Controlled Business - Definition - Law Dictionary Home Dictionary Definition controlled-business

Definition :

Controlled business, the definition of 'controlled business' contemplates two kinds of insurers--(i) insurers who carry on life business only, and (ii) insurers who carry on composite business, that is to say certain other business which does not ex facie come within controlled business, Under sub-clause (a) of s. 2(3)(i) controlled business covers the entire life business of an insurer if he carries on no other class of insurance business and under sub-clause (b) all the business appertaining to his life insurance business is included if he is a composite insurer. The controlled business in either case is intended to embrace all the business concerning life insurance. In the first case it means the whole of the business of the insurer and in the second case the part which comes within the life business

but not other, National Insurance Co. Ltd. v. Life Insurance Corporation of India, AIR 1963 SC 1911 (1913): (1964) 2 SCR 182. [Life Insurance Corpora-tion Act, (31 of 1950), s. 2(3)(i) Expl. 7(i)]