Bare Act Search Results

Insurance Act, 1938 (4 of 1938) Section 42

Title: Licensing of Insurance Agents

State: Central

Year: 1938

.....by the regulations made by the Authority in this behalf: Provided that a person who had been issued a licence under sub-section (1) of this section or sub-section (1) of section 64UM shall not be required to possess the requisite qualifications, practical training and pass such examination as required by clauses (e) and (f); (g) that he violates the code of conduct as may be specified by the regulations made by the Authority.] 13 [(5) If it be found that an insurance agent being an individual is, or being a company or firm contains a director or partner who is suffering from any of the disqualifications mentioned in sub-section (4), then, without prejudice to any other penalty to which he may be liable, the 14 [Authority] shall, and if the insurance agent has knowingly contravened any of the provisions of this Act may, cancel the licence issued to the agent under this section.] 15 [(6) The Authority may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee not exceeding fifty rupees as may be determined by the regulations.] 16 [(7) Any person who acts as an insurance agent without holding a licence issued under this.....

Insurance Act, 1938 (4 of 1938) Section 48A

Title: Life Insurance Agents Not to Be Directors of Life Insurance Companies

State: Central

Year: 1938

1 [48A. Life insurance agents not to be directors of life insurance companies No insurance agent who solicits or procures life insurance business, and 2 [no chief agent or special agent], shall be eligible to be or remain a director of any insurance company carrying on life insurance business: Provided that any director holding office at the commencement of the Insurance (Amendment) Act, 1946, shall not become ineligible to remain a director by reason of this section until the expiry of six months from the commencement of that Act.] ____________________________ 1. Inserted by Act 6 of 1946, section 24 (w.e.f. 20-3-1946). 2. Substituted by Act 47 of 1950, section 39, "for certain words" (w.e.f. 1-6-1950).

Insurance Act, 1938 (4 of 1938) Section 64-I

Title: Power of Executive Committee of Life Insurance Council to Hold Examinations for Insurance Agents

State: Central

Year: 1938

The Life Insurance Council may, with the approval of the1[Authority], authorise its Executive Committee to hold examinations for individuals wishing to qualify themselves as insurance agents for the purpose of procuring life insurance business, and, if the1[Authority], by notification in the Official Gazette, so declares then, notwithstanding anything contained in section 42 , only individuals who have passed any such examination shall be eligible to apply for a licence under section 42 : Provided that nothing in this sub-section shall affect the right of any individual, who has been licensed to act as an insurance agent under section 42 before the date of such notification, to act as such, or to have hi s licence renewed from time to time. _______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Central Government" (w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Section 43

Title: Register of Insurance Agents

State: Central

Year: 1938

Every insurer and every person who acting on behalf of an insurer employs1[***] insurance agents shall maintain a register showing the name and address of every1[***]insurance agent appointed by hi m and the date on which hi s appointment began and the date, if any, on which hi s appointment ceased. 2[*** ] _______________________________ 1. The word "licensed" omitted by Act 13 of 1941, section 29 (w.e.f. 8-4-1941). 2. Sub-sections (2) and (3) omitted by Act 35 of 1957, section 4 (w.e.f. 1-9-1957).

Allianz Und Stuttgarter Life Insurance Bank (Transfer) Act, 1950 [Repealed] Section 5

Title: Cessation of Payment of Commission to Past Insurance Agents

State: Central

Year: 1950

(1) Notwithstanding anything to the contrary contained in the Act or in any other law for the time being in force or in any contract, all contracts of agency entered into before the 31st day of July, 1942, between an insurance agent, a special agent or a chief agent (by whatever name called) and the transferor company, and any appointment made before the said date whereby remuneration is payable to any person in the form of commission or bonus, shall be deemed to have been terminated with effect from the said date and no commission or bonus due to such agent or person, whether on renewal premiums or otherwise, shall be payable to him in respect of any life policies procured by or through him before the said date. (2) Notwithstanding anything to the contrary contained in any law for the time being in force, no compensation shall be payable to any person for the termination, in pursuance of this section, of any contract of agency or other appointment.

Insurance Regulatory and Development Authority (Microinsurance) Regulation, 2005 Complete Act

State: Central

Year: 2005

.....Authority Act, 1999 (41 of 1999) or in any Rules or Regulations made there under shall have the meanings respectively assigned to them in those Acts or Rules or Regulations. Regulation 3 Tie-up between life insurer and non-life insurer (1) An insurer carrying on life insurance business may offer life micro-insurance products as also general micro-insurance products, as provided herein. Provided that where an insurer carrying on life insurance business offers any general micro-insurance product, he shall have a tie-up with an insurer carrying on general insurance business for this purpose, and subject to the provisions of Sec. 64-VB of the Act, the premium attributable to the general micro insurance product may be collected from the prospect (proposer) by the insurer carrying on life insurance business, either directly or through any of the distributing entities of micro-insurance products as specified in Regulation 4, and made over to the insurer carrying on life insurance business. Provided further that in the event of any claim in regard to general micro-insurance products, the insurer carrying on life insurance business or the distributing entities of micro-insurance.....

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.....

Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....in the form of a report (called "Insurance Agent's Confidential Report") along with every proposal submitted to the insurer, and any material fact that may adversely affect the underwriting decision of the insurer as regards acceptance of the proposal, by making all reasonable enquiries about the prospect; (h) inform promptly 'the prospect about the acceptance or rejection of the proposal by the insurer; (i) obtain the requisite documents at the time of filing the proposal form with the insurer; and other other documents. subsequently asked for by the insurer for completion of the proposal; (j) render necessary assistance to the policy- holders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer; (k) advise every individual policy-holder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, wherever necessary; (ii) No insurance agent shall,- (a) solicit or procure insurance business without holding a valid licence; (b) induce the prospect to omit any material information in the proposal form; (c) induce the prospect to submit.....

Insurance Act, 1938 (4 of 1938) Section 42C

Title: Regulation of Employment of Chief Agents and Special Agents

State: Central

Year: 1938

.....be final. ( 11 ) Every insurer shall maintain a register in which the name and address of every chief agent appointed by hi m, the date on which the appointment was made and the date, if any, on which the appointment ceased shall be entered, and a separate register in which similar particulars relating to every special agent shall be entered, and every chief agent shall maintain a register in which similar particulars relating to every special agent appointed by hi m shall be entered.] _______________________________ 1. Inserted by Act 47 of 1950, section 33 (w.e.f. 1-9-1950). 2. Substituted by Act 62 of 1956, section 2 and Schedule, for "the States" (w.e.f. 1-11-1956). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

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 .....