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https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18175§ionno=42A&orderno=81 | "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 | 42A | Prohibition of insurance business through principal agent, special agent and multilevel marketing | 1[42A. Prohibition of insurance business through principal agent, special agent and multilevel marketing. --(1) No insurer shall, on or after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), appoint any principal agent, chief agent, and special agent and transact any insurance business in India through them.
(2) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance policy through multilevel marketing scheme.
(3) The Authority may, through an officer authorised in this behalf, make a complaint to the appropriate police authorities against the entity or persons involved in the multilevel marketing scheme.
Explanation. --For the purpose of this section "multilevel marketing scheme" means any scheme or programme or arrangement or plan (by whatever name called) for the purpose of soliciting and procuring insurance business through persons not authorised for the said purpose with or without consideration of whole or part of commission or remuneration earned through such solicitation and procurement and includes enrolment of persons into a multilevel chain for the said purpose either directly or indirectly.]1. Subs. by Act 5 of 2015, s. 50, for sections 42A, 42B and 42C (w.e.f. 26-12-2014). | 0 | Prohibition of insurance business through principal agent, special agent and multilevel marketing 1[42A.Prohibition of insurance business through principal agent, special agent and multilevel marketing.--(1) No insurer shall, on or after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), appoint any principal agent, chief agent, and special agent and transact any insurance business in India through them.(2) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance policy through multilevel marketing scheme.(3) The Authority may, through an officer authorised in this behalf, make a complaint to the appropriate police authorities against the entity or persons involved in the multilevel marketing scheme.Explanation.--For the purpose of this section "multilevel marketing scheme" means any scheme or programme or arrangement or plan (by whatever name called) for the purpose of soliciting and procuring insurance business through persons not authorised for the said purpose with or without consideration of whole or part of commission or remuneration earned through such solicitation and procurement and includes enrolment of persons into a multilevel chain for the said purpose either directly or indirectly.]1.Subs.by Act 5 of 2015, s.50, for sections 42A, 42B and 42C (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18176§ionno=42D&orderno=82 | "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 | 42D | Issue of registration to intermediary or insurance intermediary | 1[42D. Issue of 2[registration] to intermediary or insurance intermediary. -- (1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance intermediary under this Act:
Provided that--
(a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or
(b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.
(2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary .
(3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force.
(4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force:
Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees.
(5) The disqualifications above referred to shall be the following: --
(a) that the person is a minor;
(b) that he is found to be of unsound mind by a Court of competent jurisdiction;
(c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction:
Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause;
(d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured;
(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf;
(f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf;
(g) that he violates the code of conduct as may be specified by the regulations made by the Authority.
(6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section .
(7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority.
9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees.
(9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]1 Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2 Subs. by Act 5 of 2015, s. 51, for licence (w.e.f. 26-12-2014).
3 Subs. by s. 51, ibid., for sub-section (4) (w.e.f. 26-12-2014).
4 Subs. by s. 51, ibid., for licence issued (w.e.f. 26-12-2014).
5 Ins. by s. 51, ibid. (w.e.f. 26-12-2014).
6 Subs. by s. 51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f. 26-12-2014).
7 Subs. by 5 of 2015, s. 51, for "licence issued" (w.e.f. 26-12-2014).
8 Subs. by s. 51, ibid., for "licence" (w.e.f. 26-12-2014).
9 Subs. by s. 51, ibid., for sub-sections (8) and (9) (w.e.f. 26-12-2014). | 0 | Issue of registration to intermediary or insurance intermediary 1[42D.Issue of 2[registration] to intermediary or insurance intermediary.-- (1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance intermediary under this Act:
Provided that--
(a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or
(b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.(2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary .(3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force.(4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force:
Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18176§ionno=42D&orderno=82 | "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 | 42D | Issue of registration to intermediary or insurance intermediary | 1[42D. Issue of 2[registration] to intermediary or insurance intermediary. -- (1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance intermediary under this Act:
Provided that--
(a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or
(b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.
