Title : Power to Reduce Amounts of Insurance in Certain Cases
State : Central
Year : 1972
An acquiring company may, having regard to its financial condition on the 13th day of May, 1971 or the financial condition on the said date of any existing insurer whose undertaking has been transferred to and vested in it under this Act reduce the liabilities which have arisen under contracts of general insurance entered into before the said date in such manner and subject to such conditions as it thinks fit: Provided that no such reduction shall be made except in accordance with specific proposals made by the acquiring company in this behalf and approved by the Central Government. View Complete Act List Judgments citing this sectionTitle : Provident, Superannuation, Welfare and Other Funds
State : Central
Year : 1972
(1) Where an existing insurer has established a provident, superannuation, welfare or any other fund for the benefit of his employees and constituted a trust in respect thereof (hereafter in this section referred to as an existing trust), the moneys standing to the credit of such fund on the appointed day, together with any other assets belonging to such fund, shall stand transferred to and vested in the Indian Insurance Company on the appointed day free from any such trust. (2) Where all the employees of the Life Insurance Corporation or any other existing insurer do not become employees of an Indian Insurance Company, the monies and other assets belonging to any such fund as is referred to in sub-section (1), shall be apportioned between the trustees of the fund and the Indian..... View Complete Act List Judgments citing this sectionTitle : Application of Insurance Act
State : Central
Year : 1972
Subject to such exceptions, restrictions and limitations, if any, as the Central Government may, by Notification, specify in this behalf, the Insurance Act shall apply to or in relation to the Corporation and every acquiring company as if the Corporation or the acquiring company, as the case may be, were an insurer carrying on general insurance business within the meaning of that Act. View Complete Act List Judgments citing this sectionTitle : Exemptions
State : Central
Year : 1972
(1) Nothing contained in this Act shall apply in relation to-- (a) any general insurance business carried on by a State Government, to the extent to which such insurance relates to properties belonging to it or undertakings owned wholly or mainly by the State Government; or to properties belonging to semi-Government bodies, or any Board or body corporate established by the State Government under any statute or any industrial or commercial undertaking in which the State Government has substantial financial interest, whether as shareholder, lender or guarantor; (b) any general insurance business not falling within clause (a) which has been carried on by a State Government before the commencement of this Act, to the extent to which it is necessary to allow such business to run off: ..... View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1972
In this Act, unless the context other wise requires,-- (a) "acquiring company" me ans any Indian insurance company and, where a scheme has been framed involving the me rger of one Indian insurance company in another or the amalgamation of two or more such companies me ans the Indian insurance company in which any other company has been me rged or the company which has been formed" as a result of the amalgamation; (b) "appointed day" me ans such day1not being a day later than the 2 nd day of January, 1973 , as the Central Government may by notification appoint; (c) "Companies Act" me ans the Companies Act, 1956 (1 of 1956) ; (d) "Corporation" me ans the General Insurance Corp oration of India formed under section 9 ; (e) "existing insurer" me ans every insurer the management of..... View Complete Act List Judgments citing this sectionTitle : Amount Payable to Shareholders May Be Paid to Named Persons Instead in Certain Cases
State : Central
Year : 1972
(1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who immediately before the appointed day were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who..... View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Issue Directions
State : Central
Year : 1972
The Corporation and every acquiring company shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may give. View Complete Act List Judgments citing this sectionTitle : Officers and Employees of Corporation or of Acquiring Companies to Be Public Servants
State : Central
Year : 1972
Every officer or other employee of the Corporation or of an acquiring company shall be deemed to be a public servant for the purposes of Chapter IX of the Indian Penal Code (45 of 1860). View Complete Act List Judgments citing this sectionTitle : Dissolution of Corporation and Acquiring Companies
State : Central
Year : 1972
No provision of law relating to the winding up of companies shall apply to the Corporation or to an acquiring company, and neither the Corporation nor any such company shall be placed in liquidation save by order of the Central Government and in such manner as it may direct. View Complete Act List Judgments citing this sectionTitle : Reference to Existing Insurer in Other Laws
State : Central
Year : 1972
Any reference to an existing insurer in any law other than this Act or any contract or other instrument shall, in so far as it relates to an acquiring company, be construed as a reference to that company. View Complete Act List Judgments citing this section