Bare Act Search Results

Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....(a) "valuation date", in relation to an actuarial investigation, means the date to which the investigation relates. (b) "universal life contracts" means those contracts that are presented in an unbundled form. The contracts where policy-holders have an option to invest in units of Insurer's segregated fund(s) shall be treated as "linked business", and others shall be treated as "non-linked business". (c) "segregated funds" means funds earmarked in respect of linked business. 2. Method of Determination of Mathematical Reserves.-(1) Mathematical Reserves shall be determined separately for each contract by a prospective method of valuation in accordance with sub-paras (2) to (4). (2) The valuation method shall take into account all prospective contingencies under which any premiums (by the policy-holder) or benefits (to the policy-holder/beneflciary) may be payable under the policy, as determined by the policy conditions. The level of benefits shall take into account the reasonable expectations of policy-holders (with regard to bonuses, including terminal bonuses, if any) and any established practices of an insurer for payment of benefits. (3) The valuation method shall take.....

Public Liability Insurance Act, 1991 Preamble 1

Title: The Public Liability Insurance Act, 1991

State: Central

Year: 1991

THE PUBLIC LIABILITY INSURANCE ACT, 1991 [Act, No. 6 of 1991] [22nd January 1991] PREAMBLE An Act to provide for public liability insurance for the purpose of providing immediate relief to the persons affected by accident occurring while handling any hazardous substance and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Forty-first Year of the Republic of India as follows:--

Public Liability Insurance Act, 1991 Complete Act

State: Central

Year: 1991

PUBLIC LIABILITY INSURANCE ACT, 1991 PUBLIC LIABILITY INSURANCE ACT, 1991 6 of 1991 An Act to provide for public liability insurance for the purpose of providing immediate relief lo the persons affected by accident occurring while handling any hazardous substance and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Forty-first Year of thee Republic of India as follows:- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Public Liability Insurance Act, 1991. (2) It shall come into force on such date as the Central Government may, by notification, appoint. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires,- 2[(a) "accident" means an accident involving a fortuitous or sudden or unintended occurrence while handling any hazardrous substance resulting in continuous or intermittent or repeated exposure to death of, injury to, any person or damage to any property but does not include an accident by reason only of war or radio-activity;] (b) "Collector" means the Collector having jurisdiction over the area in which the accident occurs; {c) "handling", in relation to any hazardous substance,.....

Public Liability Insurance Act, 1991 Section 4

Title: Duty of Owner to Take out Insurance Policies

State: Central

Year: 1991

.....substance, one or more insurance policies providing for contracts of insurance whereby he is insured against liability to give relief under sub-section (1) of section 3: Provided that any owner handling any hazardous substance immediately before the commencement of this Act shall take out such insurance policy or policies as soon as may be and in any case within a period of one year from such commencement. (2) Every owner shall get the insurance policy, referred to in sub-section (1), renewed from time to time before the expiry of the period of validity thereof so that the insurance policies may remain in force throughout the period during which such handling is continued. 1[2A) No insurance policy taken out or renewed by an owner shall be for an amount less than the amount of the paid-up capital of the undertaking handling any hazardous substance and owned or controlled by that owner, and more than the amount, not exceeding fifty crore rupees, as may be prescribed. Explanation.--For the purposes of this sub-section, "paid-up capital" means, in the case of an owner not being a company, the market value of all assets and stocks of the undertaking on the date of.....

Public Liability Insurance Act, 1991 Section 1

Title: Short Title and Commencement

State: Central

Year: 1991

(1) This Act may be called the Public Liability Insurance Act, 1991. (2) It shall come into force on such date as the Central Government may, by notification, appoint.