(2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary .
(3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force.
(4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force:
Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees.
(5) The disqualifications above referred to shall be the following: --
(a) that the person is a minor;
(b) that he is found to be of unsound mind by a Court of competent jurisdiction;
(c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction:
Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause;
(d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured;
(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf;
(f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf;
(g) that he violates the code of conduct as may be specified by the regulations made by the Authority.
(6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section .
(7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority.
9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees.
(9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]1 Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2 Subs. by Act 5 of 2015, s. 51, for licence (w.e.f. 26-12-2014).
3 Subs. by s. 51, ibid., for sub-section (4) (w.e.f. 26-12-2014).
4 Subs. by s. 51, ibid., for licence issued (w.e.f. 26-12-2014).
5 Ins. by s. 51, ibid. (w.e.f. 26-12-2014).
6 Subs. by s. 51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f. 26-12-2014).
7 Subs. by 5 of 2015, s. 51, for "licence issued" (w.e.f. 26-12-2014).
8 Subs. by s. 51, ibid., for "licence" (w.e.f. 26-12-2014).
9 Subs. by s. 51, ibid., for sub-sections (8) and (9) (w.e.f. 26-12-2014). | 1 | Issue of registration to intermediary or insurance intermediary (5) The disqualifications above referred to shall be the following: --
(a) that the person is a minor;
(b) that he is found to be of unsound mind by a Court of competent jurisdiction;
(c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction:
Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause;
(d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured;
(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf;
(f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf;
(g) that he violates the code of conduct as may be specified by the regulations made by the Authority. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18176§ionno=42D&orderno=82 | "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 | 42D | Issue of registration to intermediary or insurance intermediary | 1[42D. Issue of 2[registration] to intermediary or insurance intermediary. -- (1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance intermediary under this Act:
Provided that--
(a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or
(b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.
(2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary .
(3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force.
(4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force:
Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees.
(5) The disqualifications above referred to shall be the following: --
(a) that the person is a minor;
(b) that he is found to be of unsound mind by a Court of competent jurisdiction;
(c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction:
Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause;
(d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured;
(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf;
(f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf;
(g) that he violates the code of conduct as may be specified by the regulations made by the Authority.
(6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section .
(7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority.
9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees.
(9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]1 Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2 Subs. by Act 5 of 2015, s. 51, for licence (w.e.f. 26-12-2014).
3 Subs. by s. 51, ibid., for sub-section (4) (w.e.f. 26-12-2014).
4 Subs. by s. 51, ibid., for licence issued (w.e.f. 26-12-2014).
5 Ins. by s. 51, ibid. (w.e.f. 26-12-2014).
6 Subs. by s. 51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f. 26-12-2014).
7 Subs. by 5 of 2015, s. 51, for "licence issued" (w.e.f. 26-12-2014).
8 Subs. by s. 51, ibid., for "licence" (w.e.f. 26-12-2014).
9 Subs. by s. 51, ibid., for sub-sections (8) and (9) (w.e.f. 26-12-2014). | 2 | Issue of registration to intermediary or insurance intermediary |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18176§ionno=42D&orderno=82 | "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 | 42D | Issue of registration to intermediary or insurance intermediary | 1[42D. Issue of 2[registration] to intermediary or insurance intermediary. -- (1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance intermediary under this Act:
Provided that--
(a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or
(b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.
(2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary .
(3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force.
(4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force:
Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees.
(5) The disqualifications above referred to shall be the following: --
(a) that the person is a minor;
(b) that he is found to be of unsound mind by a Court of competent jurisdiction;
(c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction:
Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause;
(d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured;
(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf;
(f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf;
(g) that he violates the code of conduct as may be specified by the regulations made by the Authority.
(6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section .
(7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority.
9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees.
(9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]1 Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2 Subs. by Act 5 of 2015, s. 51, for licence (w.e.f. 26-12-2014).
