Judgment Search Results Home > Cases Phrase: insurance act 1938 4 of 1938 section 10 separation of accounts and funds Court: supreme court of india Page 1 of about 260 results (0.290 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 .....

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 .....

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 .....

Bangalore Turf Club Ltd. Vs. Regional Director, Esi Corporation

Court : Supreme Court of India

Reported in : 2009(6)KLJ291(D.B); AIR2009SC2965; [2009(121)FLR1115]; JT2009(14)SC157; 2009(6)KarLJ291; (2009)IIILLJ570SC; 2009(6)SCALE404; 2009(5)LC2059(SC); 2009(5)AIRKarR391; 2009AIRSCW4738

..... in these cases is whether the appellant turf clubs axe covered by the employees' state insurance act, 1948 (for short the 'esi act').3. under section 1 sub-section (5) of the esi act all establishments are not automatically covered by the said act but only such establishments as are mentioned in the notification issued by the appropriate government under ..... section 1(5). this provision is not like sub-section (4) of section 1 by which all factories are automatically covered by the esi act. the notifications issued under section 1(5) in these cases use the word 'shop' and it has been held ..... turf clubs are shops. reliance in this behalf has been placed on the judgment of this court in the case of employees state insurance corporation v. hyderabad race club : (2004)iiillj547sc .4. with great respect to the aforesaid decision in the case of hyderabad race club (supra), we think that the said decision requires .....

Oriental Insurance Co. Ltd. Vs. Inderjit Kaur and ors.

Court : Supreme Court of India

Reported in : 1998ACJ123; 1998(1)BLJR697; [1998]91CompCas306(SC); JT1997(9)SC760; (1998)IMLJ78(SC); (1998)118PLR192; (1998)1SCC371; [1997]Supp6SCR255

..... s widow and minor sons tiled the claim petition. the appellant denied the claim asserting that under the terms of section 64vb of the insurance act, 1938, no risk was assumed by an insurer unless the premium thereon had been received in advance. the motor accident claims tribunal rejected the appellant's contention and awarded the claimants compensation ..... appellant before the high court of punjab & haryana was summarily dismissed, and it is that order which is now under challenge.4. mr. jitender sharma, learned counsel for the appellant, relied upon section 64vb of the insurance act. it reads thus :'64-vb. no risk to be assumed unless premium is received in advance - (1) no ..... such refund shall in no case be credited to the account of the agent.(4) where an insurance agent collects a premium on a policy of insurance on behalf of an insurer, he shall deposit with, or despatch by post to, the insurer, the premium so collected in full without deduction of his commission within twenty-four .....

Reliance Life Insurance Co. Ltd. Vs. Rekhaben Nareshbhai Rathod

Court : Supreme Court of India

..... see great eastern life assurance company limited v bai hira - 1930 ilr vol.lv12412 the high court observed that the law of insurance had, however, undergone a material change by the enactment of section 45 of the insurance act 1938. explaining the provisions of section 45 the high court held: the section is divided into two parts. under the first part, ..... (satwant kaur sandhu v new india assurance co ltd6); (iv) it is only when an insurer seeks to repudiate a policy of life insurance or a claim arising under it after two years of the effective date of the policy that by reason of section 45 of the insurance act 1938, the insurer will have to demonstrate that the information sought in the ..... held by the life assured, we are constrained to repudiate the claim under the policy in terms of section 45 of the insurance act 1938. 6 on 24 february 2012 the respondent addressed a legal notice alleging a deficiency in service and then moved a consumer complaint before the district consumer disputes .....

New Asiatic Insurance Co. Ltd. Vs. Pessumal Dhanamal Aswani and ors.

Court : Supreme Court of India

Reported in : AIR1964SC1736; (1964)66BOMLR702; 1965MHLJ257(SC); [1964]7SCR867

..... interest. murli instituted suit no. 71 of 1959 against pessumal to recover rs. 1,50,000/- by way of damages. 4. notices under s. 96(2) of the motor vehicles act, 1939 (act iv of 1939), hereinafter called the act, were issued to the new asiatic insurance co. ltd. the notice was given to the company as the defendant's liability to third parties had been ..... insured with it under its policy no. mv/4564. the company then took out chamber summons and it was contended that notice .....

The Neptune Assurance Co. Ltd., and ors. Vs. Union of India (Uoi) and ...

Court : Supreme Court of India

Reported in : AIR1973SC602; [1973]43CompCas469(SC); (1973)1SCC310; [1973]2SCR940

..... but does not include capital redemption business and annuity business. an insurer under the act means an insurer. as defined in the insurance act 1938 referred to as the insurance act who carries on general insurance business in india, and includes an insurer whose registration under the insurance act has not remained wholly cancelled for a period of six months immediately ..... corporation ltd. canceling all re-insurance treaties with effect from 31 december 1970. the company alleged ..... .98. on 16 february 1971 the controller of insurance affected cancellation of the registration of the company with effect from 5 april 1971 under section 3(4)(f) of the insurance act, 1938. on 22 february 1971 the company gave letters to indian guarantee and general insurance co. and m/s india re-insu- rance .....