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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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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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Insurance Act, 1938 (4 of 1938) Section 4

Title: Minimum Limits for Annuities and Other Benefits Secured by Policies of Life Insurance

State: Central

Year: 1938

.....6 [Authority] mayby order in writing exempt from the provisions of this section, for so long asthe company complies with such conditions, if any, as may be prescribed].] ______________________ 1.Substituted by Act 10 of 1948, section 2, for certain words (w.e.f.8-3-1948). 2.Substituted by Act 47 of 1950, section 8, for "the Insurance Act,1938" (w.e.f. 1-6-1950). 3.Substituted by Act 6 of 1946, section 5, for "commencement of thisAct" (w.e.f. 20-3-1946). 4.Substituted by Act 6 of 1946, section 5, for "fifty rupees or less or agross sum of rupees five hundred or less" (w.e.f. 20-3-1946). 5.Substituted by Act 13 of 1941, section 5, for sub-section (2) (w.e.f. 8-4-1941). 6.Substituted by Act 47 of 1950, section 4, for "Superintendent ofInsurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999,section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 7.Added by Act 6 of 1946, section 6 (w.e.f. 20-3-1946).

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Insurance Act, 1938 (4 of 1938) Schedule IV

Title: Forth Schedule

State: Central

Year: 1938

1 [***] ________________________ 1.The First Schedule, the Second Schedule, the Third Schedule and the FourthSchedule omitted by Act 42 of 2002, section 18 (w.e.f. 23-9-2002).

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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) Section 3

Title: Registration

State: Central

Year: 1938

.....under the Indian Companies Act, 1913 (7 of 1913), 10 [or under the Indian Companies Act, 1882 (6 of 1982), or under the Indian Companies Act, 1866 (10 of 1866); or under any Act repealed thereby,] or, in the case of any other insurer specified in sub-clause (a), (ii) or sub-clause (b), of clause (9) of section 2, certified copy of the deed of partnership or of the deed of constitution of the company, as the case may be, or in the case of an insurer having his principal place of business or domicile outside 2 [India], the document specified in clause (a) of section 63; (b) the name, address and the occupation, if any, of the directors where the insurer is a company incorporated under the Indian Companies Act, 1913 (7 of 1913), or under the Indian Companies Act, 1882 (6 of 1882) or under the Indian Companies Act, 1866 (10 of 1866),] or under any Act repealed thereby, and in the case of an insurer specified in sub-clause (a) (ii) of clause (9) of section 2 of the names and addresses of the proprietors and of the manager in 2 [India], and in any other case the full address of the principal office of the insurer in 2 [India], and the names of the directors and the.....

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Insurance Act, 1938 (4 of 1938) Part III

Title: Provident Societies

State: Central

Year: 1938

.....incorporated under the Indian Companies Act, 1913 (7 of 1913) 2 [or under the Indian Companies Act, 1882 (6 of 1882) or under the Indian Companies Act, 1866 (10 of 1866) or under any Act repealed thereby,] a certified copy of the Memorandum and Articles of Association or where the society is not such a company a certified copy of the deed of constitution of the society; (b) the names and addresses of the proprietors or directors, and the managers of the society, the full address of the registered office of the society, 2 [the full address of the principal office of the society in 14[India], the name of the manager at such office, and the name and address of some one or more persons resident in 3 [India] authorised to accept any notice required to be served on the society]; (c) a certificate from the Reserve Bank of India that the initial deposit referred to in section 73 has been made; 4 [***] (d) a declaration verified by an affidavit 5 [made by the principal officer of the society authorised in that behalf] that the minimum working capital required by section 72, is available; 6 [and 6 [(e) the 7 [receipt showing payment in the prescribed manner of the prescribed fee].....

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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.....

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Insurance Act, 1938 (4 of 1938) Section 83

Title: Actuarial Examination of Schemes

State: Central

Year: 1938

.....for a modification of its existing contracts or failing such modification for the winding up of the society. _________________________ 1. Substituted by Act 13 of 1941, section 46, for "established" (w.e.f. 8-4-1941). 2. Substituted by Act 13 of 1941, section 46, for certain words (w.e.f. 8-4-1941). 3. Substituted by Act 13 of 1941, section 46, for "that the scheme is sound" (w.e.f. 8-4-1941). 4. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 5. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000). 6. Substituted by Act 13 of 1941, section 46, for "and shall send the report of the actuary" (w.e.f. 8-4-1941). 7. Substituted by Act 13 of 1941, section 46, for "it is actuarially sound" (w.e.f. 8-4-1941). 8. Substituted by Act 13 of 1941, section 46, for sub-section (5) (w.e.f. 8-4-1941). 9. Substituted by Act 13 of 1941, section 46, for "discontinued" (w.e.f. 8-4-1941). 10. Subatituted by Act 13 of 1941, section 46, for "discontinuance" (w.e.f. 8-4-1941).

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Insurance Act, 1938 (4 of 1938) Section 114

Title: Power of Central Government to Make Rules

State: Central

Year: 1938

.....of twenty-six per cent. of the paid-up equity capital and the period within which such excess paid-up equity capital shall be divested under sub-section (1) of section 6AA;] 3 [(b) the manner in which it shall be determined which of the transactions of an insurer are to be deemed for the purposes of this Act to be insurance business transacted 4 [***] in 5 [India] 6 [***];] (c) the procedure to be followed by the Reserve Bank of India in dealing with deposits made in pursuance of this Act, including the receipt of, custody of, withdrawal of, and payment of interest on securities lodged as such deposits, and their inspection and verification by the 7 [Authority]; (d) the form referred to in clause (d) of sub-section (2) of section 16; (e) the manner in which the prospectuses and tables referred to in sub-section (1) of section 41 shall be published and the form in which they shall be drawn up; (f) the matters to be prescribed for the purposes of section 48; 8 [***] (h) the contingencies other than those specified in clauses (a) to (f) of 9 [sub­-section (2) of] section 65 on the happening of which money may be paid by provident societies; (i) the matters.....

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