3 Subs. by s. 51, ibid., for sub-section (4) (w.e.f. 26-12-2014).
4 Subs. by s. 51, ibid., for licence issued (w.e.f. 26-12-2014).
5 Ins. by s. 51, ibid. (w.e.f. 26-12-2014).
6 Subs. by s. 51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f. 26-12-2014).
7 Subs. by 5 of 2015, s. 51, for "licence issued" (w.e.f. 26-12-2014).
8 Subs. by s. 51, ibid., for "licence" (w.e.f. 26-12-2014).
9 Subs. by s. 51, ibid., for sub-sections (8) and (9) (w.e.f. 26-12-2014). | 3 | Issue of registration to intermediary or insurance intermediary |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18176§ionno=42D&orderno=82 | "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 | 42D | Issue of registration to intermediary or insurance intermediary | 1[42D. Issue of 2[registration] to intermediary or insurance intermediary. -- (1) The Authority or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the Authority and on payment of the fees determined by the regulations made by the Authority, issue to any person making an application in the manner determined by the regulations, and not suffering from any of the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance intermediary under this Act:
Provided that--
(a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or
(b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications.
(2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary .
(3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force.
(4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force:
Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees.
(5) The disqualifications above referred to shall be the following: --
(a) that the person is a minor;
(b) that he is found to be of unsound mind by a Court of competent jurisdiction;
(c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction:
Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause;
(d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured;
(e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf;
(f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf;
(g) that he violates the code of conduct as may be specified by the regulations made by the Authority.
(6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section .
(7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority.
9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees.
(9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]1 Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2 Subs. by Act 5 of 2015, s. 51, for licence (w.e.f. 26-12-2014).
3 Subs. by s. 51, ibid., for sub-section (4) (w.e.f. 26-12-2014).
4 Subs. by s. 51, ibid., for licence issued (w.e.f. 26-12-2014).
5 Ins. by s. 51, ibid. (w.e.f. 26-12-2014).
6 Subs. by s. 51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f. 26-12-2014).
7 Subs. by 5 of 2015, s. 51, for "licence issued" (w.e.f. 26-12-2014).
8 Subs. by s. 51, ibid., for "licence" (w.e.f. 26-12-2014).
9 Subs. by s. 51, ibid., for sub-sections (8) and (9) (w.e.f. 26-12-2014). | 4 | Issue of registration to intermediary or insurance intermediary (6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section .(7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority.9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees.(9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]1 Ins.by Act 41 of 1999, s.30 and the First Schedule (w.e.f.19-4-2000).2 Subs.by Act 5 of 2015, s.51, for licence (w.e.f.26-12-2014).3 Subs.by s.51, ibid., for sub-section (4) (w.e.f.26-12-2014).4 Subs.by s.51, ibid., for licence issued (w.e.f.26-12-2014).5 Ins.by s.51, ibid.(w.e.f.26-12-2014).6 Subs.by s.51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f.26-12-2014).7 Subs.by 5 of 2015, s.51, for "licence issued" (w.e.f.26-12-2014).8 Subs.by s.51, ibid., for "licence" (w.e.f.26-12-2014).9 Subs.by s.51, ibid., for sub-sections (8) and (9) (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18177§ionno=42E&orderno=83 | "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 | 42E | Commission, brokerage or fee payable to intermediary or insurance intermediary | 1[42E. Condition for intermediary or insurance intermediary. --Without prejudice to the provisions contained in this Act, the Authority may, by regulations made in this behalf, specify the requirements of capital, form of business and other conditions, to act as an intermediary or an insurance intermediary.]1. Subs. by s. 51, ibid., for section 42E (w.e.f. 26-12-2014). | 0 | Commission, brokerage or fee payable to intermediary or insurance intermediary 1[42E.Condition for intermediary or insurance intermediary.--Without prejudice to the provisions contained in this Act, the Authority may, by regulations made in this behalf, specify the requirements of capital, form of business and other conditions, to act as an intermediary or an insurance intermediary.]1.Subs.by s.51, ibid., for section 42E (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18178§ionno=43&orderno=84 | "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 | 43 | Register of insurance agents | 1[43. Record of insurance agents. --(1) Every insurer and every person who, acting on behalf of an insurer employs insurance agents shall maintain a record showing the name and address of every insurance agent appointed by him and the date on which his appointment began and the date, if any, on which his appointment ceased.
