Judgment Search Results Home > Cases Phrase: insurance act 1938 4 of 1938 section 10 separation of accounts and funds Page 1 of about 1,365 results (0.259 seconds)

The General Assurance Society Ltd. Vs. the Life Insurance Corporation ...

Court : Supreme Court of India

Reported in : AIR1964SC892; [1964]5SCR125

..... be met by the learned attorney general by contending that the appellant showed the said assets and liabilities as part of the life insurance business in the balance-sheets duly approved by the controlled under the insurance act, 1938 (act no. 4 of 1938) and, therefore, it is precluded from questioning the correctness of the said balance-sheets. this contention takes us to the consideration of the ..... insurance act, 1938. sections 10(1) and 11 of the said act provide for separations of accounts and funds, and maintaining of account and balance-sheets for different .....

The Neptune Assurance Co. Ltd. Vs. the Life Insurance Corporation of I ...

Court : Supreme Court of India

Reported in : AIR1963SC900; [1963]33CompCas289(SC); [1963]48ITR144(SC); [1963]Supp(1)SCR980

..... exceed the amount of tax payable by him. 4. now a reference has to be made to s. 10 of the insurance act, 1938. under sub-s. (2) of this section an insurer carrying on business of life insurance had to carry to a separate fund, called the life insurance fund, all receipts due in respect of that business ..... and the assets of this fund have to be kept distinct and separate from all his other assets. sub-section (3) provides that the life insurance ..... kinds of business carried on by an insurer. as we have earlier shown, the insurance act treated the various kinds of insurance businesses carried on by an insurer separately. likewise the act of 1956 treated the life insurance business as some-thing separate from other kinds of business carried on by an insurer. we think that it would be .....

The Commissioner of Income-tax, Bombay City Vs. the Great Eastern Life ...

Court : Mumbai

Reported in : (1949)51BOMLR938

..... -valuation period ending before the year in which the assessment is to be made. insurance companies usually get out an actuarial valuation for a quinquennial or triennial period which is all that they are required to do by section 13 of the assurance act, 1938, and some statutory authority for treating the triennial or quinquennial valuation as the basis ..... no distinction between residents and non-residents. unless the rule applies to non-residents, they would lose the valuable privilege conferred by rule 8 : nor would rule 4 apply. furthermore rule 2(6) is the only rule which enables profits and gains to be computed on the annual average disclosed by an actuarial valuation made for ..... at under rule 2(a).9. the assessee then appealed to the appellate tribunal. in the memorandum of appeal objection was taken to the figure of rs. 4,57,424 being treated as gross external incomings and it was alleged that that figure in the revenue account did not represent an actual receipt of income, and .....

M/S Vinyl Chemicals (India) Ltd Vs. National Insurance Co Ltd

Court : Maharashtra State Consumer Disputes Redressal Commission SCDRC Mumbai

..... the ground averred in the appeals that appointment of authorized surveyor under section 64 um(1) of insurance act is a lame excuse on the part of respondent/insurance company, though the insurance company was intimated prior to submitting the insurance claim about the loss on account of shortage on receipt of the chemicals at ports of destination referred ..... did not recommend for reimbursement of any loss and, reported that claim as not payable since attracts provision of exclusion of policy clause no.4. (ii) the contention of the respondent/insurance company is that such a loss/shortage about the shipment are required to be intimated immediately under the policy terms and conditions, or date ..... 2006 and appellant appointed m/s.sgs india pvt.ltd. as surveyor, who carried out the survey of consignment received and noticed that there is shortage of 4.685 m.t. of the chemical and within the permissible limit of shortage of 0.25% of the total chemical, shipped quantity actual shortage worked out .....

New India Assurance Co. Ltd. Vs. Hira Lal Ramesh Chand and ors. and Ra ...

Court : Supreme Court of India

Reported in : AIR2008SC2620; 2008(3)AWC3176(SC); (2008)3CompLJ409(SC); III(2008)CPJ6(SC); (2008)8MLJ141(SC); 2008(9)SCALE105; (2008)10SCC626

..... loss is also attributable to the aforesaid willful misconduct on the part of your company under provisions of institute cargo clause (a) - clause 4.1 and section 55 of the marine insurance act, 193. i) you will appreciate that our company has agreed to indemnify you for the loss and/or damage suffered to the consignments during ..... relating to or incidental to the navigation of the sea may not be correct. having regard to section 4 of the marine insurance act and the terms of the policy undertaking insurance cover against wider risks, the policy of insurance would cover the loss not only while goods or navigating the sea but also any loss or damage during ..... against any land risk which may be incidental to a sea voyage. (vide sections 3 & 4 of marine insurance act, 1963 and hulsbury's law of england, 4th edition, vol.25 paras 216 and 218).15. the insurers offer different types of insurance cover. there are three standard types of institute cargo clauses (and inland transit clauses) denoted as .....

The Branch Manager The National Insurance Co. Ltd., Vs. Vijayalakshmi ...

