Bare Act Search Results

Insurance Act, 1938 Complete Act

State: Central

Year: 1938

.....be made under the foregoing provisions of this section before the application for registration is made whether any such application is or is not in fact made]. (8) A deposit made in cash shall be held by the Reserve Bank of India to the credit of the insurer and shall 153[a] Inserted and deemed always to have been inserted by the Insurance (Amendment) Act, 1940 (20 of 1940), Section 4. [except to the extent, if any, to which the cash has been invested in securities under sub-section (9A)], be returnable to the insurer in cash in any case in which under the provisions of this Act a deposit is to be returned; and any interest accruing due and collected on securities deposited under sub-section (1) or sub-section (2) shall be paid to the insurer, subject only to deduction of the normal commission chargeable for the realization of interest. 154[a] Sub-sections (9), (9A) and (9B) were substituted and deemed always to have been substituted by Act 20 of 1940, Section 4. [(9) The insurer may at any time replace any securities deposited by him under this section with the Reserve Bank of India either by cash or by other approved securities or partly cash and partly by other approved.....

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (PREPARATION OF FINANCIAL STATEMENTS AND AUDITOR'S REPORT OF INSURANCE COMPANIES)REGULATIONS, 2000 Complete Act

State: Central

Year: 2000

.....over the period of insurance because of the very nature of the risk covered e.g. some infrastructure projects involving varying degrees of risk factor. A deposit premium is paid in such cases at the beginning of the policy period and subsequently adjusted. The basis of determination of premium earned shall be adequately justified, preferably supported by external evidence such as by certification from an actuary and/or other technical experts. Adequate disclosure of such basis shall be made. 3. Premium deficiency.-Premium deficiency shall be recognised if the sum of expected claim costs, related expenses and maintenance costs exceed related unearned premiums. For contracts exceeding four years, once a premium deficiency has occurred, future changes to the liability shall be based on actuarial/technical evaluation. 4. Acquisition costs.-Acquisition costs, if any, shall be expensed in the period in which they are incurred. Acquisition costs are those costs that vary with, and are primarily related to, the acquisition of new and renewal insurance contracts. The most essential test is the obligatory relationship between costs and the execution of insurance contracts (i.e......

Insurance Regulatory and Development Authority Act, 1999 Complete Act

State: Central

Year: 1999

.....that connection and all other matters incidental thereto as are, in its opinion, necessary to enable the Investigating Authority to discharge satisfactorily his functions under this section. Explanation.-For the purposes of this section, the expression "insurer" shall include in the case of an insurer incorporated in India- (a) all its subsidiaries formed for the purpose of carrying on the business of insurance exclusively outside India; and (b) all its branches whether situated in India or outside India. (9) No order made under this section other than an order made under Cl. (b) of sub-section (6) shall be capable of being called in question in any Court. (10) All expenses of, and incidental to, any investigation made under this section shall be defrayed by the insurer, shall have priority over that debts due from the insurer and shall be recoverable as an arrear of land revenue. 21. In Sec. 33-A, omit "Central Government or the". 22. In Sec. 34-H,- (a) in sub-section (1),- (i) for "Controller", substitute, "Chairperson of the Authority"; (ii) for "an Assistant Controller of Insurance", substitute "an officer authorised by the Authority"; (b) in sub-sections (5) and (7), for.....

Insurance Rules, 1939 Complete Act

State: Central

Year: 1939

.....[or a Fellow of Actuarial Society of India]: Provided that where application is made to the Controller of Insurance and it Is shown to his satisfaction that the employment of an Associate of such institute of actuaries or of such Faculty of Actuaries 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [or of such Actuarial Society] or of any other person having actuarial knowledge for any specified purpose is expedient in order to enable an Insurer or a provident society to carry out any of his or its obligations under the Act, the Controller of Insurance may grant the application and permit such person to sign as actuary for the specified purpose, subject to such conditions and restric- tions as the Controller of Insurance thinks fit to impose. Rule 4 . . [* * * * * * * CHAPTER 3 Deposits with the Bank Rule 5 Deposits with the Bank (1) Deposits made in pursuance of the Act shall be held by that office of the Bank (hereinafter referred to as the appropriate Indian office) in whose area of administration the principal office in the State of the depositor is situated : Provided that deposits in sterling securities shall be held by the London office of the Bank on behalf of.....

Insurance Act, 1938 (4 of 1938) Schedule V

Title: The Fifth Schedule

State: Central

Year: 1938

.....are to be shown to the nearest rupee. 3. Extra premium shown in the Forms of Summary and Valuation prepared under the Fourth Schedule to this Act must not be included in statements prepared under this Schedule. 4. Every statement prepared under this Schedule shall be signed by the actuary making the investigation in connection with which it is prepared. 5. For the purposes of this Schedule the following expressions have the meanings hereby respectively assigned to them, namely:-- (a) "annual loading" means the provision made for future expenses and profits; (b) "extra premiums" means a charge for any risk not provided for in the minimum contract premium; (c) "net premiums" means the premiums taken credit for in the valuation in connection with which any statement is prepared; and (d) "valuation date" means as respects any valuation the date as at which the valuation is made. PART II REQUIREMENTS FOR STATEMENTS APPLICABLE TO LIFE INSURANCE The statements required to be prepared under this Part of this Schedule are as follows, namely:-- 1. Statements separately prepared in respect of policies with and without participation in profits, showing:-- (a) as.....

