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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.....

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Insurance Act, 1938 (4 of 1938) Complete Act

Title: Insurance Act, 1938 (4 of 1938)

State: Central

Year: 1938

.....liabilities remain unsatisfied Section2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act Section3 - Registration Section3A - Renewal of registration Section3B - Certification of soundness of terms of life insurance business Section4 - Minimum limits for annuities and other benefits secured by policies of life insurance Section5 - Restriction on name of insurer Section6 - Requirement as to capital Section6A - Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares Section6AA - Manner of divesting excess shareholding by promoter in certain cases Section6B - Provision for securing compliance with requirements relating to capital structure Section6C - Conversion of company limited by shares into company limited by guarantee Section7 - Deposits Section8 - Reservation of deposits Section9 - Refund of Deposit Section10 - Separation of accounts and funds Section11 - Accounts and balance-sheet Section12 - Audit Section13 - Actuarial report and abstract Section14 - Register of policies and register of claims Section15 - Submission of returns .....

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Life Insurance Corporation Act, 1956 Chapter 4

Title: Transfer of Existing Life Insurance Business to the Corporation

State: Central

Year: 1956

.....before the appointed day. Section 9 - General effect of vesting of controlled business (1) Unless otherwise expressly provided by or under this Act, all contracts, agreements and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which an insurer whose controlled business has been transferred to and vested in the Corporation is a party or which are in favour of such insurer shall in so far as they relate to the controlled business of the insurer be of as full force and affect against or in favour of the Corporation, as the case may be, and may be enforced or acted upon as fully and effectually as if, instead of the insurer, the Corporation had been a party thereto or as if they had been entered into or issued in favour of the Corporation. (2) If on the appointed day any suit, appeal or other legal proceeding of whatever nature is pending by or against an insurer, then, in so far as it relates to his controlled business, it shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Corporation of the business of the insurer or anything done under this Act, but the suit,.....

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General Insurance Business (Nationalisation) Act,1972 Chapter II

Title: Transfer to Public Ownership of Genral Insurance Business

State: Central

Year: 1972

.....Government to the concerned Indian insurance company, who shall, on receipt of such copy, and notwithstanding anything contained in the Companies Act or in its articles of association, forthwith rectify its register of members by including therein the persons mentioned in the notification as the holders of the shares specified therein. (5) For the removal of doubts it is hereby declared that the transfer and vesting of shares effected under sub-section (1) shall not be deemed to affect any right of the Indian insurance company subsisting immediately before the appointed day against any shareholder to recover from him any sum of money on the ground that that shareholder has not paid or credited to the insurer the whole or any part of the value of the shares held by him or on any other ground whatsoever. Section 5 - Transfer of undertakings of other existing insurers (1) On the appointed day, the undertaking of every existing insurer who is not an Indian insurance company shall stand transferred to and vested in the Central Government and the Central Government shall immediately thereafter provide, by notification, for the transfer to and vesting in such Indian insurance.....

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Insurance Act, 1938 (4 of 1938) Amending Act 1

Title: Insurance (Amendment) Act, 2002

State: Central

Year: 1938

Insurance (Amendment) Act, 2002 [Act No. 42 of 2002] PREAMBLE An Act further to amend the Insurance Act, 1938 BE it enacted by Parliament in the Fifty-second Year of the Republic of India as follows :-- 1. Short title and commencement (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. 2. Amendment of section 2 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.....

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Insurance Act, 1938 (4 of 1938) Part IV

Title: Mutual Insurance Companies and Co-operative Life Insurance Societies

State: Central

Year: 1938

.....of this Act, in so far as they are inconsistent with those rules, shall not apply to such societies. ___________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "In this Part--". 2. Substituted by Act 11 of 1939, section 29, for "incorporated under the provisions of the Indian Companies Act, 1913". 3. Substituted by the Adaptation of Laws Order, 1950, for "Provincial". Section 96 - Application of Act to Mutual Insurance Companies and Co-operative Life Insurance Societies The provisions of sections 6 and 7 and of sub-section ( 2 ) of section 20 , so far as those provisions are inconsistent with the provisions of this Part, shall not apply, and the provisions of this Part shall apply, to1[ *** ] Co-operative Life Insurance Societies. _________________ 1. The words "Mutual Insurance Companies and" omitted by Act 62 of 1968, section 30 (w.e.f. 1-6-1969). Section 97 - Working capital of Mutual Insurance Companies and Co-operative Life Insurance Societies 1[No co-operative life insurance society registered after the 26 th day of January 1937 ] under the Co-operative Societies Act, 1912 ( 2 of 1912 ), or under an Act of a State.....

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Deposit Insurance and Credit Guarantee Corporation Act, 1961 Amending Act 2

Title: Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978

State: Central

Year: 1961

.....of 1956, or in any other law forthe time being in force. 8. Amendment of the Deposit Insurance corporation Act, 1961 On the commencement of this Act, the Deposit Insurance Corporation Act, 1961 (47 of 1961), shall have effect subject to the following amendments, namely:-- (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any.....

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Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 Chapter III

Title: Amendments to the Deposit Insurance Corporation Act, 1961

State: Central

Year: 1978

..... (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any financial institution within the meaning of clause (c) of section 451 of the Reserve Bank of India Act, 1934 (2 of 1934); (4) in section 3, after sub-section (1), the following sub-section shall be inserted, namely: -- "(1A) Any reference in this Act to the Deposit.....

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Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 Section 8

Title: Amendment of the Deposit Insurance Corporation Act, 1961

State: Central

Year: 1978

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Insurance Act, 1938 (4 of 1938) Section 52H

Title: Power of Central Government to Acquire Undertakings of Insurers in Certain Cases

State: Central

Year: 1938

.....such vesting be deemed to have been the rights and liabilities of such acquiring insurer. (6) Unless otherwise expressly provided by or under this section or sections 52-I to 52M, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the acquired insurer is a party or which are in favour, of the acquired insurer shall be of as full force and effect against or in favour, of the Central Government or, as the case may be, the acquiring insurer, and may be enforced or acted upon as fully and effectually as if in the place of the acquired insurer the Central Government or the acquiring insurer had been a party thereto or as if they had been issued in favour of the Central Government or the acquiring insurer, as the case may be. (7) If, on the appointed day, any suit, appeal or other proceedings of whatever nature, is pending by or against the acquired insurer, the same shall not abate, be discontinued or be, in any way prejudicially affected by reason of the transfer of the undertaking of the acquired insurer or of anything.....

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