Court : Chennai Madurai

..... plea was taken that the policy commences from the time of handing over the proposal form and premium to the agent of the insurance company, in view of the provision of section 64-vb of the provisions of insurance act. a single bench of the madhya pradesh high court, on going through ex.d4- policy and on perusal of the same found ..... (mp)], the facts of the case would disclose that the accident took place at about 1.30 p.m. on 02.11.1999 and whereas the petitioner got insured at 4.15 p.m. after the accident. a single bench of madhya pradesh high court found that the premium amount was paid by the third respondent prior to the accident ..... hours. however, in the facts of the case, the hon'ble supreme court found that the policy was taken subsequent to the said incident and therefore, exonerated the insurance company. 8.4. in national insurance co. ltd. motor third party claims, chennai-2 v. n.ponnaiyan @ kolappan and others [2004 (1) tn mac 63 (db)], similar issue arises for consideration and .....

United India Insurance Co. Ltd. Vs. Levis Strauss (india) Pvt. Ltd.

Court : Supreme Court of India

..... . it was urged that the primary obligation by law to arrange insurance locally i.e., through a domestic insurer, reflected the statutory mandate which 6 arose in this case by virtue of section 2(c)(b) of the insurance act, 1938 (hereinafter, act ) and section 25 of the nationalization act. it was also urged that arguendo, if it were to be ..... assured against losses on inland waters or against any land risk which may be incidental 3 2008 (10) scc626 16 to a sea voyage. (vide sections 3 & 4 of marine insurance act, 1963 and halsbury's law of england, 4th edition, vol.25 paras 216 and 218). (emphasis supplied) 30. warehouse risks, combined with voyage and other marine ..... relating to or incidental to the navigation of the sea may not be correct. having regard to section 4 of the marine insurance act and the terms of the policy undertaking insurance cover against wider risks, the policy of insurance would cover the loss not only while goods or navigating the sea but also any loss or damage during .....

National Insurance Co. Ltd. Vs. Yellamma and anr.

Court : Supreme Court of India

Reported in : 2008ACJ1906; AIR2008SC3145; 2008(2)KLT1006(SC); (2008)6MLJ142(SC); (2008)151PLR761; RLW2009(1)SC85; 2008(8)SCALE235; 2008AIRSCW5298; 2008(7)SCC526; (2008)3SCC(Cri)177; 2008ACJ1906; 2008(4)LH(SC)2460

..... from the date of issue of cover note. hence, the insurer is liable to pay the compensation.4. mr. dua, learned counsel appearing on behalf of the appellant, would submit that keeping in view the provisions contained in section 65(v)(b) of the insurance act, 1938 and furthermore in view of the finding of fact arrived at ..... by learned motor vehicles accidents claims tribunal which was not questioned by the insured, the ..... [2001]1scr1131 , a division bench noticed both the aforementioned decisions and analysed the same in the light of section 64vb of the 1938 act. it was held:17. in a contract of insurance when the insured gives a cheque towards payment of premium or part of the premium, such a contract consists of reciprocal promise. the drawer of the .....

Regional Director, Esi Corporation Vs. G. Sivaprasad, Proprietor, M.S. ...

Court : Kerala

Reported in : (2010)ILLJ279Ker

..... persons are the benefit provisions of chapteremployed or were employed for iv, v and vi of the act havewages on any day of the preceding already been brought into force bytwelve months namely; the central government undersection 1(3) of the employees'(i) hotels; state insurance act, 1948 (centralact 35 of 1948), except the areas(ii) restaurants ..... ; where the scheme has already beenextended with effect from the(iii) shops; midnight of march 29, 1975 videnotification no. 22877/e2/73lbr(iv) road motor transport dated march 22, 1975 published inestablishments; the ..... the hospital which is part of the christian medical college, vellore is a 'factory' within the meaning of section 2(1) of the act.4. new grant high class bakery v. esic (1974) lab i.c. 533 (bombay)-it was held that a bakery where a slicing machine is being operated electrically is a factory. .....

The Branch Manager, Reliance Life Insurance Co. Ltd. and Another Vs. L ...

Court : Andhra Pradesh State Consumer Disputes Redressal Commission SCDRC Hyderabad

..... being found false. in the proposal form at page 4 pertaining to medical details, the deceased life assured had purposefully concealed the existence of disease and answered the questions in negative. it contended that on the basis of section 45 of insurance act, 1938 and clause 8(3) of irda, 2002, it conducted investigation and came to know that ..... the deceased life assured suffered from dilated cardio myopathy and severe l.v. dysfunction and was discharged on 02-8-2005 i.e. prior to the proposal and that the insurance contract is a contract based ..... and hospitalization in the proposal form under questions 54(a) and 54 (s) as under which are material in issue as per terms of section 45 of the insurance act, 1935. 54 a. chest pain, high blood pressure, raised cholesterol, stroke heart attack, heart murmur, other heart/blood vessel disorderno54 b----54 c-------------54 s have .....