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https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31793§ionno=1&orderno=1 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 1 | Short title and extent | (1) This Act may be called the Manoeuvres, Field Firing and Artillery Practice Act, 1938.
(2) It extends to the whole of India 1***.1. The words "except Part B States" omitted by Act 3 of 1951, s. 3 and the Schedule (w.e.f. 1-4-1951). | 0 | Short title and extent (1) This Act may be called the Manoeuvres, Field Firing and Artillery Practice Act, 1938.(2) It extends to the whole of India 1***.1.The words "except Part B States" omitted by Act 3 of 1951, s.3 and the Schedule (w.e.f.1-4-1951). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31794§ionno=2&orderno=2 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 2 | Power of State Government to authorise manoeuvres | (1) The State Government may, by notification in the local Official Gazette, authorise the execution of military manoeuvres over any area specified in the notification during a specified period not exceeding three months:
Provided that the same area or any part thereof shall not ordinarily be so specified more than once in any period of three years.
(2) The State Government shall publish notice of its intention to issue a notification under sub-section (1) as early as possible in advance of the issue of the notification, and no such notification shall be issued until the expiry of three months from the date of the first publication of such notice in the local Official Gazette.
(3) The notice required by sub-section (2) shall be given by publication in the local Official Gazette and shall also be given throughout the area which it is proposed to specify in the notification by publication in the manner prescribed by rules made under section 13, and shall be repeated by like publication one month and one week as nearly as may be before the commencement of the manoeuvres. | 0 | Power of State Government to authorise manoeuvres (1) The State Government may, by notification in the local Official Gazette, authorise the execution of military manoeuvres over any area specified in the notification during a specified period not exceeding three months:
Provided that the same area or any part thereof shall not ordinarily be so specified more than once in any period of three years.(2) The State Government shall publish notice of its intention to issue a notification under sub-section (1) as early as possible in advance of the issue of the notification, and no such notification shall be issued until the expiry of three months from the date of the first publication of such notice in the local Official Gazette.(3) The notice required by sub-section (2) shall be given by publication in the local Official Gazette and shall also be given throughout the area which it is proposed to specify in the notification by publication in the manner prescribed by rules made under section 13, and shall be repeated by like publication one month and one week as nearly as may be before the commencement of the manoeuvres. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31795§ionno=3&orderno=3 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 3 | Powers exercisable for purposes of maneuvers | (1) Where a notification under sub-section (1) of section 2 has been issued, such persons as are included in the military forces engaged in the manoeuvres may, within the specified limits and during the specified periods,--
(a) pass over, or encamp, construct military works of a temporary character, or execute military manoeuvres on, the area specified in the notification, and
(b) supply themselves with water from any source of water in such area:
.
Provided that nothing herein contained shall authorise the taking of water from any source of supply, whether belonging to a private owner or a public authority, of an amount in excess of the reasonable requirements of the military forces or of such amount as to curtail the supply ordinarily required by those entitled to the use of such water supply.
(2) The provisions of sub-section (1) shall not authorise entry on or interference with any well or tank held sacred by any religious community or any place of worship or ground attached thereto except for the legitimate purpose of offering prayers or any place or building reserved or used for the disposal of the dead, or any dwelling house or premises attached thereto or any educational institution, factory, workshop or store or any premises used for the carrying on of any trade, business or manufacture or any garden or pleasure ground, or any ancient monument as defined in section 2 of the Ancient Monuments Preservation Act, l904 (7 of 1904). | 0 | Powers exercisable for purposes of maneuvers (1) Where a notification under sub-section (1) of section 2 has been issued, such persons as are included in the military forces engaged in the manoeuvres may, within the specified limits and during the specified periods,--
(a) pass over, or encamp, construct military works of a temporary character, or execute military manoeuvres on, the area specified in the notification, and
(b) supply themselves with water from any source of water in such area:
.Provided that nothing herein contained shall authorise the taking of water from any source of supply, whether belonging to a private owner or a public authority, of an amount in excess of the reasonable requirements of the military forces or of such amount as to curtail the supply ordinarily required by those entitled to the use of such water supply.(2) The provisions of sub-section (1) shall not authorise entry on or interference with any well or tank held sacred by any religious community or any place of worship or ground attached thereto except for the legitimate purpose of offering prayers or any place or building reserved or used for the disposal of the dead, or any dwelling house or premises attached thereto or any educational institution, factory, workshop or store or any premises used for the carrying on of any trade, business or manufacture or any garden or pleasure ground, or any ancient monument as defined in section 2 of the Ancient Monuments Preservation Act, l904 (7 of 1904). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31796§ionno=4&orderno=4 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 4 | Duty of Officer Commanding to repair damage | The Officer in Command of the military forces engaged in the manoeuvres shall cause all lands used under the powers conferred by this Chapter to be restored, as soon and as far as practicable, to their previous condition. | 0 | Duty of Officer Commanding to repair damage The Officer in Command of the military forces engaged in the manoeuvres shall cause all lands used under the powers conferred by this Chapter to be restored, as soon and as far as practicable, to their previous condition. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31797§ionno=5&orderno=5 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 5 | Right to compensation for damage caused by manoeuvres | Where a notification issued under section 2 authorises the execution of military manoeuvres compensation shall be payable from the Defence Estimates for any damage to person or property or interference with rights or privileges arising from such manoeuvres including expenses reasonably incurred in protecting person, property, rights and privileges. | 0 | Right to compensation for damage caused by manoeuvres Where a notification issued under section 2 authorises the execution of military manoeuvres compensation shall be payable from the Defence Estimates for any damage to person or property or interference with rights or privileges arising from such manoeuvres including expenses reasonably incurred in protecting person, property, rights and privileges. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31798§ionno=6&orderno=6 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 6 | Method of assessing compensation | (1) The Collector of the district in which any area utilised for the purpose of manoeuvres is situated shall depute one or more Revenue Officers to accompany the forces engaged in the manoeuvres for the purpose 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 manoeuvres 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 member of the commission, and the chairman of the commission shall have a casting vote in the case of an equal division of opinion.
(6) The decision of the commission shall be final and no suit shall lie in any Civil Court in respect of any matter decided by the commission.
(7) No fee shall be charged in connection with any claim, notice, appeal, application or document filed before the Revenue Officer, Collector or the commission under this section. | 0 | Method of assessing compensation (1) The Collector of the district in which any area utilised for the purpose of manoeuvres is situated shall depute one or more Revenue Officers to accompany the forces engaged in the manoeuvres for the purpose 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 manoeuvres 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 member of the commission, and the chairman of the commission shall have a casting vote in the case of an equal division of opinion.(6) The decision of the commission shall be final and no suit shall lie in any Civil Court in respect of any matter decided by the commission.(7) No fee shall be charged in connection with any claim, notice, appeal, application or document filed before the Revenue Officer, Collector or the commission under this section. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31799§ionno=7&orderno=7 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 7 | Offences | If, within the area and during the period specified in a notification under sub-section (1) of section 2, any person--
(a) wilfully obstructs or interferes with the execution of the manoeuvres, or
(b) without due authority enters or remains in any camp, or
(c) without due authority interferes with any flag or mark or any apparatus used for the purposes of the manoeuvres,
he shall be punishable with fine which may extend to ten rupees. | 0 | Offences If, within the area and during the period specified in a notification under sub-section (1) of section 2, any person--
(a) wilfully obstructs or interferes with the execution of the manoeuvres, or
(b) without due authority enters or remains in any camp, or
(c) without due authority interferes with any flag or mark or any apparatus used for the purposes of the manoeuvres,
he shall be punishable with fine which may extend to ten rupees. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31800§ionno=8&orderno=8 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 8 | Definitions | In this Chapter--
(a) "field firing" includes air armament practice;
(b) "notified area" means an area defined in a notification issued under sub-section @I@(1) of section 9. | 0 | Definitions In this Chapter--
(a) "field firing" includes air armament practice;
(b) "notified area" means an area defined in a notification issued under sub-section @I@(1) of section 9. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31801§ionno=9&orderno=9 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 9 | Power of State Government to authorise field firing and artillery practice | (1) The State Government may, by notification in the local Official Gazette, define any area as an area within which for a specified term of years the carrying out periodically of field firing and artillery practice may be authorised.
(2) The State Government may, by notification in the local Official Gazette, authorise the carrying out of field firing and artillery practice throughout a notified area or any specified part thereof during any period or periods specified in the notification.
(3) Before any notification under sub-section (2) is issued, the State Government shall publish notice of its intention to issue such notification as early as possible in advance of the issue of the notification, and no such notification shall be issued until the expiry of two months from the date of the first publication of the notice in the local Official Gazette.
(4) The notice required by sub-section (3) shall be given by publication in the local Official Gazette and shall also be given throughout the notified area by publication in some newspaper circulating in and in the language commonly understood in that area and by beat of drum and by affixation in all prominent places of copies of the said notice in the language of the locality and in such other manner as may be prescribed by rules made under section 13 and shall be repeated by like publication one week as nearly as may be before the commencement of the period or of each period specified in the notification:
Provided that the fact of the said beat of drum and affixation shall be verified in writing by one headman and two other literate inhabitants of the locality and provided further that such notice by the beat of drum shall be given seven and two days as nearly as may be before the commencement of such field firing and artillery practice. | 0 | Power of State Government to authorise field firing and artillery practice (1) The State Government may, by notification in the local Official Gazette, define any area as an area within which for a specified term of years the carrying out periodically of field firing and artillery practice may be authorised.(2) The State Government may, by notification in the local Official Gazette, authorise the carrying out of field firing and artillery practice throughout a notified area or any specified part thereof during any period or periods specified in the notification.(3) Before any notification under sub-section (2) is issued, the State Government shall publish notice of its intention to issue such notification as early as possible in advance of the issue of the notification, and no such notification shall be issued until the expiry of two months from the date of the first publication of the notice in the local Official Gazette.(4) The notice required by sub-section (3) shall be given by publication in the local Official Gazette and shall also be given throughout the notified area by publication in some newspaper circulating in and in the language commonly understood in that area and by beat of drum and by affixation in all prominent places of copies of the said notice in the language of the locality and in such other manner as may be prescribed by rules made under section 13 and shall be repeated by like publication one week as nearly as may be before the commencement of the period or of each period specified in the notification:
Provided that the fact of the said beat of drum and affixation shall be verified in writing by one headman and two other literate inhabitants of the locality and provided further that such notice by the beat of drum shall be given seven and two days as nearly as may be before the commencement of such field firing and artillery practice. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31802§ionno=10&orderno=10 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 10 | Powers exercisable for purposes of field firing and artillery practice | (1) Where a notification under sub-section(2) of section 9 has been issued, such persons as are included in the forces engaged in field firing or artillery practice may, within the notified area or specified part thereof during the specified period or periods,--
(a) carry out field firing and artillery practice with lethal missiles, and
(b) exercise, subject to the provisions of sections 3 and 4, any of the rights conferred by section 3 on forces engaged in military manoeuvres:
Provided that the provisions of sub-section (2) of section 3 shall not debar entry into, or interference with, any place specified in that sub-section, if it is situated in an area declared to be a danger zone under sub-section (2) of this section, to the extent that may be necessary to ensure the exclusion from it of persons and domestic animals:
Provided further that in the case of a dwelling house occupied by women adequate warning shall be given through a local inhabitant and entry shall be effected after such warning in the presence of two respectable inhabitants of the locality.
