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Start Free TrialInsurance Act, 1938 (4 of 1938) Section 6
Title: Requirement as to Capital
State: Central
Year: 1938
.....under clause (i) or clause(ii), the deposit to be made under section 7 and any preliminary expenses incurredin the formation and registration of the company shall be excluded: Provided further that aninsurer carrying on business of life insurance, general insurance orre-insurance in India before the commencement of the Insurance Regulatory andDevelopment Authority Act, 1999 and who is required to be registered under this Act, shallhave a paid-up equity capital in accordance with clause (i) and clause (ii), asthe case may be, within six months of the commencement of that Act.] _______________________ 1.Substituted by Act 41 of 1999, section 30 and Schedule I, for section 6 (w.e.f.19-4-2000).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Schedule VI
Title: The Sixth Schedule
State: Central
Year: 1938
.....special agent in respect of policies of life insurance procured by hi m through insurance agents shall only be in the form of an overriding commission. Explanation.--In this Schedule "business in force" me ans the total sum assured with bonuses, without taking into account re-insurances, ceded or accepted, by an insurer in respect of the whole of the life insurance business on the working day of the calendar year or the period covered by the revenue account furnished by such insurer under clause (b) or sub-section ( 2 ) of section 16 as the case may be, preceding the calendar year in question.] _______________________ 1. Inserted by Act 47 of 1950, section 38 (w.e.f. 1-9-1950).
View Complete Act List Judgments citing this sectionManoeurses, Field Firing and Artillery Practice Act, 1938 Section 6
Title: Method of Assessing Compensation
State: Central
Year: 1938
.....of determining the amount of any compensation payable under section 5. (2) The Revenue Officer shall consider all claims for compensation under section 5 and determine, on local investigation and where possible after hearing the claimant, the amount of compensation, if any, which shall be awarded in each case ; and shall disburse on the spot to the claimant the compensation so determined as payable. (3) Any claimant, dissatisfied with a refusal of the Revenue Officer to award him compensation or with the amount of compensation awarded to him by the Revenue Officer, may, at any time within fifteen days from the communication to him of the decision of the Revenue Officer, give notice to the Revenue Officer of his intention to appeal against the decision. (4) Where any such notice has been given, the Collector of the district shall constitute a commission consisting of himself as chairman, a person nominated by the Officer Commanding the forces engaged in the manceuvres and two persons nominated by the District Board, and the commission shall decide all appeals of which notice has been given. (5) The commission may exercise its powers notwithstanding the absence of any.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 70
Title: Registration
State: Central
Year: 1938
.....satisfies the 8 [Authority] that no claim upon it such as is referred to in the said clause (c) remains unpaid] or has had an application under sub-section (3) of section 70A accepted, as the case may be, and complies with any directions which may be given to it by the 8 [Authority]. 5 [(7) The 8 [Authority]may, on payment of the prescribed fee which shall not exceed five rupees, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where 9 [it] is of opinion that the issue of a duplicate certificate is necessary.] _________________________ 1. Substituted by Act41 of 1999, section 30 and Schedule I, for "the Controller a certificate ofregistration" (w.e.f. 19-4-2000). 2. Inserted by Act 13 of 1941, section 39 (w.e.f. 8-4-1941). 3. Substituted by Act 62 of 1956, section 2 and Schedule, for "the States" (w.e.f. 1-11-1956). 4. The word and omitted by Act 13 of 1941, section 39 (w.e.f. 8-4-1941). 5. Inserted by Act 6 of 1946, section 29 (w.e.f. 20-3-1946). 6. Added by Act 13 of 1941, section 39 (w.e.f. 8-4-1941) 7. Substituted by Act 6 of 1946, section 29 for "prescribed fee" (w.e.f......
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 4
Title: Minimum Limits for Annuities and Other Benefits Secured by Policies of Life Insurance
State: Central
Year: 1938
.....6 [Authority] mayby order in writing exempt from the provisions of this section, for so long asthe company complies with such conditions, if any, as may be prescribed].] ______________________ 1.Substituted by Act 10 of 1948, section 2, for certain words (w.e.f.8-3-1948). 2.Substituted by Act 47 of 1950, section 8, for "the Insurance Act,1938" (w.e.f. 1-6-1950). 3.Substituted by Act 6 of 1946, section 5, for "commencement of thisAct" (w.e.f. 20-3-1946). 4.Substituted by Act 6 of 1946, section 5, for "fifty rupees or less or agross sum of rupees five hundred or less" (w.e.f. 20-3-1946). 5.Substituted by Act 13 of 1941, section 5, for sub-section (2) (w.e.f. 8-4-1941). 6.Substituted by Act 47 of 1950, section 4, for "Superintendent ofInsurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999,section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 7.Added by Act 6 of 1946, section 6 (w.e.f. 20-3-1946).
