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 Regulatory and Development Authority (Microinsurance) Regulation, 2005 Complete Act

State: Central

Year: 2005

.....Authority Act, 1999 (41 of 1999) or in any Rules or Regulations made there under shall have the meanings respectively assigned to them in those Acts or Rules or Regulations. Regulation 3 Tie-up between life insurer and non-life insurer (1) An insurer carrying on life insurance business may offer life micro-insurance products as also general micro-insurance products, as provided herein. Provided that where an insurer carrying on life insurance business offers any general micro-insurance product, he shall have a tie-up with an insurer carrying on general insurance business for this purpose, and subject to the provisions of Sec. 64-VB of the Act, the premium attributable to the general micro insurance product may be collected from the prospect (proposer) by the insurer carrying on life insurance business, either directly or through any of the distributing entities of micro-insurance products as specified in Regulation 4, and made over to the insurer carrying on life insurance business. Provided further that in the event of any claim in regard to general micro-insurance products, the insurer carrying on life insurance business or the distributing entities of micro-insurance.....

Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....the valuation date of that valuation from the valuation date of the preceding valuation in connection with which an abstract was prepared under the Act under the enactments repealed by the Act, or, in a case where no such valuation has been made in respect of the class of business in question, from the date on which the insurer began to carry on that class of business; (h) "maturity date" means a fixed date on which benefit may become payable either absolutely or contingently; (i) "non-par policies" or "policies without participation in profits" means policies which are not entitled for any share in surplus (profits) during the term of the policy; (j) "office yearly premium" means regular premium (excluding extra premiums which are required to be shown separately) payable by the policy-holder to secure the basic benefits under the policy in a policy year; (k) "options" means the rights available to a policy-holder under a policy; (l) "par policies" or "policies with participation in profits" means polices which are not non-par policies as defined under Cl. (i); (m) "policies with deferred participation in profits" means policies entitled for participation in profits after.....

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

Title: Executive Committees of the Life Insurance Council and the General Insurance Council

State: Central

Year: 1938

.....such other committees consisting of such persons as it may think fit to discharge such functions as may be delegated thereto: Provided that any action taken by any of the said Councils under this sub-section shall be with the previous consent of the1[Authority], and nothing in this sub-section shall derogate from any of the powers vested in the Executive Committees. ( 6 ) The secretary of the Executive Committee of the Life Insurance Council and of the Executive Committee of the General Insurance Council shall in each case be an official nominated by the1[Authority]. _______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Central Government" (w.e.f. 19-4-2000).

Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....(a) "valuation date", in relation to an actuarial investigation, means the date to which the investigation relates. (b) "universal life contracts" means those contracts that are presented in an unbundled form. The contracts where policy-holders have an option to invest in units of Insurer's segregated fund(s) shall be treated as "linked business", and others shall be treated as "non-linked business". (c) "segregated funds" means funds earmarked in respect of linked business. 2. Method of Determination of Mathematical Reserves.-(1) Mathematical Reserves shall be determined separately for each contract by a prospective method of valuation in accordance with sub-paras (2) to (4). (2) The valuation method shall take into account all prospective contingencies under which any premiums (by the policy-holder) or benefits (to the policy-holder/beneflciary) may be payable under the policy, as determined by the policy conditions. The level of benefits shall take into account the reasonable expectations of policy-holders (with regard to bonuses, including terminal bonuses, if any) and any established practices of an insurer for payment of benefits. (3) The valuation method shall take.....

Advocates Welfare Fund Act, 2001 Section 24

Title: Group Life Insurance for Member of Fund and Other Benefits

State: Central

Year: 2001

The Trustee Committee may, for the welfare of the members of the Fund,-- (a) obtain, from the Life Insurance Corporation of India or any other insurer, policies of Group Insurance on the life of the members of the Fund; or (b) provide, in such manner as may be prescribed, for medical and educational facilities for the members of the Fund and their dependants; or (c) provide monies to the members of the Fund for purchase of books; or (d) provide monies to construct or maintain common facilities for the members of the Fund: Provided that the Trustee Committee shall spend ten per cent, of the total annual subscription received under sub-section (5) of section 18 on the construction or maintenance of common facilities for the members of the Fund practising in the subordinate courts; or (e) provide funds for any other purpose which the Trustee Committee may specify; or (f) provide for such other benefits as may be prescribed.

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

Title: Executive Committee of Life Insurance Council May Advise in Controlling Expenses

State: Central

Year: 1938

.....case may be, of sub-section ( 2 ) of section 16 shall apply in relation to an investigation and valuation under this section: Provided that the abstract and statement prepared as the result of such investigation and valuation shall be furnished by such date as the1[Authority] may specify. ( 5 ) There shall be appended to every such abstract a statement signed by the actuary giving such information as may be prescribed. ( 6 ) On receipt of the abstract and statement furnished in accordance with sub-section ( 4 ), the1[Authority] may take such action as may be prescribed. _______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

Advocates Welfare Fund Act, 1983 Section 18

Title: Group Life Insurance for Members and Other Benefits

State: Karnataka

Year: 1983

The Bar Council may, for the welfare of the members of the Fund,- (a) obtain from the Life Insurance Corporation of India policies of group insurance for the members of the Fund ; (b) provide for medical and educational facilities for the members of the Fund and their dependents; and (c) provide for such other benefits as may be prescribed.

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

Title: Executive Committee of General Insurance Council May Advise in Controlling Expenses

State: Central

Year: 1938

.....business in the preceding year, and 2[it] may fix different limits for different groups of insurers. ( 2 ) Where an insurer is guilty of contravening the provisions of section 40 C with respect to the expenses of management the1[Authority] may, after giving the insurer an opportunity of being heard, administer a warning to the insurer. ( 3 ) Where in any case two warnings given to an insurer under sub-section ( 2 ) have been disregarded by hi m, the1[Authority] may take such action against the insurer as may be prescribed. _______________________ 1 . Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 2 . Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" ( w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Section 4

Title: Minimum Limits for Annuities and Other Benefits Secured by Policies of Life Insurance

State: Central

Year: 1938

.....6 [Authority] mayby order in writing exempt from the provisions of this section, for so long asthe company complies with such conditions, if any, as may be prescribed].] ______________________ 1.Substituted by Act 10 of 1948, section 2, for certain words (w.e.f.8-3-1948). 2.Substituted by Act 47 of 1950, section 8, for "the Insurance Act,1938" (w.e.f. 1-6-1950). 3.Substituted by Act 6 of 1946, section 5, for "commencement of thisAct" (w.e.f. 20-3-1946). 4.Substituted by Act 6 of 1946, section 5, for "fifty rupees or less or agross sum of rupees five hundred or less" (w.e.f. 20-3-1946). 5.Substituted by Act 13 of 1941, section 5, for sub-section (2) (w.e.f. 8-4-1941). 6.Substituted by Act 47 of 1950, section 4, for "Superintendent ofInsurance" (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). 7.Added by Act 6 of 1946, section 6 (w.e.f. 20-3-1946).