(2) The Officer Commanding the forces engaged in any such practice may, within the notified area or specified part thereof, declare any area to be a danger zone, and thereupon the Collector shall, on application made to him by the Officer Commanding the forces engaged in the practice, prohibit the entry into and secure the removal from such danger zone of all persons and domestic animals during the times when the discharge of lethal missiles is taking place or there is danger to life or health. | 0 | Powers exercisable for purposes of field firing and artillery practice (1) Where a notification under sub-section(2) of section 9 has been issued, such persons as are included in the forces engaged in field firing or artillery practice may, within the notified area or specified part thereof during the specified period or periods,--
(a) carry out field firing and artillery practice with lethal missiles, and
(b) exercise, subject to the provisions of sections 3 and 4, any of the rights conferred by section 3 on forces engaged in military manoeuvres:
Provided that the provisions of sub-section (2) of section 3 shall not debar entry into, or interference with, any place specified in that sub-section, if it is situated in an area declared to be a danger zone under sub-section (2) of this section, to the extent that may be necessary to ensure the exclusion from it of persons and domestic animals:
Provided further that in the case of a dwelling house occupied by women adequate warning shall be given through a local inhabitant and entry shall be effected after such warning in the presence of two respectable inhabitants of the locality.(2) The Officer Commanding the forces engaged in any such practice may, within the notified area or specified part thereof, declare any area to be a danger zone, and thereupon the Collector shall, on application made to him by the Officer Commanding the forces engaged in the practice, prohibit the entry into and secure the removal from such danger zone of all persons and domestic animals during the times when the discharge of lethal missiles is taking place or there is danger to life or health. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31803§ionno=11&orderno=11 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 11 | Compensation | The provisions of sections 5 and 6 shall apply in the case of field firing and artillery practice as they apply in the case of military manoeuvres:
Provided that the compensation payable under this section shall include compensation for exclusion or removal from any place declared to be a danger zone of persons or domestic animals, such compensation to be disbursed at not less than the minimum rates prescribed by rules made under section 13 before the exclusion or removal is enforced, and shall also include compensation for any loss of employment or deterioration of crops resulting from any such exclusion or removal. | 0 | Compensation The provisions of sections 5 and 6 shall apply in the case of field firing and artillery practice as they apply in the case of military manoeuvres:
Provided that the compensation payable under this section shall include compensation for exclusion or removal from any place declared to be a danger zone of persons or domestic animals, such compensation to be disbursed at not less than the minimum rates prescribed by rules made under section 13 before the exclusion or removal is enforced, and shall also include compensation for any loss of employment or deterioration of crops resulting from any such exclusion or removal. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31804§ionno=12&orderno=12 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 12 | Offences | If, during any period specified in a notification issued under sub-section (2) of section 9, any person within a notified area--
(a) wilfully obstructs or interferes with the carrying out of field firing or artillery practice, or
(b) without due authority enters or remains in any camp, or
(c) without due authority enters or remains in any area declared to be a danger zone at a time when entry thereto is prohibited, or
(d) without due authority interferes with any flag or mark or target or any apparatus used for the purposes of the practice,
he shall be punishable with fine which may extend to ten rupees. | 0 | Offences If, during any period specified in a notification issued under sub-section (2) of section 9, any person within a notified area--
(a) wilfully obstructs or interferes with the carrying out of field firing or artillery practice, or
(b) without due authority enters or remains in any camp, or
(c) without due authority enters or remains in any area declared to be a danger zone at a time when entry thereto is prohibited, or
(d) without due authority interferes with any flag or mark or target or any apparatus used for the purposes of the practice,
he shall be punishable with fine which may extend to ten rupees. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_28_38_00026_193805_1535002455667§ionId=31805§ionno=13&orderno=13 | "1938-03-12T00:00:00" | The Manoeuvres, Field Firing and Artillery Practice Act, 1938 | An Act to provide facilities for military manoeuvres and for field firing and artillery practice. | 193805 | Ministry of Defence | 13 | Power to make rules | 1 [(1)] The State Government may, by notification in the local Official Gazette, make rules
(a) prescribing the manner in which the notices required by sub-section (2) of section 2 and sub-section (3) of section 9 shall be published in the areas concerned;
(b) regulating the use under this Act of land for manoeuvres or field firing and artillery practice in such manner as to secure the public against danger and to enable the manoeuvre, or practice, to be carried out without interference and with the minimum inconvenience to the inhabitants of the areas affected;
(c) regulating the procedure of the Revenue Officers and commissions referred to in section 6 in such manner as to secure due publicity regarding the method of making claims for compensation and preferring appeals from original awards of compensation, the expeditious settlement of claims and of appeals and the payment of compensation so far as possible direct to the claimants; and
(d) defining the principles to be followed by the Revenue Officers and commissions referred to in section 6 in assessing the amount of compensation to be awarded.
2[(2) Every rule made by the State Government under this Act shall be laid, as soon as may be after it is made, before the State Legislature.]1. Section 13 re-numbered as sub-section (1) thereof by Act 4 of 2005, s. 2 and the Schedule (w.e.f. 11-1-2005).
2. Ins. by s. 2 and the Schedule, ibid. (w.e.f. 11-1-2005). | 0 | Power to make rules 1 [(1)] The State Government may, by notification in the local Official Gazette, make rules
(a) prescribing the manner in which the notices required by sub-section (2) of section 2 and sub-section (3) of section 9 shall be published in the areas concerned;
(b) regulating the use under this Act of land for manoeuvres or field firing and artillery practice in such manner as to secure the public against danger and to enable the manoeuvre, or practice, to be carried out without interference and with the minimum inconvenience to the inhabitants of the areas affected;
(c) regulating the procedure of the Revenue Officers and commissions referred to in section 6 in such manner as to secure due publicity regarding the method of making claims for compensation and preferring appeals from original awards of compensation, the expeditious settlement of claims and of appeals and the payment of compensation so far as possible direct to the claimants; and
(d) defining the principles to be followed by the Revenue Officers and commissions referred to in section 6 in assessing the amount of compensation to be awarded.2[(2) Every rule made by the State Government under this Act shall be laid, as soon as may be after it is made, before the State Legislature.]1.Section 13 re-numbered as sub-section (1) thereof by Act 4 of 2005, s.2 and the Schedule (w.e.f.11-1-2005).2.Ins.by s.2 and the Schedule, ibid.(w.e.f.11-1-2005). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18095§ionno=1&orderno=1 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 1 | Short title, extent and commencement | (1) This Act may be called the Insurance Act, 1938.
1[(2) It extends to the whole of India 2***.]
(3) It shall come into force on such date3 as the Central Government may, by notification in the Official Gazette, appoint in this behalf.1. Subs. by Act 47 of 1950, s. 2, for sub-section (2) (w.e.f. 1-6-1950).
2. The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
3. 1st July, 1939: see notification no. 589-(4)/38, dated the 1st April, 1939, Gazette of India, 1939, Pt. I, p. 631. | 0 | Short title, extent and commencement (1) This Act may be called the Insurance Act, 1938.1[(2) It extends to the whole of India 2***.]
(3) It shall come into force on such date3 as the Central Government may, by notification in the Official Gazette, appoint in this behalf.1.Subs.by Act 47 of 1950, s.2, for sub-section (2) (w.e.f.1-6-1950).2.The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1956, s.2 and the Schedule (w.e.f.1-11-1956).3.1st July, 1939: see notification no.589-(4)/38, dated the 1st April, 1939, Gazette of India, 1939, Pt.I, p.631. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 0 | Definitions In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation.-- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 1 | Definitions ]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015 |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 2 | Definitions );
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 3 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 4 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 5 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 6 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 7 | Definitions of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed.]
Explanation.--For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.Explanation. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 8 | Definitions -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 9 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 10 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 11 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 12 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 13 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 14 | Definitions -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1.Subs.by Act 5 of 2015, s.3, for clauses (1) and (1A) (w.e.f.26-12-2014).2.Subs.by Act 6 of 1946, s.2, for clause (2) (w.e.f.20-3-1946).3.Subs.by Act 47 of 1950, s.3, for clause (3) (w.e.f.1-6-1950).4.The words Part A omitted by the Adaptation of Laws (No.3) Order, 1956.5.The word Part A omitted by the Adaptation of Laws (No.3) Order, 1956.6.Sub-clause (v) omitted by Act 42 of 2002, s.2 (w.e.f.23-9-2002).7.Ins.by The Adaptation of Laws (No.3) order 1956.8.Subs.by Act 47 of 1950, s.3 for clause 4 (w.e.f.1-6-1950).9.Ins.by s.3, ibid, (w.e.f.1-6-1950).10.Now renamed as Banking Regulation Act, 1949 (10 of 1949).11.Subs.by Act 13 of 1941, s.2, for an insurer (w.e.f.8-4-1941).12.Subs.by s. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 15 | Definitions 2, ibid, for the insurer (w. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 16 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 17 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 18 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 19 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 20 | Definitions |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18096§ionno=2&orderno=2 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2 | Definitions | In this Act, unless there is anything repugnant in the subject or context, --
1[(1) actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);
(1A) Authority means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
2[(2) policy-holder includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition ;]
3[(3) approved securities means--
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 4*** State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 2*** State ;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5*** State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
6* * * * *
Provided that securities or debentures specified in item (v) shall be recognished as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed ;]
7[Explanation. -- In sub-clauses (i) and (iii), Government of a State in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
8[(4) auditor means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
9[(4A) banking company and company shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949) 10***;]
(5) certified in relation to any copy or translation of a document required to be furnished by or on behalf of 11[an insurer or a provident society as defined in Part III] means certified by a principal officer of 12[such insurer or provident society] to be a true copy or a correct translation, as the case may be;
13* * * * *
14[(5B) Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) Court means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
15[(6A) fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) general insurance business means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;]
16[(6C) health insurance business means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;]
17[(7) Government security means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);]
18[(7A) Indian insurance company means any insurer, being a company which is limited by shares, and, --
(a) which is formed and registered under the Companies Act, 2013 (18 of 2013) as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015);
19[(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed. ]
Explanation. --For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
20* * * * *
21[(8A) insurance co-operative society means any insurer being a co-operative society, --
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
22[(b) having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;]
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such Co-operative Society;
(d) whose sole purpose is to carry on life insurance business or general insurance business 23[or health insurance business] in India;]
24[(9) insurer means--
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
Explanation. -- For the purposes of this sub-clause, the expression foreign company shall mean a company or body established or incorporated under a law of any country outside India and includes Lloyd's established under the Lloyd's Act, 1871 (United Kingdom) or any of its Members;]
(10) insurance agent means an insurance agent 25*** 26*** who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business 27[including business relating to the continuance, renewal or revival of policies of insurance];
28[(10A) investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities ;]
29[(10B) intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
30[(11) life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include--
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life ; and
(c) the granting of superannuation allowances and 31[benefit payable out of any fund] applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons ;]
32[Explanation. -- For the removal of doubts, it is hereby declared that life insurance business shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section.]
33* * * * *
32* * * * *
34[(13A) marine insurance business means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both, and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies ;
(13B) miscellaneous insurance business means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);]
35[(13BA) National Company Law Tribunal means the National Company Law Tribunal constituted under section 10FB of the Companies Act, 1956 (1 of 1956);
(13BB) the National Company Law Appellate Tribunal means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR of the Companies Act, 1956 (1 of 1956);]
(14) prescribed means prescribed by rules made under 36[this Act]; and
37* * * * *
38* * * * *
(16) private company and public company have the meanings respectively assigned to them in 39[clause (68) and clause (72) of section 2 of the Companies Act, 2013 (18 of 2013)];
40[(16A) regulations means the regulations framed by the Insurance Regulatory and Development Authority of India established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(16B) re-insurance means the insurance of part of one insurers risk by another insurer who accepts the risk for a mutually acceptable premium;
(16C) Securities Appellate Tribunal means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
41 * * * * *1. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
2. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
3. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
4. The words Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
5. The word Part A omitted by the Adaptation of Laws (No. 3) Order, 1956.
6. Sub-clause (v) omitted by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
7. Ins. by The Adaptation of Laws (No. 3) order 1956.
8. Subs. by Act 47 of 1950, s. 3 for clause 4 (w.e.f. 1-6-1950).
9. Ins. by s. 3, ibid, (w.e.f. 1-6-1950).
10. Now renamed as Banking Regulation Act, 1949 (10 of 1949).
11. Subs. by Act 13 of 1941, s. 2, for an insurer (w.e.f. 8-4-1941).
12. Subs. by s. 2, ibid, for the insurer (w.e.f. 8-4-1941).
13. Clause (5A) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
14. Subs. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). Earlier it was inserted by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
15. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
16. Ins. by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
17. Subs. by Act 47 of 1950, s. 3, for clause (7) (w.e.f. 1-6-1950).
18. Subs. by Act 5 of 2015, s. 3, for clause (7A) (w.e.f. 26-12-2014).
19. Subs. by Act 6 of 2021, s. 2, for sub-clause (b) (w.e.f. 1-4-2021).
20. Clause (8) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
21. Ins. by Act 42 of 2002, s. 2 (w.e.f. 9-8-2002).
22. Subs. by Act 5 of 2015, s. 3, for sub-clause (b) (w.e.f. 26-12-2014).
23. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
24. Subs. by s. 3, ibid., for clause (9) (w.e.f. 26-12-2014).
25. The words and figures licensed under section 42 omitted by s. 3, ibid. (w.e.f. 26-12-2014).
26. The words being an individual omitted by Act 35 of 1957, s. 2 (w.e.f. 1-9-1957).
27. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
28. Ins. by Act 42 of 2002, s. 2 (w.e.f. 23-9-2002).
29. Subs. by Act 47 of 1950, s. 2, for clause (11) (w.e.f. 23-9-2002).
30. Subs. by Act, 5 of 2015, s. 3, for annuities payable out of any fund ( w.e.f. 26-12-2014).
31. Ins. by Act 26 of 2010, s. 3 (w.e.f. 9-4-2010).
32. Clause (12) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
33. Clause (13) omitted by s. 3, ibid. (w.e.f. 26-12-2014).
34. Ins. by Act 47 of 1950, s. 3 (w.e.f. 1-6-1950).
35.. Ins. by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
36.. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for section 114 (w.e.f. 19-4-2000).
