Composite Insurer - Law Dictionary Search Results

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Composite insurer

Composite insurer, means an insurer carrying on in addition to controlled business any other kind of insurance business. [Life Insurance Corporation Act, 1956 (14 of 1957), s. 2 (2)]...

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 businessbut 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) E...

fund

fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...

proprietary

proprietary pl: -tar·ies 1 : something that is used, produced, or marketed under exclusive legal right of the inventor or maker ;specif : a drug (as a patent medicine) that is protected by secrecy, patent, or copyright against free competition as to name, product, composition, or process of manufacture 2 : a business secretly owned by and run as a cover for an intelligence operation adj 1 a : held as property of a private owner b : of, relating to, or characteristic of a proprietor [ rights] 2 : used, made, or marketed by one having the exclusive legal right [a process] 3 : privately owned and managed and run as a profit-making organization [a insurer] [a clinic] 4 : of or relating to the acts of a municipality which profit or benefit the municipality and for which it is answerable in negligence ...

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