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.....

Marine Insurance Act, 1963 Complete Act

State: Central

Year: 1963

.....NEGOTIATION OF CONTRACT (1) Every material representation made by the assured or his agent to the insurer during the negotiations for the contract, and before the contract is concluded, must be true. If it be untrue the insurer may avoid the contract. (2) A representation is material which would influence the judgment of a prudent insurer in fixing the premium, or determining whether he will take the risk. (3) A representation may be either as to a matter of fact, or as to a matter of expectation or belief. (4) A representation as to a matter of fact is true, if it be substantially correct, that is to say, if the difference between what is represented and what is actually correct would not be Considered material by a prudent insurer. (5) A representation as to a matter of expectation or belief is true if it be made in good faith. (6) A representation may be withdrawn or corrected before the contract is concluded. (7) Whether a particular representation be material or not, is, in each case, a question of fact. SECTION 23: WHEN CONTRACT IS DEEMED TO BE CONCLUDED A contract of marine insurance is deemed to be concluded when the proposal of the assured is accepted by the.....

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.....

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.....

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.....

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

Title: Amendment of 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.....

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Amending Act 1

Title: Deposit Insurance Corporation (Amendment) Act, 1968

State: Central

Year: 1961

.....(AMENDMENT) ACT.1968 [Act, No. 56 of 1968] [27th December, 1968] PREAMBLE An Act further to amend the Deposit Insurance Corporation Act, 1961. BE it enacted by Parliament in the Nineteenth year of the Republic of India as follows;-- 1. Short title, commencement, etc.- (1)This Act may be called the Deposit Insurance Corporation (Amendment) Act , 1968 (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and for different States or for different parts thereof. (3) Any reference in any provision inserted in the Deposit Insurance Corporation Act, 1961 (hereinafter referred to as the principal Act).by any section of this Act to the commencement of the Deposit Insurance (Amendment) Act, 1968, shall in relation to the date on which the said section comes into force in that State or part. 2. Substitution of references to Banking Companies Act, 1949.- In the principal Act, for the words and figures "the Banking Companies Act 1949", wherever they occur, the words and figures "the Banking Regulation Act 1949" shall be.....

The Securities and Insurance Laws (Amendment and Validation) Act, 2010 No. 26 of 2010[20th August, 2010.] Complete Act

Title: The Securities and Insurance Laws (Amendment and Validation) Act, 2010 No. 26 of 2010[20th August, 2010.]

State: Central

Year: 2010

An Act further to amend the Reserve Bank of India Act, 1934, the Insurance Act, 1938, the Securities Contracts (Regulation) Act, 1956 and the Securities and Exchange Board of India Act, 1992.BE it enacted by Parliament in the Sixty-first Year of the Republic of India as follows:-CHAPTER IPRELIMINARY 1. Short title and commencement. - (1) This Act may be called the Securities and Insurance Laws (Amendment and Validation) Act, 2010.(2) It shall be deemed to have come into force on the 18th day of June, 2010. CHAPTER IIAMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934 2. Insertion of new Chapter IIIE in Act 2 of 1934. - After Chapter IIID of the Reserve Bank of India Act, 1934, the following Chapter shall be inserted, namely:- "CHAPTER IIIEJOINT MECHANISM45Y. Joint Mechanism. - (1) Notwithstanding anything contained in this Act or the Securities and Exchange Board of India Act, 1992 or any other law for the time being in force, if any difference of opinion arises as to whether- (i) any instrument, being derivative referred to in clause (a) or money market instrument referred to in clause (b) or repo referred to in clause (c) or reverse repo referred to in clause (d) or securities.....

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 2C

Title: Prohibition of Transaction of Insurance Business by Certain Persons

State: Central

Year: 1938

.....after it is issued.] 4 [(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.] _______________________ 1. Inserted by Act 47 of 1950, section 6 (w.e.f. 1-6-1950). 2. Substituted by Act 62 of 1956, section 2 and Schedule, for "the States" (w.e.f. 1-11-1956). 3. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000). 4. Inserted by Act 42 of 2002, section 3 and Schedule I (w.e.f. 23-9-2002). 5. Inserted by the Special Economic Zones Act, 2005, section 57 and Third Schedule, Pt. I.