37. Clause (14A) omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
38. Clause (15) omitted by Act 5 of 2015, s. 3 (w.e.f. 26-12-2014).
39. Subs. by Act 5 of 2015, s. 3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f. 26-12-2014).
40. Ins. by s. 3, ibid. (w.e.f. 26-12-2014).
41. Clause (17) omitted by s. 3, ibid. (w.e.f. 26-12-2014). | 21 | Definitions e.f.8-4-1941).13.Clause (5A) omitted by Act 5 of 2015, s.3 (w.e.f.26-12-2014).14.Subs.by Act 41 of 1999, s.30 and the First Schedule (w.e.f.19-4-2000).Earlier it was inserted by Act 47 of 1950, s.3 (w.e.f.1-6-1950).15.Ins.by Act 47 of 1950, s.3 (w.e.f.1-6-1950).16.Ins.by Act 5 of 2015, s.3 (w.e.f.26-12-2014).17.Subs.by Act 47 of 1950, s.3, for clause (7) (w.e.f.1-6-1950).18.Subs.by Act 5 of 2015, s.3, for clause (7A) (w.e.f.26-12-2014).19.Subs.by Act 6 of 2021, s.2, for sub-clause (b) (w.e.f.1-4-2021).20.Clause (8) omitted by s.3, ibid.(w.e.f.26-12-2014).21.Ins.by Act 42 of 2002, s.2 (w.e.f.9-8-2002).22.Subs.by Act 5 of 2015, s.3, for sub-clause (b) (w.e.f.26-12-2014).23.Ins.by s.3, ibid.(w.e.f.26-12-2014).24.Subs.by s.3, ibid., for clause (9) (w.e.f.26-12-2014).25.The words and figures licensed under section 42 omitted by s.3, ibid.(w.e.f.26-12-2014).26.The words being an individual omitted by Act 35 of 1957, s.2 (w.e.f.1-9-1957).27.Ins.by Act 47 of 1950, s.3 (w.e.f.1-6-1950).28.Ins.by Act 42 of 2002, s.2 (w.e.f.23-9-2002).29.Subs.by Act 47 of 1950, s.2, for clause (11) (w.e.f.23-9-2002).30.Subs.by Act, 5 of 2015, s.3, for annuities payable out of any fund ( w.e.f.26-12-2014).31.Ins.by Act 26 of 2010, s.3 (w.e.f.9-4-2010).32.Clause (12) omitted by Act 5 of 2015, s.3 (w.e.f.26-12-2014).33.Clause (13) omitted by s.3, ibid.(w.e.f.26-12-2014).34.Ins.by Act 47 of 1950, s.3 (w.e.f.1-6-1950).35..Ins.by Act 11 of 2003, s.133 and the Schedule (w.e.f.1-4-2003).36..Subs.by Act 41 of 1999, s.30 and the First Schedule, for section 114 (w.e.f.19-4-2000).37.Clause (14A) omitted by Act 62 of 1956, s.2 and the Schedule (w.e.f.1-11-1956).38.Clause (15) omitted by Act 5 of 2015, s.3 (w.e.f.26-12-2014).39.Subs.by Act 5 of 2015, s.3 for clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913) (w.e.f.26-12-2014).40.Ins.by s.3, ibid.(w.e.f.26-12-2014).41.Clause (17) omitted by s.3, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18097§ionno=2A&orderno=3 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2A | Interpretation of certain words and expressions | 1[2A. Interpretation of certain words and expressions. --Words and expressions used and not defined in this Act but defined in the Life Insurance Corporation Act, 1956 (31 of 1956), the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and the Insurance Regulatory and Development Authority Act, 1999 shall have the meanings respectively assigned to them in those Acts.]1. Ins. by Act 41 of 1999, s. 30 and the Fifth Schedule (w.e.f. 19-4-2000). | 0 | Interpretation of certain words and expressions 1[2A.Interpretation of certain words and expressions.--Words and expressions used and not defined in this Act but defined in the Life Insurance Corporation Act, 1956 (31 of 1956), the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and the Insurance Regulatory and Development Authority Act, 1999 shall have the meanings respectively assigned to them in those Acts.]1.Ins.by Act 41 of 1999, s.30 and the Fifth Schedule (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18098§ionno=2B&orderno=4 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2B | Appointment of Controller of Insurance | 1[2B. Appointment of Controller of Insurance. -- 2[(1) If at any time, the Authority is superseded under sub-section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub-section (3) of section 19 of that Act.]
(2) In making any appointment under this section, the Central Government shall have due regard to the following considerations, namely, whether the person to be appointed has had experience in industrial, commercial or insurance matters and whether such person has actuarial qualifications.]1. Ins. by Act 47 of 1950, s. 5 (w.e.f. 1-6-1950).
2. Subs. by Act 41 of 1999, s. 30 and the Fifth Schedule, for sub-section (1) (w.e.f. 19-4-2000). | 0 | Appointment of Controller of Insurance 1[2B.Appointment of Controller of Insurance.-- 2[(1) If at any time, the Authority is superseded under sub-section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub-section (3) of section 19 of that Act.]
(2) In making any appointment under this section, the Central Government shall have due regard to the following considerations, namely, whether the person to be appointed has had experience in industrial, commercial or insurance matters and whether such person has actuarial qualifications.]1.Ins.by Act 47 of 1950, s.5 (w.e.f.1-6-1950).2.Subs.by Act 41 of 1999, s.30 and the Fifth Schedule, for sub-section (1) (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18099§ionno=2C&orderno=5 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2C | Prohibition of transaction of insurance business by certain persons | 1[2C. Prohibition of transaction of insurance business by certain persons. -- (1) Save as hereinafter provided, no person shall, after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), begin to carry on any class of insurance business in 2[India] and no insurer carrying on any class of insurance business in 2[India] shall after the expiry of one year from such commencement, continue to carry on any such business unless he is--
(a) a public company, or
(b) a society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State relating to co-operative societies, or
(c) a body corporate incorporated under the law of any country outside 3[India] not being of the nature of a private company :
Provided that the Central Government may, by notification in the Official Gazette, exempt from the operation of this section to such extent for such period and subject to such conditions as it may specify, any person or insurer for the purpose of carrying on the business of granting superannuation allowances and annuities of the nature specified in sub-clause (c) of clause (11) of section 2 or for the purpose of carrying on any general insurance business :
Provided further that in the case of an insurer carrying on any general insurance business no such notification shall be issued having effect for more than three year at any one time.
4[Provided also that no insurer other than an Indian insurance company shall begin to carry on any class of insurance business in India under this Act on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).]
5[Provided also an insurer, being an Indian Insurance Company, insurance co-operative society or, a body corporate referred to in clause (c) of this sub-section carrying on the business of insurance, may carry on any business of insurance in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).]
(2) Every notification issued under sub-section (1) shall be laid before Parliament as soon as may be after it is issued.]
6[(3) Notwithstanding anything contained in sub-section (1), an insurance co-operative society may carry on any class of insurance business in India under this Act on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002).]1. Ins. by Act 47 of 1950, s. 6 (w.e.f. 1-6-1950).
2. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
3. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
4. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
5. The proviso ins. by Act 28 of 2005, s. 57 and the Third Schedule (w.e.f. 10-2-2006).
6. Ins. by Act 42 of 2002, s. 3 (w.e.f. 23-9-2002). | 0 | Prohibition of transaction of insurance business by certain persons 1[2C.Prohibition of transaction of insurance business by certain persons.-- (1) Save as hereinafter provided, no person shall, after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), begin to carry on any class of insurance business in 2[India] and no insurer carrying on any class of insurance business in 2[India] shall after the expiry of one year from such commencement, continue to carry on any such business unless he is--
(a) a public company, or
(b) a society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State relating to co-operative societies, or
(c) a body corporate incorporated under the law of any country outside 3[India] not being of the nature of a private company :
Provided that the Central Government may, by notification in the Official Gazette, exempt from the operation of this section to such extent for such period and subject to such conditions as it may specify, any person or insurer for the purpose of carrying on the business of granting superannuation allowances and annuities of the nature specified in sub-clause (c) of clause (11) of section 2 or for the purpose of carrying on any general insurance business :
Provided further that in the case of an insurer carrying on any general insurance business no such notification shall be issued having effect for more than three year at any one time.4[Provided also that no insurer other than an Indian insurance company shall begin to carry on any class of insurance business in India under this Act on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).]
5[Provided also an insurer, being an Indian Insurance Company, insurance co-operative society or, a body corporate referred to in clause (c) of this sub-section carrying on the business of insurance, may carry on any business of insurance in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).]
(2) Every notification issued under sub-section (1) shall be laid before Parliament as soon as may be after it is issued.]
6[(3) Notwithstanding anything contained in sub-section (1), an insurance co-operative society may carry on any class of insurance business in India under this Act on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002).]1.Ins.by Act 47 of 1950, s.6 (w.e.f.1-6-1950).2.Subs.by Act 62 of 1956, s.2 the Schedule, for "the States" (w.e.f.1-11-1956).3.Subs.by Act 62 of 1956, s.2 the Schedule, for "the States" (w.e.f.1-11-1956).4.The proviso ins.by Act 41 of 1999, s.30 and the First Schedule (w.e.f.19-4-2000).5.The proviso ins.by Act 28 of 2005, s.57 and the Third Schedule (w.e.f.10-2-2006).6.Ins.by Act 42 of 2002, s.3 (w.e.f.23-9-2002). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18100§ionno=2CA&orderno=6 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2CA | Power of Central Government to apply provisions of this Act to Special Economic Zones | 1[2CA. Power of Central Government to apply provisions of this Act to Special Economic Zones.--The Central Government may, by notification, direct that any of the provisions of this Act, --
(a) shall not apply to insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); or
(b) shall apply to any insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) only with such exceptions, modifications and adaptations as may be specified in the notification.]1. Ins. by Act 28 of 2005, s. 57 and the Third Schedule (w.e.f. 10-2-2006). | 0 | Power of Central Government to apply provisions of this Act to Special Economic Zones 1[2CA.Power of Central Government to apply provisions of this Act to Special Economic Zones.--The Central Government may, by notification, direct that any of the provisions of this Act, --
(a) shall not apply to insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); or
(b) shall apply to any insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) only with such exceptions, modifications and adaptations as may be specified in the notification.]1.Ins.by Act 28 of 2005, s.57 and the Third Schedule (w.e.f.10-2-2006). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18101§ionno=2CB&orderno=7 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2CB | Properties in India not to be insured with foreign insurers except with the permission of Authority | 1[2CB. Properties in India not to be insured with foreign insurers except with the permission of Authority. --(1) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India save with the prior permission of the Authority.
