Bare Act Search Results

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

Title: Licensing of Surveyors and Loss Assessors

State: Central

Year: 1938

.....or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"): Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor. (3) The 1 [Authority] may, at any time, in respect of any claim of the nature referred to in sub-section (2), call for an independent report from any other approved surveyor or loss assessor specified by 6 [it] and such surveyor or loss assessor shall furnish such report to the 1 [Authority] within such time as may be specified by the 1 [Authority] or if no time limit has been specified by 6 [it] within a reasonable time and the cost of, or incidental to such report shall be borne by the insurer. (4) The 1 [Authority] may, on receipt of a report referred to in sub-section (3), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to.....

Insurance Act, 1938 (4 of 1938) Section 30

Title: Liability of Directors, Etc., for Loss Due to Contravention of Sections 27, 27a, 27b and 29

State: Central

Year: 1938

30 . Liability of directors, etc., for loss due to contravention of sections 27 ,1[27A]2[27B] and 29 If by reason of a contravention of any of the provisions of section 27,1[section 27A],2[section 27B] or section 29, any loss is sustained by the insurer or by the policy-holders, every director, manager, managing agent, officer or partner who is knowingly a party to such contravention shall, without prejudice to any other penalty to which he may be liable under this Act, be jointly and severally liable to make good the amount of such loss. _______________________ 1. Inserted by Act 47 of 1950, section 21 (w.e.f. 1-6-1950). 2. Inserted by Act 62 of 1968, section 13 (w.e.f. 1-6-1969).

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 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) Part V

Title: Miscellaneous

State: Central

Year: 1938

.....the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part. ( 4 ) Where at any stage of the proceedings against any person under this section (he reinafter referred to as the delinquent), the Court is satisfied by affidavit or otherwise-- (a) that a prima facie case has been made out against the delinquent; and (b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the me mbers of an insurance company, the court may direct the attachment of-- (i) any property of the insurer in the possession of the delinquent; (ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the me aning of sub-section ( 5 ); (iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section ( 1 ) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was.....

Insurance Act, 1938 (4 of 1938) Section 106

Title: Power of Court to Order Restoration of Property of Insurer or Compensation in Certain Cases

State: Central

Year: 1938

.....purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss. ( 3 ) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section ( 1 ) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part. ( 4 ) Where at any stage of the proceedings against any person under this section (he reinafter referred to as the delinquent), the Court is satisfied by affidavit or otherwise-- (a) that a prima facie case has been made out against the delinquent; and (b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the me mbers of an.....

Insurance Act, 1938 (4 of 1938) Section 34B

Title: Power of Authority to Remove Managerial Persons from Office

State: Central

Year: 1938

.....be punishable with fine which may extend to two hundred and fifty rupees for each day during which such contravention continues. ( 5 ) Where an order under subsection ( 1 ) has been made, the2[ Authority] may, by order in writing, appoint a suitable person in place of the director or chief executive officer who has been removed from hi s office under that sub-section, with effect from such date as may be specified in the order. ( 6 ) Any person appointed as director or chief executive officer under this section shall -- (a) hold office during the pleasure of the2[ Authority] and subject thereto for a period not exceeding three years or such farther periods not exceeding three years at a time as the2[ Authority] may specify; (b) not insure any obligation or liability by reason only of hi s being a director or chief executive officer or for anything done or omitted to be done in good faith in the execution of the duties of hi s office or in relation thereto. ( 7 ) Notwithstanding anything contained in any law or in any contract, me morandum or articles of association, on the removal of a person from office under this section, that person shall not be entitled to claim.....

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

Title: Limitation of Expenses of Management in General Insurance Business

State: Central

Year: 1938

.....and dealings with share-holders and a proper share of managerial expenses calculated in such manner as may be prescribed, and (iv) any expenses debited to claims in the revenue account in Form F of Part II of the Third Schedule]; (iv) any expenses debited to claims in the revenues account in Form F of Part II of the Third Schedule (c) "insurance business transacted in India" includes insurance business wherever effected relating to any property situate in India or to any vessel or aircraft registered in India.] _______________________ 1. Inserted by Act 47 of 1950, section 31 (w.e.f. 1-6-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 3. Inserted by Act 62 if 1968, section 19 (w.e.f. 1-6-1969).

Insurance Act, 1938 (4 of 1938) Section 11

Title: Accounts and Balance-sheet

State: Central

Year: 1938

.....or marine insurance] and no other business; (c) 4 [in respect of each class or sub-class of insurance business for which he is required under sub-section (1) of section 10 to keep a separate account of receipts and] 5 [payments, a revenue account in accordance with the regulations, and in the form or forms, set forth in the Third Schedule applicable to 6 [that class or sub-class of insurance business]]. 7 [(1A) Notwithstanding anything contained in sub-section (1), every insurer, on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999, in respect of insurance business transacted by him and in respect of his shareholders' funds, shall, at the expiration of each financial year, prepare with reference to that year, a balance-sheet, a profit and loss account, a separate account of receipts and payments, a revenue account in accordance with the regulations made by the Authority. (1B) Every insurer shall keep separate accounts relating to funds of shareholders and policy-holders.] (2) Unless the insurer is a company 8 [as defined in clause (2) of sub-section (1) of section 2 of the Indian Companies Act, 1913 (7 of 1913)9 ] accounts and.....

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

Title: Power of the Advisory Committee to Require Information, Etc.

State: Central

Year: 1938

.....this section. (4) The Advisory Committee may, at any time, on the application of an insurer, make arrangements for the inspection of an organisation which is concerned with the inspection of risks, adjustment of losses or fire-fighting appliances, and may, whenever necessary, advise insurers about the adequacy of the arrangements for the inspection of risks and adjustment of losses or the suitability of such appliances: Provided that no such inspection shall be made without the written permission of the concerned organisation. ______________________ 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 "his" (w.e.f. 19-4-2000).