Bare Act Search Results

Insurance Regulatory and Development Authority Act, 1999 Complete Act

State: Central

Year: 1999

.....thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972. Be it enacted by Parliament in the Fiftieth Year of the Republic of India as follows: STATEMENT OF OBJECTS AND REASONS 1. The insurance industry requires a high degree of regulation. The Insurance Act, 1938 provides for the institution of the Controller of Insurance to act as a strong and powerful supervisory and regulatory authority with powers to direct, advise, caution, prohibit, investigate, inspect, prosecute, search, seize, fine, amalgamate, authorise, register and liquidate insurance companies. However, after the nationalisation of the life insurance industry in 1956 and the general insurance industry in 1972, the role of the Controller of Insurance diminished in significance over a period of time. 2. In April, 1993, the Government set up a high-powered Committee headed by Shri R.N. Malhotra, former Governor, Reserve Bank of India, to examine the structure of the insurance industry and recommend changes to make it more efficient and competitive keeping in view the structural changes in other parts of the financial.....

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

State: Central

Year: 2002

.....and Development Authority Act, 1999 (41 of 1999) or the Insurance Rules, 1939 shall have the meanings respectively assigned to them in those Acts or the rules. Regulation 3 Point of Sale (1) Notwithstanding anything mentioned in Regulation 2(e) above, a prospectus of any insurance product shall clearly state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, in case of life insurance, whether the product is participating (with profits) or non-participating (without profits). The allowable rider or riders on the product shall be clearly spelt out with regard to their scope of benefits, and in no case, the premium relatable to all the riders put together shall exceed 30% of the premium of the main product. Explanation. The rider or riders attached to a life policy shall bear the nature and character of the main policy, viz. participating or non-participating and accordingly the life insurer shall make provisions, etc. in its books. (2) An insurer or its agent or other intermediary shall provide all material information in respect of a proposed cover to the prospect.....

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

.....insurance executive and each of the specified persons shall also not suffer from any of the disqualifications specified under Sec. 42-D of the Act. Regulation 5 Practical Training (1) Where an applicant is seeking licence for the first time to act as a corporate agent, a corporate insurance executive of such an applicant shall have completed from an approved institution, at least, one hundred hours' practical training which may be spread over three to four weeks, in either life of general insurance business, as the case may be. Provided that the corporate insurance executive of the applicant shall have completed from an approved institution, at least, one hundred fifty hours' practical training which may be spread over six to eight weeks both in life and general insurance business, where such an applicant is seeking licence for the first time to act as a composite corporate agent. (2) Where the corporate insurance executive of the applicant, referred to under sub-regulation (1), is- (a) an Associate/Fellow of the Insurance Institute of India, Mumbai; (b) an Associate/Fellow of the Institute of Chartered Accountants of India, New Delhi; (c) an Associate/Fellow of the.....

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

.....of their publication in the Official Gazette. Regulation 2 Definitions .-(1) In these regulations, unless the context otherwise requires- (a) "Act" means the Insurance Act, 1938 (4 of 1938); (b) "Authority" means the Insurance Regulatory and Development Authority established under sub-section (1) of S.3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (c) All words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938), or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in those Acts. Regulation 3 Preparation of financial statements, management report and auditor's report (1) An insurer carrying on life insurance business, after the commencement of these Regulations, shall comply with the requirements of Schedule A. (2) An insurer carrying on general insurance business, after the commencement of these regulations, shall comply with the requirements of Schedule B : Provided that this sub-regulation shall apply, mutatis mutandis, to re-insurers, until separate regulations are.....

Finance Act, 2003 Chapter V

Title: Service Tax

State: Central

Year: 2003

.....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) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers.....

Finance Act, 2003 Section 159

Title: Amendment of Act 32 of 1994

State: Central

Year: 2003

.....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) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers.....

Finance Act, 2003 Complete Act

State: Central

Year: 2003

FINANCE ACT, 2003 FINANCE ACT, 2003 May 14, 2003 An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004 BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act, 2003. (2) Save as otherwise provided in this Act, sections 2 to 103 [except clause (b) of section 92] shall be deemed to have come into force on the 1st day of April, 2003. SECTION 02: INCOME TAX (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2003, income tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income tax calculated underChapter VII-Aof theIncome-lax Act, 1961-(43 of 1961) (hereinafter referred to as the Income tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income.....