(2) If any person contravenes the provision of sub-section (1), he shall be liable to a penalty which may extend to five crore rupees.]1. Ins. by Act 5 of 2015, s. 4, (w.e.f. 26-12-2014). | 0 | Properties in India not to be insured with foreign insurers except with the permission of Authority 1[2CB.Properties in India not to be insured with foreign insurers except with the permission of Authority.--(1) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India save with the prior permission of the Authority.(2) If any person contravenes the provision of sub-section (1), he shall be liable to a penalty which may extend to five crore rupees.]1.Ins.by Act 5 of 2015, s.4, (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18102§ionno=2D&orderno=8 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2D | Insurers to be subject to this Act while liabilities remain unsatisfied | 1[2D. Insurers to be subject to this Act while liabilities remain unsatisfied. -- Every insurer shall be subject to all the provisions of this Act in relation to any class of insurance business so long as his liabilities in 2[India] in respect of business of that class remain unsatisfied or not otherwise provided for.]1. Sections (2A) and (2B) renumbered as sections (2D) and (2E) thereof by Act 47 of 1950, s. 6 (w.e.f. 1-6-1950).
2. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956). | 0 | Insurers to be subject to this Act while liabilities remain unsatisfied 1[2D.Insurers to be subject to this Act while liabilities remain unsatisfied.-- Every insurer shall be subject to all the provisions of this Act in relation to any class of insurance business so long as his liabilities in 2[India] in respect of business of that class remain unsatisfied or not otherwise provided for.]1.Sections (2A) and (2B) renumbered as sections (2D) and (2E) thereof by Act 47 of 1950, s.6 (w.e.f.1-6-1950).2.Subs.by Act 62 of 1956, s.2 the Schedule, for "the States" (w.e.f.1-11-1956). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18103§ionno=2E&orderno=9 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 2E | [Omitted | 2E. [This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act].-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s. 5 (w.e.f. 26-12-2014). | 0 | [Omitted 2E.[This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act].-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s.5 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 0 | Registration (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 1 | Registration 11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 2 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 3 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 4 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 5 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 6 | Registration ]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 7 | Registration (4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 8 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 9 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 10 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 11 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 12 | Registration (5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 13 | Registration The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 14 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 15 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 16 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 17 | Registration |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18104§ionno=3&orderno=10 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3 | Registration | (1) No 2[person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 1[India] and no insurer carrying on any class of insurance business in 1[India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[Authority] a certificate of registration 4[for the particular class of insurance business:]
5[Provided that in the case of an insurer who was carrying on any class of insurance business in 1[India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub-clause shall not operate to invalidate any contract of insurance entered into by him if before 6[such date as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
7[Provided further that a person or insurer, as the case may be, carrying on any class of insurance business in India, on or before the commencement of the Insurance Regulatory and Development Authority Act, 1999, for which no registration certificate was necessary prior to such commencement, may continue to do so for a period of three months from such commencement or, if he had made an application for such registration within the said period of three months, till the disposal of such application:
Provided also that any certificate of registration, obtained immediately before the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be deemed to have been obtained from the Authority in accordance with the provisions of this Act.]
8[(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations.]
9[(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the 3[Authority] is satisfied that--
(a) the financial condition and the general character of management of the applicant are sound;
(b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
(c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
(d) the applicant has complied with the provisions of sections 2C, 10[(5 and 31A)] and has fulfilled all the requirements of this section applicable to him,
the 3[Authority] may register the applicant as an insurer and grant him a certificate of registration.
11[(2AA) The Authority shall give preference to register the applicant and grant him a certificate of registration if such applicant agrees, in the form and manner as may be specified by the regulations made by the Authority, to carry on the life insurance business or general insurance business for providing health cover to individuals or group of individuals.]
(2B) Where the 3[Authority] refuses registration, shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
12[(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.]
13* * * * *
14[(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or
(f) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 (18 of 2013) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Foreign Exchange Management Act, 1999 (42 of 1999) or the Prevention of Money Laundering Act, 2002 (15 of 2002), or
(i) if the insurer fails to pay the annual fee required under section 3A, or
(j) if the insurer is convicted for an offence under any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co-operative Societies Act, 2002 (39 of 2002), contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer.]
15[(5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place.]
16[(5C) Where a registration is suspended or cancelled under clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be given to him by the Authority.]
17[(5D) Where 18[the registration of an insurance company is cancelled under sub-section (4), the 3[Authority] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub-section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub-section were an application under sub-section (2) of section 53, or sub-section (1) of section 58, as the case may be.]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 20 of 1940, s. 3, for "insurer" (w.e.f. 10-4-1940).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
4. Ins. by Act 6 of 1946, s. 3 (w.e.f. 20-3-1946).
5. The Proviso Added by Act 20 of 1940, s. 3 (w.e.f. 10-4-1940).
6. Subs. by Act 13 of 1941, s. 3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f. 8-4-1941).
7. The proviso ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
8. Subs. by Act 5 of 2015, s. 6, for sub-section (2) (w.e.f. 26-12-2014).
9. Ins. by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
10. Subs. by Act 5 of 2015, s. 6, for "5, 31A and 32" (w.e.f. 26-12-2014).
11. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
12. Subs. by Act 5 of 2015, s. 6, for sub-section (2C) (w.e.f. 26-12-2014).
13. Sub-section (2D) omitted by s. 6, ibid. (w.e.f. 26-12-2014).
14. Subs. by s. 6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f. 26-12-2014).
15. Ins. by Act 20 of 1940, s. 3.
16. Subs. by Act 5 of 2015, s. 6, for sub-section (5C) (w.e.f. 26-12-2014).
17. Ins. by Act 20 of 1940, s. 3.
18. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946).
19. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000).
20. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965).
21. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). | 18 | Registration ]
19[(5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it:
Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.]
20* * * * *
21[(7) The Authority may, on payment of such fee, not exceeding five thousand rupees, as may be determined by the regulations, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where the Authority is of opinion that the issue of duplicate certificate is necessary.]1.Subs.by Act 62 of 1956, s.2 the Schedule, for "the States" (w.e.f.1-11-1956).2.Subs.by Act 20 of 1940, s.3, for "insurer" (w.e.f.10-4-1940).3.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).4.Ins.by Act 6 of 1946, s.3 (w.e.f.20-3-1946).5.The Proviso Added by Act 20 of 1940, s.3 (w.e.f.10-4-1940).6.Subs.by Act 13 of 1941, s.3, for "such date as may be fixed in this behalf by the Central Government by notification in the official Gazette" (w.e.f.8-4-1941).7.The proviso ins.by Act 41 of 1999, s.30 and the First Schedule (w.e.f.19-4-2000).8.Subs.by Act 5 of 2015, s.6, for sub-section (2) (w.e.f.26-12-2014).9.Ins.by Act 32 of 1965, s.2 (w.e.f.29-9-1965).10.Subs.by Act 5 of 2015, s.6, for "5, 31A and 32" (w.e.f.26-12-2014).11.Ins.by Act 41 of 1999, s.30 and the First Schedule (w.e.f.19-4-2000).12.Subs.by Act 5 of 2015, s.6, for sub-section (2C) (w.e.f.26-12-2014).13.Sub-section (2D) omitted by s.6, ibid.(w.e.f.26-12-2014).14.Subs.by s.6, ibid., for sub-sections (3), (4), (5) and (5A) (w.e.f.26-12-2014).15.Ins.by Act 20 of 1940, s.3.16.Subs.by Act 5 of 2015, s.6, for sub-section (5C) (w.e.f.26-12-2014).17.Ins.by Act 20 of 1940, s.3.18.Subs.by Act 6 of 1946, s.3, for certain words (w.e.f.20-3-1946).19.Ins.by s.30 and the First Schedule, ibid.(w.e.f.19-4-2000).20.Sub-section (6) omitted by Act 32 of 1965, s.2 (w.e.f.29-9-1965).21.Subs.by Act 41 of 1999, s.30 and the First Schedule, for sub-section (7) (19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18105§ionno=3A&orderno=11 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3A | Payment of annual fee by insurer | 1[3A. Payment of annual fee by insurer.-- (1) An insurer who has been granted a certificate of registration under section 3 shall pay such annual fee to the Authority in such manner as may be specified by the regulations.
(2) Any failure to deposit the annual fee shall render the certificate of registration liable to be cancelled.]1. Subs. by Act 5 of 2015, s. 7, for section 3A (w.e.f. 26-12-2014). | 0 | Payment of annual fee by insurer 1[3A.Payment of annual fee by insurer.-- (1) An insurer who has been granted a certificate of registration under section 3 shall pay such annual fee to the Authority in such manner as may be specified by the regulations.(2) Any failure to deposit the annual fee shall render the certificate of registration liable to be cancelled.]1.Subs.by Act 5 of 2015, s.7, for section 3A (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18106§ionno=3B&orderno=12 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 3B | Certification of soundness of terms of life insurance business | 2[3B. Certification of soundness of terms of life insurance business.-- If, when considering an application for registration under section 3 or at any other time, it appears to the 1[Authority] that the assured rates, advantages, terms and conditions offered or to be offered in connection with life insurance business are in any respect not workable or sound, it may require that a statement thereof shall be submitted to an actuary appointed by the insurer for the purpose and approved by the 1[Authority], and may by order in writing further require the insurer to make within such time as may be specified in the order such modifications in the said rates, advantages, terms or conditions, as the case may be, as the said actuary may report to be necessary to enable him to certify that the said rates, advantages, terms and conditions are workable and sound.]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2. Ins. by Act 6 of 1946, s. 4 (w.e.f. 20-3-1946). | 0 | Certification of soundness of terms of life insurance business 2[3B.Certification of soundness of terms of life insurance business.-- If, when considering an application for registration under section 3 or at any other time, it appears to the 1[Authority] that the assured rates, advantages, terms and conditions offered or to be offered in connection with life insurance business are in any respect not workable or sound, it may require that a statement thereof shall be submitted to an actuary appointed by the insurer for the purpose and approved by the 1[Authority], and may by order in writing further require the insurer to make within such time as may be specified in the order such modifications in the said rates, advantages, terms or conditions, as the case may be, as the said actuary may report to be necessary to enable him to certify that the said rates, advantages, terms and conditions are workable and sound.]1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2.Ins.by Act 6 of 1946, s.4 (w.e.f.20-3-1946). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18107§ionno=4&orderno=13 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 4 | Minimum limits for annuities and other benefits secured by policies of life insurance | 1[4. Minimum limits for annuities and other benefits secured by policies of life insurance. --The insurer shall pay or undertake to pay on any policy of life insurance or a group policy issued, a minimum annuity and other benefits as may be determined by regulations excluding any profit or bonus provided that this shall not prevent an insurer from converting any policy into a paid-up policy of any value or payment of surrender value of any amount.]1. Subs. by Act 5 of 2015, s. 8, for section 4 (w.e.f. 26-12-2014). | 0 | Minimum limits for annuities and other benefits secured by policies of life insurance 1[4.Minimum limits for annuities and other benefits secured by policies of life insurance.--The insurer shall pay or undertake to pay on any policy of life insurance or a group policy issued, a minimum annuity and other benefits as may be determined by regulations excluding any profit or bonus provided that this shall not prevent an insurer from converting any policy into a paid-up policy of any value or payment of surrender value of any amount.]1.Subs.by Act 5 of 2015, s.8, for section 4 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18108§ionno=5&orderno=14 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 5 | Restriction on name of insurer | (1) An insurer shall not be registered by a name identical with that by which an insurer in existence is already registered, or so nearly resembling that name as to be calculated to deceive except when the insurer in existence is in the course of being dissolved and signifies his consent to the 1[Authority],
(2) If an insurer, through inadvertence or otherwise, is without such consent as aforesaid registered by a name identical with that by which an insurer already in existence whether previously registered or not is carrying on business or so nearly resembling it as to be calculated to deceive, the first-mentioned insurer shall, if called upon to do so by the 1[Authority] on the application of the second-mentioned insurer, change his name within a time to be fixed by the 1[Authority]:
2* * * * *
3* * * * *1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). Earlier it was substituted by Act 47 of 1950, s. 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950).
