Bare Act Search Results

Insurance Act, 1938 (4 of 1938) Section 13

Title: Actuarial Report and Abstract

State: Central

Year: 1938

.....business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" as may be prescribed under sub-section (1) of section 10; and the 11 [Authority] may authorise such modifications and variations of regulations contained in Part I of the Fourth and Fifth Schedules and of the requirements of Part II of those Schedules as may be necessary to facilitate their application to any such sub-class of insurance business: Provided that, if the 11 [Authority] is satisfied that the number and amount of the transactions carried out by an insurer in any such sub-class of insurance business is so small as to render periodic investigation and valuation unnecessary, 12 [it] may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.] _________________________ 1. The Fourth Schedule has been omitted by Act 42 of 1950, section 12 (w.e.f. 1-6-1950). 2. Substituted by Act 47 of 1950, section 13, for "in every five years" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 Schedule I, for "once at least in every three years " (w.e.f. 19-4-2000). 3. Added by Act 47 of.....

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) Section 52

Title: Prohibition of Business on Dividing Principle

State: Central

Year: 1938

.....may either sanction such measures or refuse 4 [its] sanction, and, if 5 [it] refuses 4 [its] sanction or if the insurer does not report to 6 [it] as required by this sub-section, the provisions of sub-section (2) shall apply to the insurer forthwith.] ____________________________ 1. Section 52 re-numbered as sub-section (1) of that section by 13 of 1941, section 36 (w.e.f. 8-4-1941). 2. Added by Act 13 of 1941, section 36 (w.e.f. 8-4-1941). 3. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 and Schedule, I, for "Controller" (w.e.f. 19-4-2000). 4. Substituted by Act 41 of 1999, section 30 and Schedule I, for "his" (w.e.f. 19-4-2000). 5. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000). 6. Substituted by Act 41 of 1999, section 30 and Schedule I, for "him" (w.e.f. 19-4-2000).

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 42B

Title: Regulation of Employment or Principal Agents

State: Central

Year: 1938

.....with respect to terms regarding remuneration, be deemed to have been so altered as to be in accordance with the provisions of sub-section ( 4 ) of section 40 A. ( 8 ) If any dispute arises as to whether a person is or was a principal agent, the matter shall be referred to the2[ Authority], whose decision shall be final. ( 9 ) Every insurer shall maintain a register in which the name and address of every principal agent appointed by hi m, the date of such appointment and the date, if any, on which the appointment ceased shall be entered.] _________________________ 1. Inserted by Act 47 of 1950, section 33 (w.e.f. 1-9-1950). 2. 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 42C

Title: Regulation of Employment of Chief Agents and Special Agents

State: Central

Year: 1938

.....be final. ( 11 ) Every insurer shall maintain a register in which the name and address of every chief agent appointed by hi m, the date on which the appointment was made and the date, if any, on which the appointment ceased shall be entered, and a separate register in which similar particulars relating to every special agent shall be entered, and every chief agent shall maintain a register in which similar particulars relating to every special agent appointed by hi m shall be entered.] _______________________________ 1. Inserted by Act 47 of 1950, section 33 (w.e.f. 1-9-1950). 2. Substituted by Act 62 of 1956, section 2 and Schedule, for "the States" (w.e.f. 1-11-1956). 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) Section 21

Title: Powers of Authority Regarding Returns

State: Central

Year: 1938

.....in the requisition] and if 2 [it] declines toaccept any such return, the insurer shall be deemed to have failed to complywith the provisions of section 15 or section 16 7 [or section 28] 6 [or section 28A] 8 [or section 28B or section 64V] relating tothe furnishing of returns. (2) The Court may on theapplication of an insurer and after hearing the 1 [Authority]cancel any order made by the 1 [Authority]under clauses (a), (b) or (c) of sub-section (1) or may direct the acceptance ofany return which the 1 [Authority] hasdeclined to accept, if the insurer satisfies the Court that the action of the 1 [Authority]wasin the circumstances unreasonable: 9 [Providedthat no application under this sub-section shall be entertained unless it ismade before the expiration of four months from the time when the 10 [Authority]made the order or declined to accept the return.] _____________________ 1.Substituted by Act47 of 1950, section 4, for "Superintendent" ( w.e.f. 1-6-1950) andagain substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller"(w.e.f. 19-4-2000). 2.Substituted by Act41 of 1999, section 30 and Schedule I, for "him" (w.e.f. 19-4-2000). 3. Substituted.....

Insurance Act, 1938 (4 of 1938) Section 70B

Title: Supplementary Information and Reports of Alterations in Particularsfurnished with Application for Registration

State: Central

Year: 1938

.....furnish to the 2 [Authority] such particulars in addition to those already supplied for the purpose of obtaining registration as are required by sub-section (2) of section 70 of this Act as amended by the Insurance (Amendment) Act, 1941. (2) Every provident society registered under the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912), shall, before the expiration of three months from the commencement of the Insurance (Amendment) Act, 1941 furnish to the 2 [Authority] so far as it has not already done so the documents and information required by clauses (a) and (b) of sub-section (2) of section 70 to accompany an application by a provident society for registration under that section. (3) When any alteration occurs or is made which affects any of the matters which are required under the provisions of sub-section (2) of section 70 to accompany an application by a provident society for registration under that section, or are to be furnished to the 2 [Authority] under this section, the provident society shall furnish forthwith to the 2 [Authority] full particulars duly authenticated of such alteration.] _________________________ 1. Inserted by Act 13 of.....

Insurance Act, 1938 (4 of 1938) Section 83

Title: Actuarial Examination of Schemes

State: Central

Year: 1938

.....for a modification of its existing contracts or failing such modification for the winding up of the society. _________________________ 1. Substituted by Act 13 of 1941, section 46, for "established" (w.e.f. 8-4-1941). 2. Substituted by Act 13 of 1941, section 46, for certain words (w.e.f. 8-4-1941). 3. Substituted by Act 13 of 1941, section 46, for "that the scheme is sound" (w.e.f. 8-4-1941). 4. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 5. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000). 6. Substituted by Act 13 of 1941, section 46, for "and shall send the report of the actuary" (w.e.f. 8-4-1941). 7. Substituted by Act 13 of 1941, section 46, for "it is actuarially sound" (w.e.f. 8-4-1941). 8. Substituted by Act 13 of 1941, section 46, for sub-section (5) (w.e.f. 8-4-1941). 9. Substituted by Act 13 of 1941, section 46, for "discontinued" (w.e.f. 8-4-1941). 10. Subatituted by Act 13 of 1941, section 46, for "discontinuance" (w.e.f. 8-4-1941).