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 13
Title: Actuarial Report and Abstract
State: Central
Year: 1938
.....business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" as may be prescribed under sub-section (1) of section 10; and the 11 [Authority] may authorise such modifications and variations of regulations contained in Part I of the Fourth and Fifth Schedules and of the requirements of Part II of those Schedules as may be necessary to facilitate their application to any such sub-class of insurance business: Provided that, if the 11 [Authority] is satisfied that the number and amount of the transactions carried out by an insurer in any such sub-class of insurance business is so small as to render periodic investigation and valuation unnecessary, 12 [it] may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.] _________________________ 1. The Fourth Schedule has been omitted by Act 42 of 1950, section 12 (w.e.f. 1-6-1950). 2. Substituted by Act 47 of 1950, section 13, for "in every five years" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 Schedule I, for "once at least in every three years " (w.e.f. 19-4-2000). 3. Added by Act 47 of.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 92
Title: Procedure at Liquidation
State: Central
Year: 1938
.....(7 of 1913). 8 [(13) The costs of the liquidation including the remuneration of the liquidator and any expenses incurred under clause (g) of sub-section (1) of section 91 or shall, if the liquidator decides that they shall be payable out of the assets of the society, be payable in priority to all other claims.] _________________________ 1. Substituted by Act 47 of 1950, section 54, for "the Superintendent of Insurance shall appoint a suitable person" (w.e.f. 1-6-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for " he" (w.e.f. 19-4-2000). 4. Substituted by Act 6 of 1946, section 41, for "if so desired" (w.e.f. 20-3-1946). 5. Substituted by Act 47 of 1950, section 54, for "and if so desired, shall also appoint a committee of inspection" (w.e.f. 1-6-1950). 6. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 7. Inserted by Act 47 of 1950, section 54 (w.e.f. 1-6-1950). 8. Added by Act 13 of.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 10
Title: Separation of Accounts and Funds
State: Central
Year: 1938
.....of life insurance business shall be deemed to be 6 [part of the assets of such fund; 7 [and every insurer shall, within the time limited in sub-section (1) of section 15 in regard to the furnishing of the statements and accounts referred to in section 11, furnish to the Controller a statement showing in detail such assets as at the close of every calendar year duly certified by an auditor or by a person qualified to audit under the law of the insurer's country: Provided that such statement shall, in the case of an insurer to whom section 11 applies, be set out as a part of the balance-sheet mentioned in clause (a) of sub-section (I) of that section: Provided further that an insurer may show in such statement all the assets held in his life department, but at the same time showing any deductions on account of general reserves and other liabilities of that department: Provided also that the 8 [Authority] may call for a statement similarly certified of such assets as at any other date specified by him to be furnished within a period of three months from the date with reference to which the statement is called for]]. 5 [(2A) No insurer carrying on life insurance business.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 21
Title: Powers of Authority Regarding Returns
State: Central
Year: 1938
.....in the requisition] and if 2 [it] declines toaccept any such return, the insurer shall be deemed to have failed to complywith the provisions of section 15 or section 16 7 [or section 28] 6 [or section 28A] 8 [or section 28B or section 64V] relating tothe furnishing of returns. (2) The Court may on theapplication of an insurer and after hearing the 1 [Authority]cancel any order made by the 1 [Authority]under clauses (a), (b) or (c) of sub-section (1) or may direct the acceptance ofany return which the 1 [Authority] hasdeclined to accept, if the insurer satisfies the Court that the action of the 1 [Authority]wasin the circumstances unreasonable: 9 [Providedthat no application under this sub-section shall be entertained unless it ismade before the expiration of four months from the time when the 10 [Authority]made the order or declined to accept the return.] _____________________ 1.Substituted by Act47 of 1950, section 4, for "Superintendent" ( w.e.f. 1-6-1950) andagain substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller"(w.e.f. 19-4-2000). 2.Substituted by Act41 of 1999, section 30 and Schedule I, for "him" (w.e.f. 19-4-2000). 3. Substituted.....
View Complete Act List Judgments citing this sectionInsurance Act, 1938 (4 of 1938) Section 28
Title: Statement of Investment of Assets
State: Central
Year: 1938
.....with section 27.] 5 [(2A) In respect of the Government securities and other approved securities invested and kept invested in accordance with sub-section (1) of section 27 an insurer shall submit along with the returns referred to in sub-sections (1) and (2) a certificate, where such assets are in the custody of a banking company, from that company, and in any other case, from the chairman, two directors and a principal officer, if the insurer is a company, or otherwise from a principal officer of the insurer, to the effect that the securities are held free of any encumbrance, charge, hypothecation, or lien, and every such certificate after the first shall also state that since the date of the certificate immediately preceding all the securities have been so held. (2B) In respect of the assets forming the controlled fund within the meaning of section 27A, and which do not form part of the Government securities and approved securities invested and kept invested in accordance with section 27, an insurer shall submit, along with the returns referred to in sub-sections (1) and (2), a statement, where such assets are in the custody of a banking company, from that company, and, in.....
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