2. The provisos omitted by Act 5 of 2015, s. 9 (w.e.f. 26-12-2014).
3. Sub-section (3) omitted by s. 9, ibid. (w.e.f. 26-12-2014). | 0 | Restriction on name of insurer (1) An insurer shall not be registered by a name identical with that by which an insurer in existence is already registered, or so nearly resembling that name as to be calculated to deceive except when the insurer in existence is in the course of being dissolved and signifies his consent to the 1[Authority],
(2) If an insurer, through inadvertence or otherwise, is without such consent as aforesaid registered by a name identical with that by which an insurer already in existence whether previously registered or not is carrying on business or so nearly resembling it as to be calculated to deceive, the first-mentioned insurer shall, if called upon to do so by the 1[Authority] on the application of the second-mentioned insurer, change his name within a time to be fixed by the 1[Authority]:
2* * * * *
3* * * * *1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).Earlier it was substituted by Act 47 of 1950, s.4, for "Superintendent of Insurance" (w.e.f.1-6-1950).2.The provisos omitted by Act 5 of 2015, s.9 (w.e.f.26-12-2014).3.Sub-section (3) omitted by s.9, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18109§ionno=6&orderno=15 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6 | Requirements as to capital | 1[6. Requirement as to capital.--(1) No insurer not being an insurer as defined in sub-clause (d) of clause (9) of section 2, carrying on the business of life insurance, general insurance, health insurance or re-insurance in India or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall be registered unless he has,--
(i) a paid-up equity capital of rupees one hundred crore, in case of a person carrying on the business of life insurance or general insurance; or
(ii) a paid-up equity capital of rupees one hundred crore, in case of a person carrying on exclusively the business of health insurance; or
(iii) a paid-up equity capital of rupees two hundred crore, in case of a person carrying on exclusively the business as a re-insurer:
Provided that the insurer, may enhance the paid-up equity capital, as provided in this section in accordance with the provisions of the Companies Act, 2013 (18 of 2013), the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the rules, regulations or directions issued thereunder or any other law for the time being in force:
Provided further that in determining the paid-up equity capital, any preliminary expenses incurred in the formation and registration of any insurer as may be specified by the regulations made under this Act, shall be excluded.
(2) No insurer, as defined in sub-clause (d) of clause (9) of section 2, shall be registered unless he has net owned funds of not less than rupees five thousand crore.]1. Subs. by s. 10, ibid., for section 6 (w.e.f. 26-12-2014). | 0 | Requirements as to capital 1[6.Requirement as to capital.--(1) No insurer not being an insurer as defined in sub-clause (d) of clause (9) of section 2, carrying on the business of life insurance, general insurance, health insurance or re-insurance in India or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall be registered unless he has,--
(i) a paid-up equity capital of rupees one hundred crore, in case of a person carrying on the business of life insurance or general insurance; or
(ii) a paid-up equity capital of rupees one hundred crore, in case of a person carrying on exclusively the business of health insurance; or
(iii) a paid-up equity capital of rupees two hundred crore, in case of a person carrying on exclusively the business as a re-insurer:
Provided that the insurer, may enhance the paid-up equity capital, as provided in this section in accordance with the provisions of the Companies Act, 2013 (18 of 2013), the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the rules, regulations or directions issued thereunder or any other law for the time being in force:
Provided further that in determining the paid-up equity capital, any preliminary expenses incurred in the formation and registration of any insurer as may be specified by the regulations made under this Act, shall be excluded.(2) No insurer, as defined in sub-clause (d) of clause (9) of section 2, shall be registered unless he has net owned funds of not less than rupees five thousand crore.]1.Subs.by s.10, ibid., for section 6 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 0 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares 1[6A.Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares.-- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 1 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 2 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 3 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 4 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 5 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 6 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares 6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 7 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 8 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 9 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18110§ionno=6A&orderno=16 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6A | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares | 1[6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares. -- 2[(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations;
(ii) that the voting rights of shareholders are restricted to equity shares;
(iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new:
Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.]
(2) Notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the 3[equity] shares held by him.
4* * * * *
5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business--
(a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;
(b) shall not register any transfer of its shares--
(i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each;
(ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer;
(iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer.
Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).]
(5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share:
Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section:
Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person.
6* * * * *
7* * * * *
8* * * * *
9* * * * *
10* * * * *
11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: --
(i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13***
14* * * * *
15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--
(i) the total paid-up holding in such shares held by such person in the name of others; and
(ii) if any shares of the company are held--
(a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or
(b) by a private limited company, of which such person is a member, or
(c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or
(d) by a firm in which such person is a partner, or
(e) by such person jointly with others,
such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
17* * * * *1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014).
3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014).
5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014).
6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014).
7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969).
12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014).
14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014).
15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).
16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014).
17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). | 10 | Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares 17* * * * *1.Ins.by Act 47 of 1950, s.9 (w.e.f.1-6-1950).2.Subs.by Act 5 of 2015, s.11, for sub-section (1) (w.e.f.26-12-2014).3.Ins.by Act 5 of 2015, s.11 (w.e.f.26-12-2014).4.Subs-section (3) Omitted by s.11, ibid.(w.e.f.26-12-2014).5.Subs.by s.11, ibid., for sub-section (4) (w.e.f.26-12-2014).6.Sub-section (6) omitted by 5 of 2015, s.11 (w.e.f.26-12-2014).7.Sub-section (7) omitted by s.11, ibid.(w.e.f.26-12-2014).8.Sub-section (8) omitted by s.11, ibid.(w.e.f.26-12-2014).9.Sub-section (9) omitted by s.11, ibid.(w.e.f.26-12-2014).10.Sub-section (10) omitted by s.11, ibid.(w.e.f.26-12-2014).11.Ins.by Act 62 of 1968, s.4 (w.e.f.1-6-1969).12.The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s.11 (w.e.f.26-12-2014).13.The word "and" omitted by s.11, ibid.(w.e.f.26-12-2014).14.Clause (ii) omitted by s.11, ibid.(w.e.f.26-12-2014).15.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000).16.The words "managing agent" omitted by Act 5 of 2015, s.11 (w.e.f.26-12-2014).17.Explanation 2 omitted by Act 41 of 1999, s.30 and the First Schedule (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18111§ionno=6AA&orderno=17 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6AA | [Omitted | [Manner of divesting excess shareholding by promoter in certain cases].-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s. 12 (w.e.f. 26-12-2014). | 0 | [Omitted [Manner of divesting excess shareholding by promoter in certain cases].-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s.12 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18112§ionno=6B&orderno=18 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6B | Provision for securing compliance with requirements relating to capital structure | (1) For the purpose of enabling any public company carrying on 1[life or general or health insurance or re-insurance business] to bring its capital structure into conformity with the requirements of section 6A, an officer appointed on this behalf by the 2[Authority] may, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913): --
(a) examine any scheme proposed for the purpose aforesaid by the directors of the company:
Provided that--
(i) the scheme has been placed before a meeting of the share holders for their opinion and has been forwarded to the officer together with the opinion of the shareholders thereon, and
(ii) the scheme does not involve any diminution of the liability of the shareholders in respect of unpaid-up share capital;
(b) invite objections and suggestions in respect of the scheme so proposed; and
(c) after considering such objections and suggestions to the scheme so proposed, sanction it with such modifications as he may consider necessary or desirable.
(2) Any shareholder or other person aggrieved by the decision of the officer sanctioning a scheme under sub-section (1) may, within ninety days of date of the order sanctioning the scheme, prefer an appeal to the 3[Securities Appellate Tribunal] within whose jurisdiction the registered office of the insurer is situate for the purpose of modifying or correcting any such scheme for the purpose specified in sub-section (1).
(3) The decision of the 4[Securities Appellate Tribunal] where an appeal has been preferred to it under sub-section (2), or of the officer aforesaid where no such appeal has been preferred, shall be final and binding on all the shareholders and other persons concerned.
5* * * * *1. Subs. by s. 13, ibid., for "life insurance business" (w.e.f. 26-12-2014).
2. Subs. by s. 13, ibid., for "Central Government" (w.e.f. 26-12-2014).
3. Subs. by s. 13, ibid., for "High Court" (w.e.f. 26-12-2014).
4. Subs. by Act 5 of 2015, s. 13, for "High Court" (w.e.f. 26-12-2014).
5. Sub-section (4) omitted by Act 5 of 2015, s. 13 (w.e.f. 26-12-2014). | 0 | Provision for securing compliance with requirements relating to capital structure (1) For the purpose of enabling any public company carrying on 1[life or general or health insurance or re-insurance business] to bring its capital structure into conformity with the requirements of section 6A, an officer appointed on this behalf by the 2[Authority] may, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913): --
(a) examine any scheme proposed for the purpose aforesaid by the directors of the company:
Provided that--
(i) the scheme has been placed before a meeting of the share holders for their opinion and has been forwarded to the officer together with the opinion of the shareholders thereon, and
(ii) the scheme does not involve any diminution of the liability of the shareholders in respect of unpaid-up share capital;
(b) invite objections and suggestions in respect of the scheme so proposed; and
(c) after considering such objections and suggestions to the scheme so proposed, sanction it with such modifications as he may consider necessary or desirable.(2) Any shareholder or other person aggrieved by the decision of the officer sanctioning a scheme under sub-section (1) may, within ninety days of date of the order sanctioning the scheme, prefer an appeal to the 3[Securities Appellate Tribunal] within whose jurisdiction the registered office of the insurer is situate for the purpose of modifying or correcting any such scheme for the purpose specified in sub-section (1).(3) The decision of the 4[Securities Appellate Tribunal] where an appeal has been preferred to it under sub-section (2), or of the officer aforesaid where no such appeal has been preferred, shall be final and binding on all the shareholders and other persons concerned.5* * * * *1.Subs.by s.13, ibid., for "life insurance business" (w.e.f.26-12-2014).2.Subs.by s.13, ibid., for "Central Government" (w.e.f.26-12-2014).3.Subs.by s.13, ibid., for "High Court" (w.e.f.26-12-2014).4.Subs.by Act 5 of 2015, s.13, for "High Court" (w.e.f.26-12-2014).5.Sub-section (4) omitted by Act 5 of 2015, s.13 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18113§ionno=6C&orderno=19 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 6C | [Omitted | [Conversion of company limited by shares into company limited by guarantee.]-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s. 14 (w.e.f. 26-12-2014). | 0 | [Omitted [Conversion of company limited by shares into company limited by guarantee.]-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s.14 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18114§ionno=7&orderno=20 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 7 | [Omitted | [Deposits.]-- Omitted by s. 14, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Deposits.]-- Omitted by s.14, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18115§ionno=8&orderno=21 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 8 | [Omitted | [Reservation of deposits.]--Omitted by s. 14, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Reservation of deposits.]--Omitted by s.14, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18116§ionno=9&orderno=22 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 9 | [Omitted | [Refund of deposit.]-- Omitted by, s. 14, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Refund of deposit.]-- Omitted by, s.14, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18117§ionno=10&orderno=23 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 10 | Separation of accounts and funds | (1) Where the insurer carries on business of more than one of the 1[following classes, namely, life insurance, fire insurance, marine insurance or miscellaneous insurance], he shall keep a separate account of all receipts and payments in respect of each such class of insurance business 2[and where the insurer carries on business of 3[miscellaneous insurance] whether alone or in conjunction with business of another class, he shall, unless the 4[Authority] waives this requirement in writing, keep a separate account of all receipts and payments in respect of 5[each of such sub-classes of miscellaneous insurance business] as may be 6[specified by the regulations]:
Provided that no sub-class of 7[miscellaneous insurance business] shall be prescribed under this sub-section if the insurance business comprised in the sub-class consist of insurance contracts which are terminable by the insurer at intervals not exceeding twelve months and under which, if a claim arises, the insurer's liability to pay benefit ceases within one year of the date on which the claim arose.]
(2) Where the insurer carries on the business of life insurance 8[all receipts due in respect of such business], shall be carried to and shall form a separate fund to be called the life insurance fund 9[the assets of which shall, 10***, be kept distinct and separate from all other assets of the insurer] and the deposit made by the insurer in respect of life insurance business shall be deemed to be 11[part of the assets of such fund; 12[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 13***:]
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 14[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]].
