the principal and the payment of dividend; (iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette; and 6 [***] 7 [Explanation.--In sub-clauses (i) and (iii) "Government of a State" in relation to any period before the 1st November, 1956, means the Government of a Part A State;] 8 [(4) "auditor" means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949) to act as an auditor of companies;] 9 [(4A) "banking company" and "company" shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section.....

Insurance Act, 1938 (4 of 1938) Section 2B

Title: Appointment of Controller of Insurance

State: Central

Year: 1938

1 [2B. Appointment of Controller of Insurance 2 [(1) If at any time, the Authority is superseded under sub-section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub-section (3) of section 19 of that Act.] (2) In making any appointment under this section, the Central Government shall have due regard to the following considerations, namely, whether the person to be appointed has had experience in industrial, commercial or insurance matters and whether such person has actuarial qualification.] _____________________ 1. Inserted by Act 47 of 1950, section 5 (w.e.f. 1-6-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for sub-section (1) (w.e.f. 19-4-2000).