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Start Free TrialInsurance 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.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 27D
Title: Manner and Conditions of Investment
State: Central
Year: 1938
.....carrying on the business of life insurance, general insurance, or re-insurance in India on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 . ( 3 ) The Authority may, after taking into account the nature of business and to protect the interests of the policy-holders, issue to an insurer the directions relating to the time, manner and other conditions of investment of assets to be held by hi m: Provided that no direction under this sub-section shall be issued unless the insurer concerned has been given a reasonable opportunity of being heard.] ______________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000 ).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 32B
Title: Insurance Business in Rural or Social Sector
State: Central
Year: 1938
1[32B. Insurance business in rural or social sector Every insurer shall, after the commencement of the Insurance Regulatory and Development Authority Act, 1999 , undertake such percentages of life insurance business and general insurance business in the rural or social sector, as may by specified, in the Official Gazette by the Authority, in this behalf.] ________________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 32C
Title: Obligations of Insurer in Respect of Rural or Unorganised Sector and Backward Classes
State: Central
Year: 1938
1[32C. Obligations of insurer in respect of rural or unorganised sector and backward classes Every insurer shall, after the commencement of the Insurance Regulatory and Development Authority Act, 1999 , discharge the obligations specified under section 32B to provide life insurance or general insurance policies to the persons residing in the rural sector, workers in the unorganised or inforrmal sector or for economically vulnerable or backward classes of the society and other categories of persons as may specified by regulations made by the Authority and such insurance policies shall include insurance for crops.] ________________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000).
View Complete Act List Judgments citing this sectionInsurance 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 .....
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