15[(2A) No insurer carrying on life insurance business shall be entitled to be registered for any class of insurance business in addition to the class or classes for which he has been already registered unless the 14[Authority] is satisfied that the assets of the life insurance fund of the insurer are adequate to meet all his liabilities on policies of life insurance maturing for payment.]
16[(2AA) Where the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insurance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Authority the necessary details of such funds as may be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.]
(3) The life insurance fund shall be as absolutely the security of the life policy-holders as though it belonged to an insurer carrying on no other business than life insurance business and shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life insurance and shall not be applied directly or indirectly 17*** for any purposes 18[other than those of the life insurance business of the insurer].1. Subs. by Act 62 of 1968, s. 8, for "classes specified in clause (a), (b), (c) and (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
2. Sub-section (1) Added by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
3. Subs. by Act 62 of 1968, s. 8, for "the class specified in clause (d) of that sub-section" (w.e.f. 1-6-1969).
4. Subs. by Act 41of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Subs. by Act 62 of 1968, s. 8, for "each such sub-class of the class specified in clause (d)" (w.e.f. 1-6-1969).
6. Subs. by Act 5 of 2015, s. 15, for "prescribed in this behalf" (w.e.f. 26-12-2014).
7. Subs. by Act 62 of 1968, s. 8, for "the class of insurance business specified in clause (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
8. Subs. by Act 13 of 1941, s. 8, for "the excess of receipts over payments in respect of such business" (w.e.f. 8-4-1941).
9. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
10. The words, brackets and figures, "after the expiry of six months from the commencement of the Insurance (Amendment) Act, 1946 (6 of 1946)" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
11. Subs. by Act 6 of 1946, s. 8, for "part of such fund" (w.e.f. 20-3-1946).
12. Subs. by Act 47 of 1950, s. 11, for certain words (w.e.f. 1-6-1950).
13. The words "under the law of the insure's country" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
14. Subs. by Act 41of 1999, s. 30 and The First Schedule, for “Controller” (w.e.f. 19-4-2000).
15. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
16. Ins. by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
17. The words "save as provided in section 49" omitted by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
18. Subs. by s. 8, ibid., for "other than those of life insurance" (w.e.f. 8-4-1941). | 0 | Separation of accounts and funds (1) Where the insurer carries on business of more than one of the 1[following classes, namely, life insurance, fire insurance, marine insurance or miscellaneous insurance], he shall keep a separate account of all receipts and payments in respect of each such class of insurance business 2[and where the insurer carries on business of 3[miscellaneous insurance] whether alone or in conjunction with business of another class, he shall, unless the 4[Authority] waives this requirement in writing, keep a separate account of all receipts and payments in respect of 5[each of such sub-classes of miscellaneous insurance business] as may be 6[specified by the regulations]:
Provided that no sub-class of 7[miscellaneous insurance business] shall be prescribed under this sub-section if the insurance business comprised in the sub-class consist of insurance contracts which are terminable by the insurer at intervals not exceeding twelve months and under which, if a claim arises, the insurer's liability to pay benefit ceases within one year of the date on which the claim arose.]
(2) Where the insurer carries on the business of life insurance 8[all receipts due in respect of such business], shall be carried to and shall form a separate fund to be called the life insurance fund 9[the assets of which shall, 10***, be kept distinct and separate from all other assets of the insurer] and the deposit made by the insurer in respect of life insurance business shall be deemed to be 11[part of the assets of such fund; 12[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 13***:]
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 14[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]]. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18117§ionno=10&orderno=23 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 10 | Separation of accounts and funds | (1) Where the insurer carries on business of more than one of the 1[following classes, namely, life insurance, fire insurance, marine insurance or miscellaneous insurance], he shall keep a separate account of all receipts and payments in respect of each such class of insurance business 2[and where the insurer carries on business of 3[miscellaneous insurance] whether alone or in conjunction with business of another class, he shall, unless the 4[Authority] waives this requirement in writing, keep a separate account of all receipts and payments in respect of 5[each of such sub-classes of miscellaneous insurance business] as may be 6[specified by the regulations]:
Provided that no sub-class of 7[miscellaneous insurance business] shall be prescribed under this sub-section if the insurance business comprised in the sub-class consist of insurance contracts which are terminable by the insurer at intervals not exceeding twelve months and under which, if a claim arises, the insurer's liability to pay benefit ceases within one year of the date on which the claim arose.]
(2) Where the insurer carries on the business of life insurance 8[all receipts due in respect of such business], shall be carried to and shall form a separate fund to be called the life insurance fund 9[the assets of which shall, 10***, be kept distinct and separate from all other assets of the insurer] and the deposit made by the insurer in respect of life insurance business shall be deemed to be 11[part of the assets of such fund; 12[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 13***:]
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 14[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]].
15[(2A) No insurer carrying on life insurance business shall be entitled to be registered for any class of insurance business in addition to the class or classes for which he has been already registered unless the 14[Authority] is satisfied that the assets of the life insurance fund of the insurer are adequate to meet all his liabilities on policies of life insurance maturing for payment.]
16[(2AA) Where the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insurance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Authority the necessary details of such funds as may be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.]
(3) The life insurance fund shall be as absolutely the security of the life policy-holders as though it belonged to an insurer carrying on no other business than life insurance business and shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life insurance and shall not be applied directly or indirectly 17*** for any purposes 18[other than those of the life insurance business of the insurer].1. Subs. by Act 62 of 1968, s. 8, for "classes specified in clause (a), (b), (c) and (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
2. Sub-section (1) Added by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
3. Subs. by Act 62 of 1968, s. 8, for "the class specified in clause (d) of that sub-section" (w.e.f. 1-6-1969).
4. Subs. by Act 41of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Subs. by Act 62 of 1968, s. 8, for "each such sub-class of the class specified in clause (d)" (w.e.f. 1-6-1969).
6. Subs. by Act 5 of 2015, s. 15, for "prescribed in this behalf" (w.e.f. 26-12-2014).
7. Subs. by Act 62 of 1968, s. 8, for "the class of insurance business specified in clause (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
8. Subs. by Act 13 of 1941, s. 8, for "the excess of receipts over payments in respect of such business" (w.e.f. 8-4-1941).
9. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
10. The words, brackets and figures, "after the expiry of six months from the commencement of the Insurance (Amendment) Act, 1946 (6 of 1946)" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
11. Subs. by Act 6 of 1946, s. 8, for "part of such fund" (w.e.f. 20-3-1946).
12. Subs. by Act 47 of 1950, s. 11, for certain words (w.e.f. 1-6-1950).
13. The words "under the law of the insure's country" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
14. Subs. by Act 41of 1999, s. 30 and The First Schedule, for “Controller” (w.e.f. 19-4-2000).
15. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
16. Ins. by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
17. The words "save as provided in section 49" omitted by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
18. Subs. by s. 8, ibid., for "other than those of life insurance" (w.e.f. 8-4-1941). | 1 | Separation of accounts and funds 15[(2A) No insurer carrying on life insurance business shall be entitled to be registered for any class of insurance business in addition to the class or classes for which he has been already registered unless the 14[Authority] is satisfied that the assets of the life insurance fund of the insurer are adequate to meet all his liabilities on policies of life insurance maturing for payment. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18117§ionno=10&orderno=23 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 10 | Separation of accounts and funds | (1) Where the insurer carries on business of more than one of the 1[following classes, namely, life insurance, fire insurance, marine insurance or miscellaneous insurance], he shall keep a separate account of all receipts and payments in respect of each such class of insurance business 2[and where the insurer carries on business of 3[miscellaneous insurance] whether alone or in conjunction with business of another class, he shall, unless the 4[Authority] waives this requirement in writing, keep a separate account of all receipts and payments in respect of 5[each of such sub-classes of miscellaneous insurance business] as may be 6[specified by the regulations]:
Provided that no sub-class of 7[miscellaneous insurance business] shall be prescribed under this sub-section if the insurance business comprised in the sub-class consist of insurance contracts which are terminable by the insurer at intervals not exceeding twelve months and under which, if a claim arises, the insurer's liability to pay benefit ceases within one year of the date on which the claim arose.]
(2) Where the insurer carries on the business of life insurance 8[all receipts due in respect of such business], shall be carried to and shall form a separate fund to be called the life insurance fund 9[the assets of which shall, 10***, be kept distinct and separate from all other assets of the insurer] and the deposit made by the insurer in respect of life insurance business shall be deemed to be 11[part of the assets of such fund; 12[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 13***:]
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 14[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]].
15[(2A) No insurer carrying on life insurance business shall be entitled to be registered for any class of insurance business in addition to the class or classes for which he has been already registered unless the 14[Authority] is satisfied that the assets of the life insurance fund of the insurer are adequate to meet all his liabilities on policies of life insurance maturing for payment.]
16[(2AA) Where the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insurance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Authority the necessary details of such funds as may be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.]
(3) The life insurance fund shall be as absolutely the security of the life policy-holders as though it belonged to an insurer carrying on no other business than life insurance business and shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life insurance and shall not be applied directly or indirectly 17*** for any purposes 18[other than those of the life insurance business of the insurer].1. Subs. by Act 62 of 1968, s. 8, for "classes specified in clause (a), (b), (c) and (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
2. Sub-section (1) Added by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
3. Subs. by Act 62 of 1968, s. 8, for "the class specified in clause (d) of that sub-section" (w.e.f. 1-6-1969).
4. Subs. by Act 41of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Subs. by Act 62 of 1968, s. 8, for "each such sub-class of the class specified in clause (d)" (w.e.f. 1-6-1969).
6. Subs. by Act 5 of 2015, s. 15, for "prescribed in this behalf" (w.e.f. 26-12-2014).
7. Subs. by Act 62 of 1968, s. 8, for "the class of insurance business specified in clause (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
8. Subs. by Act 13 of 1941, s. 8, for "the excess of receipts over payments in respect of such business" (w.e.f. 8-4-1941).
9. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
10. The words, brackets and figures, "after the expiry of six months from the commencement of the Insurance (Amendment) Act, 1946 (6 of 1946)" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
11. Subs. by Act 6 of 1946, s. 8, for "part of such fund" (w.e.f. 20-3-1946).
12. Subs. by Act 47 of 1950, s. 11, for certain words (w.e.f. 1-6-1950).
13. The words "under the law of the insure's country" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
14. Subs. by Act 41of 1999, s. 30 and The First Schedule, for “Controller” (w.e.f. 19-4-2000).
15. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
16. Ins. by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
17. The words "save as provided in section 49" omitted by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
18. Subs. by s. 8, ibid., for "other than those of life insurance" (w.e.f. 8-4-1941). | 2 | Separation of accounts and funds |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18117§ionno=10&orderno=23 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 10 | Separation of accounts and funds | (1) Where the insurer carries on business of more than one of the 1[following classes, namely, life insurance, fire insurance, marine insurance or miscellaneous insurance], he shall keep a separate account of all receipts and payments in respect of each such class of insurance business 2[and where the insurer carries on business of 3[miscellaneous insurance] whether alone or in conjunction with business of another class, he shall, unless the 4[Authority] waives this requirement in writing, keep a separate account of all receipts and payments in respect of 5[each of such sub-classes of miscellaneous insurance business] as may be 6[specified by the regulations]:
Provided that no sub-class of 7[miscellaneous insurance business] shall be prescribed under this sub-section if the insurance business comprised in the sub-class consist of insurance contracts which are terminable by the insurer at intervals not exceeding twelve months and under which, if a claim arises, the insurer's liability to pay benefit ceases within one year of the date on which the claim arose.]
(2) Where the insurer carries on the business of life insurance 8[all receipts due in respect of such business], shall be carried to and shall form a separate fund to be called the life insurance fund 9[the assets of which shall, 10***, be kept distinct and separate from all other assets of the insurer] and the deposit made by the insurer in respect of life insurance business shall be deemed to be 11[part of the assets of such fund; 12[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 13***:]
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 14[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]].
15[(2A) No insurer carrying on life insurance business shall be entitled to be registered for any class of insurance business in addition to the class or classes for which he has been already registered unless the 14[Authority] is satisfied that the assets of the life insurance fund of the insurer are adequate to meet all his liabilities on policies of life insurance maturing for payment.]
