Title : Insurance (Amendment) Act, 2002
State : Central
Year : 2002
Preamble1 - INSURANCE (AMENDMENT) ACT, 2002 Section1 - Short title and commencement Section2 - Amendment of section 2 Section3 - Amendment of section 2C Section4 - Amendment of section 15 Section5 - Amendment of section 28A Section6 - Amendment of section 28B Section7 - Amendment of section 31B Section8 - Amendment of section 40 Section9 - Amendment of section 42 Section10 - Amendment of section 42A Section11 - Insertion of new section 42E Section12 - Amendment of section 49 Section13 - Amendment of section 64VB Section14 - Insertion of new Part IIIA Section15 - Amendment of section 101A Section16 - Amendment of section 114 Section17 - Amendment of section 114A Section18 - Omission of Schedules List Judgments citing this sectionTitle : Amendment of Section 40
State : Central
Year : 2002
In section 40 of the principal Act,-- (a) in sub-section (1), for the words "except an insurance agent or a principal, chief or special agent", the words "except an insurance agent or an intermediary or insurance intermediary" shall be substituted; (b) in sub-section (2A), for the words "no insurance agent", the words "no insurance agent or intermediary or insurance intermediary" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 2002
(1) This Act may be called the Insurance (Amendment) Act, 2002. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint : Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 42a
State : Central
Year : 2002
In section 42A of the principal Act, after sub-section (8), the following sub-section shall be inserted at the end, namely :-- "(9) No insurer shall, on or after the commencement of the Insurance (Amendment) Act, 2002, appoint or transact any insurance business in India through any principal agent, chief agent or special agent.". View Complete Act List Judgments citing this sectionTitle : Insertion of New Part Iiia
State : Central
Year : 2002
After Part III of the principal Act, the following Part shall be inserted, namely :-- "PART IIIA INSURANCE CO-OPERATIVE SOCIETIES 94A. Insurance co-operative society to be an insurer (1) Every insurance co-operative society shall be deemed to be an insurer for the purposes of this Act. (2) Save as otherwise provided in this Act, all the provisions applicable to an insurer being an Indian insurance company shall, so far as may be, apply to an insurance co-operative society : Provided that the Authority may, by notification, direct that any of the provisions of this Act,-- (a) shall not apply to any insurance co-operative society; or (b) shall apply to any insurance co-operative society only with such exceptions, modifications and adaptations as may be specified in the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 101a
State : Central
Year : 2002
In section 101A of the principal Act, in sub-section (8), for clause (ii), the following clause shall be substituted, namely :-- '(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.'. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 28b
State : Central
Year : 2002
In section 28B of the principal Act, for the words "in the prescribed form" at both the places where they occur, the words ", in the form specified by the regulations made by the Authority," shall be substituted. View Complete Act List Judgments citing this sectionTitle : Omission of Schedules
State : Central
Year : 2002
The First Schedule, the Second Schedule, the Third Schedule and the Fourth Schedule to the principal Act shall be omitted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 2
State : Central
Year : 2002
In section 2 of the Insurance Act, 1938 (4 of 1938) (hereinafter referred to as the principal Act),-- (a) in clause (1), for the words "qualifications as may be prescribed", the words "qualifications as may be specified by the regulations made by the Autho-rity" shall be substituted; (b) in clause (3), sub-clause (v) shall be omitted; (c) after clause (8), the following clause shall be inserted, namely :-- '(8A) "insurance co-operative society" means any insurer being a co-operative society,-- (a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002, as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 2c
State : Central
Year : 2002
In section 2C of the principal Act, after sub-section (2), the following sub-section shall be inserted at the end, namely:-- "(3) Notwithstanding anything contained in sub-section (1), an insurance co-operative society may carry on any class of insurance business in India under this Act on or after the commencement of the Insurance (Amendment) Act, 2002.". View Complete Act List Judgments citing this section