Bare Act Search Results

Insurance Rules, 1939 Complete Act

State: Central

Year: 1939

.....[or a Fellow of Actuarial Society of India]: Provided that where application is made to the Controller of Insurance and it Is shown to his satisfaction that the employment of an Associate of such institute of actuaries or of such Faculty of Actuaries 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [or of such Actuarial Society] or of any other person having actuarial knowledge for any specified purpose is expedient in order to enable an Insurer or a provident society to carry out any of his or its obligations under the Act, the Controller of Insurance may grant the application and permit such person to sign as actuary for the specified purpose, subject to such conditions and restric- tions as the Controller of Insurance thinks fit to impose. Rule 4 . . [* * * * * * * CHAPTER 3 Deposits with the Bank Rule 5 Deposits with the Bank (1) Deposits made in pursuance of the Act shall be held by that office of the Bank (hereinafter referred to as the appropriate Indian office) in whose area of administration the principal office in the State of the depositor is situated : Provided that deposits in sterling securities shall be held by the London office of the Bank on behalf of.....

Insurance Regulatory and Development Authority (General Insurancereinsurance) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....Regulatory and Development Authority Act, 1999 (41 of 1999), rules made thereunder shall have the meanings respectively assigned to them in those Acts or rules as the case may be. CHAPTER 2 Regulation 3 Procedure to be followed for Re-insurance Arrangements (1) The Re-insurance Programme shall continue to be guided by the following objectives to:- (a) maximise retention within the country; (b) develop adequate capacity; (c) secure the best possible protection for the re-insurance costs incurred; (d) simplify the administration of business; (2) Every insurer shall maintain the maximum possible retention commensurate with its financial strength and volume of business. The Authority may require an insurer to justify its retention policy and may give such directions as considered necessary in order to ensure that the Indian insurer is not merely fronting for a foreign insurer. (3) Every insurer shall cede such percentage of the sum assured on each policy for different classes of insurance written in India to the Indian reinsurer as may be specified by the Authority in accordance with the provisions of Part IV-A of the Insurance Act, 1938. (4) The re-insurance programme of.....

Insurance Act, 1938 (4 of 1938) Part II

Title: Provisions Applicable to Insurers

State: Central

Year: 1938

.....be made under the foregoing provisions of this section before the application for registration is made whether any such application is or is not in fact made.] (8) A deposit made in cash shall be held by the Reserve Bank of India to the credit of the insurer and shall 21 [except to the extent, if any, to which the cash has been invested in securities under sub-section (9A)] be returnable to the insurer in cash in any case in which under the provisions of this Act a deposit is to be returned; and any interest accruing due and collected on securities deposited under sub-section (1) or sub-section (2) shall be paid to the insurer, subject only to deduction of the normal commission chargeable for the realization of interest. 22 [(9) The insurer may at any time replace any securities deposited by him under this section with the Reserve Bank of India either by cash or by other approved securities or partly by cash and partly by other approved securities, provided that such cash, or the value of such other approved securities estimated at the market rates prevailing at the time of replacement, or such cash together with such value, as the case may be, is not less than the value of.....

Insurance Act, 1938 (4 of 1938) Section 3A

Title: Renewal of Registration

State: Central

Year: 1938

.....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 "prescribed fee" (w.e.f. 19-4-2000). 5. Substituted by Act 62 of 1968, section 3, for certain words (w.e.f. 1-6-1969). 6. Substituted by Act 41 of 1999, section 30 and Schedule I, for clause (i) (w.e.f. 19-4-2000). 7. Substituted by Act 41 of 1999, section 30 and Schedule I, for clause (ii) (w.e.f. 19-4-2000). 8. Now State Bank of India. 9. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41of 1999, section 30 and Schedule I for "Controller" (w.e.f. 19-4-2000).

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

Title: Levy of Fees by the Advisory Committee

State: Central

Year: 1938

.....in addition to the fees mentioned in sub-section (1), reasonable fees and charges from any person to cover the cost of any specific services rendered by it. (3) If an insurer fails to make payment within the prescribed date of any fee required to be paid under sub-section (1), he shall be deemed to have failed to comply with the provisions of this Act. (4) The 1 [Authority] may, so long as an application to the Court under sub-section (5D) of section 3 has not been made, revive the registration which might have been cancelled for failure to make payment of the fee required to be made under sub-section (1), if the insurer makes payment of such fee together with such penalty not exceeding the actual amount of fee payable as the 1 [Authority] may require. ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

Insurance Act, 1938 Complete Act

State: Central

Year: 1938

.....be made under the foregoing provisions of this section before the application for registration is made whether any such application is or is not in fact made]. (8) A deposit made in cash shall be held by the Reserve Bank of India to the credit of the insurer and shall 153[a] Inserted and deemed always to have been inserted by the Insurance (Amendment) Act, 1940 (20 of 1940), Section 4. [except to the extent, if any, to which the cash has been invested in securities under sub-section (9A)], be returnable to the insurer in cash in any case in which under the provisions of this Act a deposit is to be returned; and any interest accruing due and collected on securities deposited under sub-section (1) or sub-section (2) shall be paid to the insurer, subject only to deduction of the normal commission chargeable for the realization of interest. 154[a] Sub-sections (9), (9A) and (9B) were substituted and deemed always to have been substituted by Act 20 of 1940, Section 4. [(9) The insurer may at any time replace any securities deposited by him under this section with the Reserve Bank of India either by cash or by other approved securities or partly cash and partly by other approved.....

Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....may ask the Authority to appoint a presenting officer to present its case. (7) The enquiry officer shall, after taking into account all relevant facts and submissions made by the insurer, submit a report to the Authority and recommend the penalty to be awarded as also the justification of the penalty proposed. Regulation 26 Show-cause notice and order (1) On receipt of the report from the enquiry officer, the Authority shall consider the same and if considered necessary by it, issue a show-cause notice as to why a penalty as it considers appropriate should not be imposed. (2) The insurer shall, within twenty-one days of the date of receipt of the show-cause notice, send a reply to the Authority, (3) The Authority after considering the reply to the show-cause notice. if received, shall as soon as possible but not later than thirty days from the receipt of the reply, if any, pass such orders as it deems fit. If no reply is furnished to the Authority by the insurer within 90 days of the service of the notice, the Authority can proceed to decide the issue ex parte. (4) An order passed under sub-regulation (3) shall give reasons therefor including justification of the penalty.....