16[(2AA) Where the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insurance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Authority the necessary details of such funds as may be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.]
(3) The life insurance fund shall be as absolutely the security of the life policy-holders as though it belonged to an insurer carrying on no other business than life insurance business and shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life insurance and shall not be applied directly or indirectly 17*** for any purposes 18[other than those of the life insurance business of the insurer].1. Subs. by Act 62 of 1968, s. 8, for "classes specified in clause (a), (b), (c) and (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
2. Sub-section (1) Added by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
3. Subs. by Act 62 of 1968, s. 8, for "the class specified in clause (d) of that sub-section" (w.e.f. 1-6-1969).
4. Subs. by Act 41of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Subs. by Act 62 of 1968, s. 8, for "each such sub-class of the class specified in clause (d)" (w.e.f. 1-6-1969).
6. Subs. by Act 5 of 2015, s. 15, for "prescribed in this behalf" (w.e.f. 26-12-2014).
7. Subs. by Act 62 of 1968, s. 8, for "the class of insurance business specified in clause (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
8. Subs. by Act 13 of 1941, s. 8, for "the excess of receipts over payments in respect of such business" (w.e.f. 8-4-1941).
9. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
10. The words, brackets and figures, "after the expiry of six months from the commencement of the Insurance (Amendment) Act, 1946 (6 of 1946)" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
11. Subs. by Act 6 of 1946, s. 8, for "part of such fund" (w.e.f. 20-3-1946).
12. Subs. by Act 47 of 1950, s. 11, for certain words (w.e.f. 1-6-1950).
13. The words "under the law of the insure's country" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
14. Subs. by Act 41of 1999, s. 30 and The First Schedule, for “Controller” (w.e.f. 19-4-2000).
15. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
16. Ins. by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
17. The words "save as provided in section 49" omitted by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
18. Subs. by s. 8, ibid., for "other than those of life insurance" (w.e.f. 8-4-1941). | 3 | Separation of accounts and funds |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18117§ionno=10&orderno=23 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 10 | Separation of accounts and funds | (1) Where the insurer carries on business of more than one of the 1[following classes, namely, life insurance, fire insurance, marine insurance or miscellaneous insurance], he shall keep a separate account of all receipts and payments in respect of each such class of insurance business 2[and where the insurer carries on business of 3[miscellaneous insurance] whether alone or in conjunction with business of another class, he shall, unless the 4[Authority] waives this requirement in writing, keep a separate account of all receipts and payments in respect of 5[each of such sub-classes of miscellaneous insurance business] as may be 6[specified by the regulations]:
Provided that no sub-class of 7[miscellaneous insurance business] shall be prescribed under this sub-section if the insurance business comprised in the sub-class consist of insurance contracts which are terminable by the insurer at intervals not exceeding twelve months and under which, if a claim arises, the insurer's liability to pay benefit ceases within one year of the date on which the claim arose.]
(2) Where the insurer carries on the business of life insurance 8[all receipts due in respect of such business], shall be carried to and shall form a separate fund to be called the life insurance fund 9[the assets of which shall, 10***, be kept distinct and separate from all other assets of the insurer] and the deposit made by the insurer in respect of life insurance business shall be deemed to be 11[part of the assets of such fund; 12[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 13***:]
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 14[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]].
15[(2A) No insurer carrying on life insurance business shall be entitled to be registered for any class of insurance business in addition to the class or classes for which he has been already registered unless the 14[Authority] is satisfied that the assets of the life insurance fund of the insurer are adequate to meet all his liabilities on policies of life insurance maturing for payment.]
16[(2AA) Where the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insurance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Authority the necessary details of such funds as may be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.]
(3) The life insurance fund shall be as absolutely the security of the life policy-holders as though it belonged to an insurer carrying on no other business than life insurance business and shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life insurance and shall not be applied directly or indirectly 17*** for any purposes 18[other than those of the life insurance business of the insurer].1. Subs. by Act 62 of 1968, s. 8, for "classes specified in clause (a), (b), (c) and (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
2. Sub-section (1) Added by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
3. Subs. by Act 62 of 1968, s. 8, for "the class specified in clause (d) of that sub-section" (w.e.f. 1-6-1969).
4. Subs. by Act 41of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Subs. by Act 62 of 1968, s. 8, for "each such sub-class of the class specified in clause (d)" (w.e.f. 1-6-1969).
6. Subs. by Act 5 of 2015, s. 15, for "prescribed in this behalf" (w.e.f. 26-12-2014).
7. Subs. by Act 62 of 1968, s. 8, for "the class of insurance business specified in clause (d) of sub-section (1) of section 7" (w.e.f. 1-6-1969).
8. Subs. by Act 13 of 1941, s. 8, for "the excess of receipts over payments in respect of such business" (w.e.f. 8-4-1941).
9. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
10. The words, brackets and figures, "after the expiry of six months from the commencement of the Insurance (Amendment) Act, 1946 (6 of 1946)" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
11. Subs. by Act 6 of 1946, s. 8, for "part of such fund" (w.e.f. 20-3-1946).
12. Subs. by Act 47 of 1950, s. 11, for certain words (w.e.f. 1-6-1950).
13. The words "under the law of the insure's country" omitted by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
14. Subs. by Act 41of 1999, s. 30 and The First Schedule, for “Controller” (w.e.f. 19-4-2000).
15. Ins. by Act 6 of 1946, s. 8 (w.e.f. 20-3-1946).
16. Ins. by Act 5 of 2015, s. 15 (w.e.f. 26-12-2014).
17. The words "save as provided in section 49" omitted by Act 13 of 1941, s. 8 (w.e.f. 8-4-1941).
18. Subs. by s. 8, ibid., for "other than those of life insurance" (w.e.f. 8-4-1941). | 4 | Separation of accounts and funds ]
16[(2AA) Where the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insurance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Authority the necessary details of such funds as may be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.]
(3) The life insurance fund shall be as absolutely the security of the life policy-holders as though it belonged to an insurer carrying on no other business than life insurance business and shall not be liable for any contracts of the insurer for which it would not have been liable had the business of the insurer been only that of life insurance and shall not be applied directly or indirectly 17*** for any purposes 18[other than those of the life insurance business of the insurer].1.Subs.by Act 62 of 1968, s.8, for "classes specified in clause (a), (b), (c) and (d) of sub-section (1) of section 7" (w.e.f.1-6-1969).2.Sub-section (1) Added by Act 13 of 1941, s.8 (w.e.f.8-4-1941).3.Subs.by Act 62 of 1968, s.8, for "the class specified in clause (d) of that sub-section" (w.e.f.1-6-1969).4.Subs.by Act 41of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).5.Subs.by Act 62 of 1968, s.8, for "each such sub-class of the class specified in clause (d)" (w.e.f.1-6-1969).6.Subs.by Act 5 of 2015, s.15, for "prescribed in this behalf" (w.e.f.26-12-2014).7.Subs.by Act 62 of 1968, s.8, for "the class of insurance business specified in clause (d) of sub-section (1) of section 7" (w.e.f.1-6-1969).8.Subs.by Act 13 of 1941, s.8, for "the excess of receipts over payments in respect of such business" (w.e.f.8-4-1941).9.Ins.by Act 6 of 1946, s.8 (w.e.f.20-3-1946).10.The words, brackets and figures, "after the expiry of six months from the commencement of the Insurance (Amendment) Act, 1946 (6 of 1946)" omitted by Act 5 of 2015, s.15 (w.e.f.26-12-2014).11.Subs.by Act 6 of 1946, s.8, for "part of such fund" (w.e.f.20-3-1946).12.Subs.by Act 47 of 1950, s.11, for certain words (w.e.f.1-6-1950).13.The words "under the law of the insure's country" omitted by Act 5 of 2015, s.15 (w.e.f.26-12-2014).14.Subs.by Act 41of 1999, s.30 and The First Schedule, for “Controller” (w.e.f.19-4-2000).15.Ins.by Act 6 of 1946, s.8 (w.e.f.20-3-1946).16.Ins.by Act 5 of 2015, s.15 (w.e.f.26-12-2014).17.The words "save as provided in section 49" omitted by Act 13 of 1941, s.8 (w.e.f.8-4-1941).18.Subs.by s.8, ibid., for "other than those of life insurance" (w.e.f.8-4-1941). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18118§ionno=11&orderno=24 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 11 | Accounts and balance-sheet | 1[11. Accounts and balance-sheet. --(1) Every insurer, on or after the date of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), in respect of insurance business transacted by him and in respect of his shareholders' funds, shall, at the expiration of each financial year, prepare with reference to that year, balance sheet, a profit and loss account, a separate account of receipts and payments, a revenue account in accordance with the regulations as may be specified.
(2) Every insurer shall keep separate accounts relating to funds of shareholders and policyholders.
(3) Unless the insurer is a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013), the accounts and statements referred to in sub-section (1) shall be signed by the insurer, or in the case of a company by the chairman, if any, and two directors and the principal officer of the company, or in case of an insurance cooperative society by the person in charge of the society and shall be accompanied by a statement containing the names, descriptions and occupations of, and the directorships held by, the persons in charge of the management of the business during the period to which such accounts and statements refer and by a report on the affairs of the business during that period.]1. Subs. by Act 5 of 2015, s. 16, for section 11 (w.e.f. 26-12-2014). | 0 | Accounts and balance-sheet 1[11.Accounts and balance-sheet.--(1) Every insurer, on or after the date of the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), in respect of insurance business transacted by him and in respect of his shareholders' funds, shall, at the expiration of each financial year, prepare with reference to that year, balance sheet, a profit and loss account, a separate account of receipts and payments, a revenue account in accordance with the regulations as may be specified.(2) Every insurer shall keep separate accounts relating to funds of shareholders and policyholders.(3) Unless the insurer is a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013), the accounts and statements referred to in sub-section (1) shall be signed by the insurer, or in the case of a company by the chairman, if any, and two directors and the principal officer of the company, or in case of an insurance cooperative society by the person in charge of the society and shall be accompanied by a statement containing the names, descriptions and occupations of, and the directorships held by, the persons in charge of the management of the business during the period to which such accounts and statements refer and by a report on the affairs of the business during that period.]1.Subs.by Act 5 of 2015, s.16, for section 11 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18119§ionno=12&orderno=25 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 12 | Audit | 1[12. Audit.-- The balance sheet, profit and loss account, revenue account and profit and loss appropriation account of every insurer, in respect of all insurance business transacted by him, shall, unless they are subject to audit under the Companies Act, 2013 (18 of 2013), be audited annually by an auditor, and the auditor shall in the audit of all such accounts have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities and penalties imposed on, auditors of companies by section 147 of the Companies Act, 2013.]1. Subs. by Act 5 of 2015, s. 17, for section 12 (w.e.f. 26-12-2014). | 0 | Audit 1[12.Audit.-- The balance sheet, profit and loss account, revenue account and profit and loss appropriation account of every insurer, in respect of all insurance business transacted by him, shall, unless they are subject to audit under the Companies Act, 2013 (18 of 2013), be audited annually by an auditor, and the auditor shall in the audit of all such accounts have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities and penalties imposed on, auditors of companies by section 147 of the Companies Act, 2013.]1.Subs.by Act 5 of 2015, s.17, for section 12 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18120§ionno=13&orderno=26 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 13 | Actuarial report and abstract | 1[(1) Every insurer carrying on life insurance business shall, once at least every year cause an investigation to be made by an actuary into the financial condition of the life insurance business carried on by him, including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to be made in accordance with the regulations:
Provided that the Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made:
Provided further that every insurer, on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall cause an abstract of the report of the actuary to be made in such manner as may be specified by the regulations.]
(2) The provisions of sub-section (1) regarding the making of an abstract shall apply whenever at any other time an investigation into the financial condition of the insurer is made with a view to the distribution of profits or an investigation is made of which the results are made public.
(3) There shall be appended to every such abstract as is referred to in sub-section (1) or sub-section (2) a certificate signed by the principal officer of the insurer that full and accurate particulars of every policy under which there is a liability either actual or contingent have been furnished to the actuary for the purpose of the investigation.