Public Liability Insurance Act, 1991 Section 2

Title: Definitions

State: Central

Year: 1991

.....Collector having jurisdiction over the area in which the accident occurs; (c) "handling", in relation to any hazardous substance, means the manufacture, processing, treatment, package, storage, transportation by vehicle, use, collection, destruction, conversion, offering for sale, transfer or the like of such hazardous substance; (d) "hazardous substance" means any substance or preparation which is defined as hazardous substance under the Environment (Protection) Act, 1986 (29 of 1986), and exceeding such quantity2as may be specified, by notification, by the Central Government; (e) "insurance" means insurance against liability under sub-section (1) of section 3; (f) "notification" means a notification published in the Official Gazette; 1[(g) "owner" means a person who owns, or has control over handling, any hazardous substance at the time of accident and includes-- (i) in the case of a firm, any of its partners; (ii) in the case of an association, any of its members; and (iii) in the case of a company any of its directors, managers, secretaries or other officers who is directly in charge of, and is responsible to, the company for the conduct of the business of.....

Public Liability Insurance Act, 1991 Complete Act

Title: Public Liability Insurance Act, 1991

State: Central

Year: 1991

.....information Section10 - Power of entry and inspection Section11 - Power of search and seizure Section12 - Power to give directions Section13 - Power to make application to Courts for restraining owner from handling hazardous substances Section14 - Penalty for contravention of sub-section (1) or sub-section (2) or sub-section (2A) or sub-section (2C) of section 4 or failure to comply with directions under section 12 Section15 - Penalty for failure to comply with direction under section 9 or order under section 11 or obstructing any person in discharge of his functions under section 10 or 11 Section16 - Offences by companies Section17 - Offences by Government Departments Section18 - Cognizance of offences Section19 - Power to delegate Section20 - Protection of action taken in good faith Section21 - Advisory Committee Section22 - Effect of other laws Section23 - Power to make rules Schedule1 - THE SCHEDULE

Public Liability Insurance Act, 1991 Section 21

Title: Advisory Committee

State: Central

Year: 1991

(1) The Central Government may, from time to time, constitute an Advisory Committee on the matters relating to the insurance policy under this Act. (2) The Advisory Committee shall consist of-- (a) three officers representing the Central Government; (b) two persons representing the insurers; (c) two persons representing the owners; and (d) two persons from amongst the experts of insurance or hazardous substances to be appointed by the Central Government. (3) The Chairman of the Advisory Committee shall be one of the members representing the Central Government, nominated in this behalf by that Government.

Public Liability Insurance Act, 1991 Section 7

Title: Award of Relief

State: Central

Year: 1991

.....shall be recoverable from the owner, or as the case may be, the insurer as arrears of land revenue or of public demand. (7) A claim for relief in respect of death of, or injury to, any person or damage to any property shall be disposed of as expeditiously as possible and every endeavour shall be made to dispose of such claim within three months of the receipt of the application for relief under sub-section (1) of section 6. 2[(8) Where an owner is likely to remove or dispose of his property with the object of evading payment by him of any amount of the award, the Collector may, in accordance with the provisions of rules 1 to 4 of Order XXXIX of the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), grant a temporary injunction to restrain such act.] ________________________ 1. Substituted by Act 11 of 1992, section 4 (w.r.e.f. 31-1-1992) 2. Inserted by Act 11 of 1992, section 4 (w.r.e.f. 31.1.1992)

Public Liability Insurance Act, 1991 Section 23

Title: Power to Make Rules

State: Central

Year: 1991

.....the owner is required to be remitted by the insurer under subsection (2D) of section 4;] 2[(ac] establishment and maintenance of fund under sub-section (3) of section 4;] (b) the form of application and the particulars to be given therein and the documents to accompany such application under sub-section (2) of section 6; (c) the procedure for holding an inquiry under sub-section (4) of section 7; (d) the purposes for which the Collector shall have powers of a Civil Court under sub-section (5) of section 7; (e) the manner in which notice of the offence and of the intention to make a complaint to the Central Government shall be given under clause (b) of section 18; (f) any other matter which is required to be, or may be, prescribed. (3) Every3[rule or scheme] made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the3[rule or.....