Bare Act Search Results

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 REGULATORY AND DEVELOPMENT AUTHORITY (PROTECTION OF POLICY HOLDERS'INTERESTS) REGULATIONS, 2002 Complete Act

State: Central

Year: 2002

.....conditions attaching to the policy; (m) provision for cancellation of the policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of the insured; (n) the address of the insurer to which all communications in respect of the insurance contract should be sent; (o) the details of the riders attaching to the main policy; (p) pro forma of any communication the insurer may seek from the policyholders to service the policy. (2) Every insurer shall inform and keep informed periodically the insured on the requirements to be fulfilled by the insured regarding lodging of a claim arising in terms of the policy and the procedures to be followed by him to enable the insurer to settle a claim early. Regulation 8 Claims procedure in respect of a life insurance policy (1) A life insurance policy shall state the primary documents which are normally required to be submitted by a claimant in support of a claim. (2) A life insurance company, upon receiving a claim, shall process the claim without delay. Any queries or requirement of additional documents, to the extent possible, shall be raised all at once and not in a piecemeal manner, within a period.....

Supplementary Amendment Insurance Regulatory and Development Authority (Third Party Administratorshealth Services) Regulations, 2001 Complete Act

State: Central

Year: 2001

.....of licence; (4) the Authority, finds that the licence or any renewal thereof granted to the TPA was on the basis of fraud or misrepresentation of facts; (5) there is a breach on the part of the TPA in following the procedure or acquiring the qualifications laid down by regulation 8 of these regulations; (6) the TPA is subject to winding up proceedings made under Companies Act, 1956 or any statutory modification thereof; (7) there is a breach of code of conduct prescribed by Regulation 21 of these regulations; (8) there is violation of any directions issued by the Authority under the Act or these regulations. Regulation 15 Before proceeding under regulation 13 to revoke or cancel a licence granted to a TPA, the Authority shall grant a reasonable opportunity of being heard to the TPA. Regulation 16 (1) Every order made by the Authority under regulation 13 shall be in writing, stating clearly the reasons for the revocation or cancellation of the licence and the order shall be served on the TPA as soon as same is made. (2) The Authority shall also send copies thereof to the insurance company with whom the TPA has subsisting agreement(s). Regulation 17 The TPA on receipt.....

Insurance Regulatory and Development Authority (Distribution of Surplus) Regulations, 2002 Complete Act

State: Central

Year: 2002

.....Authority Act, 1999 (41 of 1999), or in any Rules or Regulations made thereunder shall have the meanings respectively assigned to them in those Acts or Rules or Regulations. Regulation 3 Life funds For the purpose of these regulations, with effect from 1st April 2003,- (1) a life insurer registered under Sec. 3 of the Insurance Act, 1938 shall be required to maintain separately :- (a) a life fund for participating policyholders and (b) a life fund for non participating policyholders. (2) A failure to comply with the requirements of sub-regulation (1) above shall mean that the life fund maintained by the insurer shall be for the benefit of the participating policyholders only. Regulation 4 Procedure for distribution of surplus A life insurer may, on the advice of his appointed actuary, reserve a part of the actuarial surplus (also referred to as valuation surplus) arising out of a valuation of assets and liabilities made for a financial year in accordance with Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000, to its shareholders, which shall be :- (a) one hundred per cent, in case of a life fund maintained for.....

Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002 Complete Act

State: Central

Year: 2002

.....help and cooperation to an insured in completion of all formalities and documentation in the event of a claim; (g) give due publicity to the fact that the corporate agent does not underwrite the risk or act as an insurer; (h) enter into service level agreements with the insurer in which the duties and responsibilities of both are defined. (2) Every corporate agent or a corporate insurance executive or a specified person shall also follow the code of conduct specified below: (i) every corporate agent/corporate insurance executive/specified person shall,- (a) identify himself and the insurance company of whom he is a representative; (b) disclose his licence/certificate to the prospect on demand; (c) disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan; (d) disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect; (e) indicate the premium to be charged by the insurer for the insurance product offered for sale; (f) explain to the prospect the nature of information required in.....

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 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......

Finance Act, 2003 Chapter V

Title: Service Tax

State: Central

Year: 2003

.....Management Act, 1999(42 of 1999); (9) "authorised service station" means any service station, or centre, authorised by any motor vehicle manufacturer, to carry out any service or repair of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (11) "banking company" has the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934(2 of 1934); (12) "banking and other financial service" means-- (a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate, namely:- (i) financial leasing services including equipment leasing and hire-purchase by a body corporate; (ii) credit card services; (iii) merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trust services, but does not include cash management; (vi).....

Finance Act, 2003 Section 159

Title: Amendment of Act 32 of 1994

State: Central

Year: 2003

.....Management Act, 1999(42 of 1999); (9) "authorised service station" means any service station, or centre, authorised by any motor vehicle manufacturer, to carry out any service or repair of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (11) "banking company" has the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934(2 of 1934); (12) "banking and other financial service" means-- (a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate, namely:- (i) financial leasing services including equipment leasing and hire-purchase by a body corporate; (ii) credit card services; (iii) merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trust services, but does not include cash management; (vi).....

Finance Act, 2003 Complete Act

State: Central

Year: 2003

....."(1A) Notwithstanding anything contained in sub-section (1), the deduction, in computing the total income of an undertaking, which begins to manufacture or produce articles or things or computer software during the previous year relevant to any assessment year commencing on or after the 1st day of April, 2003, in any special economic zone, shall be,- (i) hundred per cent of profits and gains derived from the export of such articles or things or computer software for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which the under- taking begins to manufacture or produce such articles or things or computer software, as the case may be, and thereafter, fifty per cent of such profits and gains for further two consecutive assessment years, and thereafter; (ii) for the next three consecutive assessment years, so much of the amount not exceeding fifty per cent of the profit as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account (to be called the "Special Economic Zone Re-investment Allowance Reserve Account") to be created.....