2[(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as may be specified by the regulations:
Provided that, if the investigation referred to in sub-sections (1) and (2) is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.]
(5) Where an investigation into the financial condition of an insurer is made as at a date other than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance-sheet as at the date at which the investigation is made shall be prepared and audited in the manner provided by this Act.
3[(6) The provisions of this section relating to the life insurance business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" and the Authority may authorise such modifications and variations of regulations as may be necessary to facilitate their application to any such sub-class of insurance business:
Provided that, if the 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, it may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.]1. Subs. by s. 18, ibid., for sub-section (1) (w.e.f. 26-12-2014).
2. Subs. by s. 18, ibid., for sub-section (4) (w.e.f. 26-12-2014).
3. Subs. by s. 18, ibid., for sub-section (6) (w.e.f. 26-12-2014) | 0 | Actuarial report and abstract 1[(1) Every insurer carrying on life insurance business shall, once at least every year cause an investigation to be made by an actuary into the financial condition of the life insurance business carried on by him, including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to be made in accordance with the regulations:
Provided that the Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made:
Provided further that every insurer, on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall cause an abstract of the report of the actuary to be made in such manner as may be specified by the regulations.]
(2) The provisions of sub-section (1) regarding the making of an abstract shall apply whenever at any other time an investigation into the financial condition of the insurer is made with a view to the distribution of profits or an investigation is made of which the results are made public.(3) There shall be appended to every such abstract as is referred to in sub-section (1) or sub-section (2) a certificate signed by the principal officer of the insurer that full and accurate particulars of every policy under which there is a liability either actual or contingent have been furnished to the actuary for the purpose of the investigation.2[(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as may be specified by the regulations:
Provided that, if the investigation referred to in sub-sections (1) and (2) is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.]
(5) Where an investigation into the financial condition of an insurer is made as at a date other than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance-sheet as at the date at which the investigation is made shall be prepared and audited in the manner provided by this Act. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18120§ionno=13&orderno=26 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 13 | Actuarial report and abstract | 1[(1) Every insurer carrying on life insurance business shall, once at least every year cause an investigation to be made by an actuary into the financial condition of the life insurance business carried on by him, including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to be made in accordance with the regulations:
Provided that the Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made:
Provided further that every insurer, on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall cause an abstract of the report of the actuary to be made in such manner as may be specified by the regulations.]
(2) The provisions of sub-section (1) regarding the making of an abstract shall apply whenever at any other time an investigation into the financial condition of the insurer is made with a view to the distribution of profits or an investigation is made of which the results are made public.
(3) There shall be appended to every such abstract as is referred to in sub-section (1) or sub-section (2) a certificate signed by the principal officer of the insurer that full and accurate particulars of every policy under which there is a liability either actual or contingent have been furnished to the actuary for the purpose of the investigation.
2[(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as may be specified by the regulations:
Provided that, if the investigation referred to in sub-sections (1) and (2) is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.]
(5) Where an investigation into the financial condition of an insurer is made as at a date other than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance-sheet as at the date at which the investigation is made shall be prepared and audited in the manner provided by this Act.
3[(6) The provisions of this section relating to the life insurance business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" and the Authority may authorise such modifications and variations of regulations as may be necessary to facilitate their application to any such sub-class of insurance business:
Provided that, if the 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, it may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.]1. Subs. by s. 18, ibid., for sub-section (1) (w.e.f. 26-12-2014).
2. Subs. by s. 18, ibid., for sub-section (4) (w.e.f. 26-12-2014).
3. Subs. by s. 18, ibid., for sub-section (6) (w.e.f. 26-12-2014) | 1 | Actuarial report and abstract 3[(6) The provisions of this section relating to the life insurance business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" and the Authority may authorise such modifications and variations of regulations as may be necessary to facilitate their application to any such sub-class of insurance business:
Provided that, if the 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, it may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18120§ionno=13&orderno=26 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 13 | Actuarial report and abstract | 1[(1) Every insurer carrying on life insurance business shall, once at least every year cause an investigation to be made by an actuary into the financial condition of the life insurance business carried on by him, including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to be made in accordance with the regulations:
Provided that the Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made:
Provided further that every insurer, on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall cause an abstract of the report of the actuary to be made in such manner as may be specified by the regulations.]
(2) The provisions of sub-section (1) regarding the making of an abstract shall apply whenever at any other time an investigation into the financial condition of the insurer is made with a view to the distribution of profits or an investigation is made of which the results are made public.
(3) There shall be appended to every such abstract as is referred to in sub-section (1) or sub-section (2) a certificate signed by the principal officer of the insurer that full and accurate particulars of every policy under which there is a liability either actual or contingent have been furnished to the actuary for the purpose of the investigation.
2[(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as may be specified by the regulations:
Provided that, if the investigation referred to in sub-sections (1) and (2) is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.]
(5) Where an investigation into the financial condition of an insurer is made as at a date other than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance-sheet as at the date at which the investigation is made shall be prepared and audited in the manner provided by this Act.
3[(6) The provisions of this section relating to the life insurance business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" and the Authority may authorise such modifications and variations of regulations as may be necessary to facilitate their application to any such sub-class of insurance business:
Provided that, if the 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, it may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.]1. Subs. by s. 18, ibid., for sub-section (1) (w.e.f. 26-12-2014).
2. Subs. by s. 18, ibid., for sub-section (4) (w.e.f. 26-12-2014).
3. Subs. by s. 18, ibid., for sub-section (6) (w.e.f. 26-12-2014) | 2 | Actuarial report and abstract |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18120§ionno=13&orderno=26 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 13 | Actuarial report and abstract | 1[(1) Every insurer carrying on life insurance business shall, once at least every year cause an investigation to be made by an actuary into the financial condition of the life insurance business carried on by him, including a valuation of his liabilities in respect thereto and shall cause an abstract of the report of such actuary to be made in accordance with the regulations:
Provided that the Authority may, having regard to the circumstances of any particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made:
Provided further that every insurer, on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall cause an abstract of the report of the actuary to be made in such manner as may be specified by the regulations.]
(2) The provisions of sub-section (1) regarding the making of an abstract shall apply whenever at any other time an investigation into the financial condition of the insurer is made with a view to the distribution of profits or an investigation is made of which the results are made public.
(3) There shall be appended to every such abstract as is referred to in sub-section (1) or sub-section (2) a certificate signed by the principal officer of the insurer that full and accurate particulars of every policy under which there is a liability either actual or contingent have been furnished to the actuary for the purpose of the investigation.
2[(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as may be specified by the regulations:
Provided that, if the investigation referred to in sub-sections (1) and (2) is made annually by any insurer, the statement need not be appended every year but shall be appended at least once in every three years.]
(5) Where an investigation into the financial condition of an insurer is made as at a date other than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance-sheet as at the date at which the investigation is made shall be prepared and audited in the manner provided by this Act.
3[(6) The provisions of this section relating to the life insurance business shall apply also to any such sub-class of insurance business included in the class "Miscellaneous Insurance" and the Authority may authorise such modifications and variations of regulations as may be necessary to facilitate their application to any such sub-class of insurance business:
Provided that, if the 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, it may exempt that insurer from the operation of this sub-section in respect of that sub-class of insurance business.]1. Subs. by s. 18, ibid., for sub-section (1) (w.e.f. 26-12-2014).
2. Subs. by s. 18, ibid., for sub-section (4) (w.e.f. 26-12-2014).
3. Subs. by s. 18, ibid., for sub-section (6) (w.e.f. 26-12-2014) | 3 | Actuarial report and abstract ]1.Subs.by s.18, ibid., for sub-section (1) (w.e.f.26-12-2014).2.Subs.by s.18, ibid., for sub-section (4) (w.e.f.26-12-2014).3.Subs.by s.18, ibid., for sub-section (6) (w.e.f.26-12-2014) |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18121§ionno=14&orderno=27 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 14 | Record of policies and claims | 1[14. Record of policies and claims.--(1) Every insurer, in respect of all business transacted by him, shall maintain--
(a) a record of policies, in which shall be entered, in respect of every policy issued by the insurer, the name and address of the policyholder, the date when the policy was effected and a record of any transfer, assignment or nomination of which the insurer has notice;
(b) a record of claims, every claim made together with the date of the claim, the name and address of the claimant and the date on which the claim was discharged, or, in the case of a claim which is rejected, the date of rejection and the grounds thereof; and
(c) a record of policies and claims in accordance with clauses (a) and (b) may be maintained in any such form, including electronic mode, as may be specified by the regulations made under this Act.
(2) Every insurer shall, in respect of all business transacted by him, endeavour to issue policies above a specified threshold in terms of sum assured and premium in electronic form, in the manner and form to be specified by the regulations made under this Act.]1. Subs. by Act 5 of 2015, s. 19 for section 14 (w.e.f. 26-12-2014). | 0 | Record of policies and claims 1[14.Record of policies and claims.--(1) Every insurer, in respect of all business transacted by him, shall maintain--
(a) a record of policies, in which shall be entered, in respect of every policy issued by the insurer, the name and address of the policyholder, the date when the policy was effected and a record of any transfer, assignment or nomination of which the insurer has notice;
(b) a record of claims, every claim made together with the date of the claim, the name and address of the claimant and the date on which the claim was discharged, or, in the case of a claim which is rejected, the date of rejection and the grounds thereof; and
(c) a record of policies and claims in accordance with clauses (a) and (b) may be maintained in any such form, including electronic mode, as may be specified by the regulations made under this Act.(2) Every insurer shall, in respect of all business transacted by him, endeavour to issue policies above a specified threshold in terms of sum assured and premium in electronic form, in the manner and form to be specified by the regulations made under this Act.]1.Subs.by Act 5 of 2015, s.19 for section 14 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18122§ionno=15&orderno=28 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 15 | Submission of returns | 1[15. Submission of returns.--(1) The audited accounts and statements referred to in section 11 or sub-section (5) of section 13 and the abstract and statement referred to in section 13 shall be printed, and four copies thereof shall be furnished as returns to the Authority within six months from the end of the period to which they refer.
(2) Of the four copies so furnished, one shall be signed in the case of a company by the chairman and two directors and by the principal officer of the company and, if the company has a managing director by that managing director and one shall be signed by the auditor who made the audit or the actuary who made the valuation, as the case may be.]1. Subs. by s. 20, ibid., for section 15 (w.e.f. 26-12-2014). | 0 | Submission of returns 1[15.Submission of returns.--(1) The audited accounts and statements referred to in section 11 or sub-section (5) of section 13 and the abstract and statement referred to in section 13 shall be printed, and four copies thereof shall be furnished as returns to the Authority within six months from the end of the period to which they refer.(2) Of the four copies so furnished, one shall be signed in the case of a company by the chairman and two directors and by the principal officer of the company and, if the company has a managing director by that managing director and one shall be signed by the auditor who made the audit or the actuary who made the valuation, as the case may be.]1.Subs.by s.20, ibid., for section 15 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18123§ionno=16&orderno=29 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 16 | [Omitted | [Returns by insurers established outside India.]--Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s. 21 (w.e.f. 26-12-2014). | 0 | [Omitted [Returns by insurers established outside India.]--Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s.21 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18124§ionno=17&orderno=30 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 17 | [Omitted | [Exemption from certain provisions of the Indian Companies Act, 1913.]--Omitted by s. 21, ibid. (w.e.f. 26-12-2014). .e.f. 26-12-2014). | 0 | [Omitted [Exemption from certain provisions of the Indian Companies Act, 1913.]--Omitted by s.21, ibid.(w.e.f.26-12-2014)..e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18125§ionno=17A&orderno=31 | "1938-02-26T00:00:00" | The Insurance Act, 1938 | An Act to consolidate and amend the law relating to the business of insurance. | 193804 | Ministry of Finance | 17A | [Omitted | [This Act not to apply to preparation of accounts, etc., for periods prior to this Act coming into force.]-- Omitted by s. 21, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [This Act not to apply to preparation of accounts, etc., for periods prior to this Act coming into force.]-- Omitted by s.21, ibid.(w.e.f.26-12-2014). |