Bare Act Search Results

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 101A

Title: Re-insurance with Indian Re-insurers

State: Central

Year: 1938

.....re-insurer or other insurer the entire sum assured on any policy or any portion thereof in excess of the percentage specified under sub-section ( 2 ). ( 8 ) In this section,-- (i) "policy" me ans a policy issued or renewed on or after the 1 st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and 2[ (ii) "Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the re-insurance business in India. ] ____________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "The Central Government" (w.e.f. 19-4-2000). 2. Substituted by Act 42 of 2002, section 15, for cause (ii) (w.e.f. 23-9-2002).

General Insurance Business (Nationalisation) Act,1972 Schedule 1

Title: The Schedule

State: Central

Year: 1972

THE SCHEDULE (See Section 11) Amount to be paid PART A Serial Number Name of Indian insurance Company Amount to be paid (1) (2) (3) Rs. 1 All India General Insurance Company Ltd. 10,00,000 2 Anand Insurance Company Ltd. Preference shares 3,50,000 Equity shares 2,00,000 3 Bhabha Marine Insurance Company Ltd. 54,448 4 Bharat General Reinsurance Ltd. Preference shares 8,18,000 Ordinary shares 13,49,844 5 British India General Insurance Company Ltd. 37,50,000 6 Calcutta Insurance Company Ltd. 7,49,442 7 Central Mercantile Assurance Company Ltd. 3,38,499 8 Clive Insurance Company Ltd. 26,12,600 9 Commonwealth Assurance Company Ltd. 1,000 10 Concord of India Insurance Company Ltd. 39,77,100 11 Devkaran Nanjee Insurance Company.....

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 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 2

Title: Definitions

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.....

Emergency Risks (Goods) Insurance Act, 1971 Complete Act

State: Central

Year: 1971

.....Central Act. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires.- (a) "emergency risks" means such risks arising from,- (i) action taken by an enemy or action taken in combating an enemy or in repelling an imagined attack by an enemy (ii) any explosion or fire which involves explosives or munitions or other dangerous things required for the purposes of defence against any action of an enemy and which happens or is caused by through, or in connection with the manufacture, storage or transportation of and such explosives, munitions or other dangerous things; (iii) measures taken under proper authority to avoid the spreadire of or otherwise to mitigate, the consequences of damage occurring (whether accidentally or not) as a direct result of any such action as is described in sub-clause (i) or of any such explosion or fire as is described in sub-clause(ii) (iv) precautionary or preparatory measures taken under proper authority with a view to preventing or hindering the earning out of any attack by an enemy, being measures involving a substantial degree of risk to property; (v) precautionary or preparatory measures involving the doing of work on land taken.....

Emergency Risks (Undertakings) Insurance Act, 1971 Complete Act

State: Central

Year: 1971

.....such aggression; (iv) any person belonging to such other country; (d) "factory" means a factory as defined in clause (m) of section 2 of the Factories Act, 1948; (e) "factory building" includes all buildings comprised in the factory, and such other buildings (including residential buildings for staff and workmen, hospitals and welfare centres) within a radius of three kilometers from the main factory building as are in the same ownership or occupation as the factory and are used for the purposes of the factory; (f) "Fund" means the Emergency Risks (Undertakings) Insurance Fund constituted under section 7, (g) "inland vessel" means a vessel not ordinarily plying outside the limits of the territorial waters surrounding India (h) "insurable value" means the value of the property as ascertained for the purposes of insurance under this Act (i) "occupier" of a factory has the meaning assigned to it in clause (n) of section 2 of the Factories Act, 1948;(63 of 1948) (j) "owner", in relation to property insurable under this Act, means the owner of such property and includes, when parts of such property in relation to an undertaking to which this Act applies are owned by different.....

Insurance Rules, 1939 Complete Act

State: Central

Year: 1939

.....ries of Pondicherry and Lakshadweep; and (vii) words used but not defined in these rules have the meanings respectively assigned to them in the Act. CHAPTER 2 Actuaries Rule 3 Qualifications of actuaries Any person signing as actuary under the Act shall be a Fellow of the Institute of Actuaries, London, or a Fellow of the Faculty of Actuaries in Scotland 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [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 . . [* * * * * * * .....

Insurance Act, 1938 (4 of 1938) Section 10

Title: Separation of Accounts and Funds

State: Central

Year: 1938

.....of life insurance business shall be deemed to be 6 [part of the assets of such fund; 7 [and every insurer shall, within the time limited in sub-section (1) of section 15 in regard to the furnishing of the statements and accounts referred to in section 11, furnish to the Controller a statement showing in detail such assets as at the close of every calendar year duly certified by an auditor or by a person qualified to audit under the law of the insurer's country: Provided that such statement shall, in the case of an insurer to whom section 11 applies, be set out as a part of the balance-sheet mentioned in clause (a) of sub-section (I) of that section: Provided further that an insurer may show in such statement all the assets held in his life department, but at the same time showing any deductions on account of general reserves and other liabilities of that department: Provided also that the 8 [Authority] may call for a statement similarly certified of such assets as at any other date specified by him to be furnished within a period of three months from the date with reference to which the statement is called for]]. 5 [(2A) No insurer carrying on life insurance business.....