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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 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) 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) Schedule V

Title: The Fifth Schedule

State: Central

Year: 1938

.....are to be shown to the nearest rupee. 3. Extra premium shown in the Forms of Summary and Valuation prepared under the Fourth Schedule to this Act must not be included in statements prepared under this Schedule. 4. Every statement prepared under this Schedule shall be signed by the actuary making the investigation in connection with which it is prepared. 5. For the purposes of this Schedule the following expressions have the meanings hereby respectively assigned to them, namely:-- (a) "annual loading" means the provision made for future expenses and profits; (b) "extra premiums" means a charge for any risk not provided for in the minimum contract premium; (c) "net premiums" means the premiums taken credit for in the valuation in connection with which any statement is prepared; and (d) "valuation date" means as respects any valuation the date as at which the valuation is made. PART II REQUIREMENTS FOR STATEMENTS APPLICABLE TO LIFE INSURANCE The statements required to be prepared under this Part of this Schedule are as follows, namely:-- 1. Statements separately prepared in respect of policies with and without participation in profits, showing:-- (a) as.....

Indian Succession Act, 1925 Chapter 20

Title: Of Bequests of Annuities

State: Central

Year: 1925

.....his life purchased for him or to receive such a sum as Will be sufficient for the purchase of such an annuity. (ii) A bequeaths a fund to B for his life, and directs that after B's death, it shall be laid out in the purchase of an annuity for C. B and C survive the testator. C dies in B's lifetime. On B's death the fund belongs to the representative of C. Section 175 - Abatement of annuity Where an annuity is bequeathed, but the assets of the testator are not sufficient to pay all the legacies given by the Will, the annuity shall abate in the same proportion as the other pecuniary legacies given by the Will. Section 176 - Where gift of annuity and residuary gift, whole annuity to be first satisfied Where there is a gift of an annuity and a residuary gift, the whole of the annuity is to be satisfied before any part of the residue of paid to the residuary legatee, and, if necessary, the capital of the testator's estate shall be applied for that purpose.

Insurance Act, 1938 (4 of 1938) Section 40A

Title: Limitation of Expenditure on Commission

State: Central

Year: 1938

.....which would otherwise have been performed by the insurer. ( 5 ) Without prejudice to the provisions of section 102 in respect of a contravention of any of the provisions of the preceding sub-section by an insurer, any insurance agent who contravenes the provisions of sub-section ( 1 ) or sub-section ( 3 ) shall be punishable with fine which may extend to one hundred rupees.] ________________________ 1. Inserted by Act 47 of 1950, section 31 (w.e.f. 1-9-1950). 2. Inserted by G.S.R. 499 (E), dated 19th September, 1975, published in the Gazette of India, Pt. II, Section 3 (i), p. 2007. 3. Substituted by Act 62 of 1968, section 18, for "Insurance (Amendment) Act, 1950 (47 of 1950)". 4. Substituted by Act 41 of 1999, section 30, and Schedule I, for certain words (w.e.f. 19-4-2000). 5. Substituted by Act 41 of 1999, section 30, and Schedule I, for "Central Government" (w.e.f. 19-4-2000).

Income Tax Act, 1961 Section 80C

Title: Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contributions to Provident Fund, Subscription to Certain Equity Shares or Debentures, Etc.

State: Central

Year: 1961

.....to keep in force a contract for a deferred annuity, not being an annuity plan referred to in clause (xii), on the life of persons specified in sub-section (4): Provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity; (iii) by way of deduction from the salary payable by or on behalf of the Government to any individual being a sum deducted in accordance with the conditions of his service, for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum so deducted does not exceed one-fifth of the salary; (iv) as a contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies; (v) as a contribution to any provident fund set-up by the Central Government and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing in the name of any person specified in sub-section (4); (vi) as a contribution by an employee to a recognised provident fund; (vii) as a contribution by an employee to an approved superannuation.....

Indian Succession Act, 1925 Section 174

Title: Period of Vesting Where Will Directs That Annuity Be Provided out of Proceeds of Property, or out of Property Generally, or Where Money Bequeathed to Be Invested in Purchase of Annuity

State: Central

Year: 1925

Where the Will directs that an annuity shall be provided for any person out of the proceeds of property, or out of property generally, or where money is bequeathed to be invested in the purchase of any annuity for any person, on the testator's death, the legacy vests in interest in the legatee, and he is entitled at his option to have an annuity purchased for him or to receive the money appropriated for that purpose by the Will. Illustrations (i) A by his Will directs that his executors shall, out of his property, purchase an annuity of 1,000 rupees for B. B is entitled at his option to have an annuity of 1,000 rupees for his life purchased for him or to receive such a sum as Will be sufficient for the purchase of such an annuity. (ii) A bequeaths a fund to B for his life, and directs that after B's death, it shall be laid out in the purchase of an annuity for C. B and C survive the testator. C dies in B's lifetime. On B's death the fund belongs to the representative of C.

Income Tax Act, 1961 Section 80CCA

Title: Deduction in Respect of Deposits Under National Savings Scheme or Payment to a Deferred Annuity Plan

State: Central

Year: 1961

.....of persons has been dissolved after a deduction has been allowed under sub-section (1), the provisions of sub-section (2) shall apply as if the person in receipt of income referred to therein is the assessee. Explanation I : For the removal of doubts, it is hereby declared that interest on the deposits made under the scheme referred to in clause (i) of sub-section (1) shall not be chargeable to tax except in the manner and to the extent specified in sub-section (2). Explanation II : For the purposes of this section, Life Insurance Corporation shall have the same meaning as in clause (a) of sub-section (8) of section 80C*. _________________ * Reference to section 80C needs correction.

Indian Succession Act, 1925 Section 173

Title: Annuity Created by Will Payable for Life Only Unless Contrary Intention Appears Will

State: Central

Year: 1925

Where an annuity is created by Will, the legatee is entitled to receive it for his life only, unless a contrary intention appears by the Will, notwithstanding that the annuity is directed to be paid out of the property generally, or that a sum of money is bequeathed to be invested in the purchase of it. Illustrations (i) A bequeaths to B 500 rupees a year. B is entitled during his life to receive the annual sum of 500 rupees. (ii) A bequeaths to B the sum of 500 rupees monthly. B is entitled during his life to receive the sum of 500 rupees every month. (iii) A bequeaths an annuity of 500 rupees to B for life, and on B's death to C. B is entitled to an annuity of 500 rupees during his life. C, if he survives B, is entitled to an annuity of 500 rupees from B's death until his own death.