Insurance Regulatory and Development Authority Act, 1999 Schedule 1

Title: First Schedule

State: Central

Year: 1999

.....that connection and all other matters incidental thereto as arc, in its opinion, necessary to enable the Investigating Authority to discharge satisfactorily his functions under this section. Explanation.--For the purposes of this section, the expression "insurer" shall include in the case of an insurer incorporated in India-- (a) all its subsidiaries formed for the purpose of carrying on the business of insurance exclusively outside India; and (b) all its branches whether situated in India or outside India. (9) No order made under this section other than an order made under clause (b) of sub-section (6) shall be capable of being called in question in any court. (10) All expenses of, and incidental to, any investigation made under this section shall be defrayed by the insurer, shall have priority over that debts due from the insurer and shall be recoverable as an arrear of land revenue.'. 21. Section 33A, omit "Central Government or the". 22. Section 34H,-- (a) in sub-section (1),-- (i) for "Controller", substitute "Chairperson of the Authority"; (ii) for "an Assistant Controller of Insurance", substitute "an officer authorised by the Authority"; (b) in.....

Insurance Act, 1938 (4 of 1938) Section 64VA

Title: Sufficiency of Assets

State: Central

Year: 1938

.....thousand rupees in respect of a country craft insurer or in respect of an insurer not having a share capital and carrying on only such insurance business as, in the opinion of the Central Government, is not carried on ordinarily by insurers under separate policies. 2 [(7) Every insurer shall furnish to the Authority his returns under section 15 or section 16, as the case may be, in case of life insurance business a statement certified by an actuary approved by the Authority, and in case of general insurance business a statement certified by an auditor approved by the Authority, of the required solvency margin maintained by the insurer in the manner required by sub-section (1A).] ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "at all times" (w.e.f. 19-4-2000). 2. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

General Insurance (Emergency Provisions) Act, 1971 [Repealed] Section 6

Title: Payment of Compensation

State: Central

Year: 1971

.....Government, the amount of compensation referred to in sub-section (1) shall be- (A) in the case of an insurer referred to in clause (b) of sub-section (9) of section 2 of the Insurance Act-,- . (i) where the insurer has declared a1[dividend for at least one] of the three calendar years 1967, 1968 and 1969,- (a) a sum equal to one-twelfth of the annual average (for the three years) of the amount distributed to shareholders as dividend; or (b) a sum equal to two-and-a-half rupees for every thousand rupees or part thereof of the net premium income of the undertaking of insurer during the year 1969, whichever is greater; (ii) in any other case, a sum equal to two-and-half rupees for every thousand rupees or part thereof of the net premium income of the undertaking of the insurer during the year 1969; (B) in the case of an insurer referred to in clause (a) of sub-section (9) of section 2 of the Insurance Act-, a sum equal to two-and-a-half rupees for every thousand rupee or part thereof of the1[net premium income of the undertaking of the insurer so far as it relates to business effected in India] during the year 1969 ________________________ 1. Substituted by Act.....

General Insurance (Emergency Provisions) Act, 1971 Complete Act

State: Central

Year: 1971

.....or authorised person for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act SECTION 14: NEW CERTIFICATE OF REGISTRATION NOT TO BE ISSUED. [Omitted by Act 57 of 1972, S. 40 (20-9-1972).] SECTION 15: ACT WHERE NOT TO APPLY Nothing contained in this Act shall apply to- (a) any insurer whose business is being voluntarily wound up or is being wound, up by a Court; (b) any insurer to whom the Insurance Act does not apply by reason of the provisions contained in section 2E-thereof; (c) the Calcutta Hospital and Nursing Home Benefit Association Limited; (d) the Export Credit Guarantee Corporation; (e) the Deposit Insurance Scheme; (f) any scheme of insurance which might be exempted by the Central Government relating to - (i) crop and cattle, (ii) war risks, (iii) emergency risks; (g) general insurance business carried on by a State Government or by the Life Insurance Corporation of India. SECTION 16: POWER TO MAKE RULES (1) The Central Government may, by notification in the Official Gazette, make rules to carry out the provisions of this Act. (2) In particular, and without prejudice to the generality of the.....

Companies Act, 1956 Section 78

Title: Application of Premiums Received on Issue of Shares

State: Central

Year: 1956

.....payable on the redemption of any redeemable preference shares or of any debentures of the company. (3) Where a company has, before the commencement of this Act, issued any shares at a premium, this section shall apply as if the shares had been issued after the commencement of this Act: Provided that any part of the premiums which has been so applied that it does not at the commencement of this Act form an identifiable part of the company's reserves within the meaning of Schedule VI shall be disregarded in determining the sum to be included in the1[securities] premium account. _____________________ 1. Substituted by Act 21 of 1999, Section 5, for "share" (w.r.e.f. 31-10-1998).