(2) The record prepared by the insurer under sub-section (1), shall be maintained as long as the insurance agent is in service and for a period of five years after the cessation of appointment.]1.Subs. by Act 5 of 2015, s. 53, for section 43 (w.e.f. 26-12-2014). | 0 | Register of insurance agents 1[43.Record of insurance agents.--(1) Every insurer and every person who, acting on behalf of an insurer employs insurance agents shall maintain a record showing the name and address of every insurance agent appointed by him and the date on which his appointment began and the date, if any, on which his appointment ceased.(2) The record prepared by the insurer under sub-section (1), shall be maintained as long as the insurance agent is in service and for a period of five years after the cessation of appointment.]1.Subs.by Act 5 of 2015, s.53, for section 43 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18179§ionno=44&orderno=85 | "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 | 44 | [Omitted | [Prohibition of cessation of payments of commission.]--omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 54 (w.e.f. 26-12-2014). | 0 | [Omitted [Prohibition of cessation of payments of commission.]--omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.54 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18180§ionno=44A&orderno=86 | "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 | 44A | Power to call for information | 1[44A. Power to call for information.--For the purposes of ensuring compliance with the provisions of sections 40, 40B and 40C, the Authority may, by notice--
(a) require from an insurer such information, certified if so required by an auditor or actuary, as it may consider necessary;
(b) require an insurer to submit for its examination at the principal place of business of the insurer in India, any books of account, register or other document, or to supply any statement which may be specified in the notice;
(c) examine any officer of an insurer on oath, in relation to any such information, book, register, document or statement and the insurer, shall comply with any such requirement within such time as may be specified in the notice.]1. Subs. by s. 55, ibid., for sections 44A and 45 (w.e.f. 26-12-2014). | 0 | Power to call for information 1[44A.Power to call for information.--For the purposes of ensuring compliance with the provisions of sections 40, 40B and 40C, the Authority may, by notice--
(a) require from an insurer such information, certified if so required by an auditor or actuary, as it may consider necessary;
(b) require an insurer to submit for its examination at the principal place of business of the insurer in India, any books of account, register or other document, or to supply any statement which may be specified in the notice;
(c) examine any officer of an insurer on oath, in relation to any such information, book, register, document or statement and the insurer, shall comply with any such requirement within such time as may be specified in the notice.]1.Subs.by s.55, ibid., for sections 44A and 45 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18181§ionno=45&orderno=87 | "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 | 45 | Policy not to be called in question on ground of mis-statement after two years | (1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
Explanation I. --For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with intent to deceive the insurer or to induce the insurer to issue a life insurance policy: --
(a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.
Explanation II. --Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent keeping silence, to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
Explanation. --A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Explanation. --For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.]1. Subs. by s. 55, ibid., for sections 44A and 45 (w.e.f. 26-12-2014). | 0 | Policy not to be called in question on ground of mis-statement after two years (1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.Explanation I.--For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with intent to deceive the insurer or to induce the insurer to issue a life insurance policy: --
(a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.Explanation II.--Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent keeping silence, to speak, or unless his silence is, in itself, equivalent to speak.(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.Explanation.--A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18181§ionno=45&orderno=87 | "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 | 45 | Policy not to be called in question on ground of mis-statement after two years | (1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
Explanation I. --For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with intent to deceive the insurer or to induce the insurer to issue a life insurance policy: --
(a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.
Explanation II. --Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent keeping silence, to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
Explanation. --A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Explanation. --For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.]1. Subs. by s. 55, ibid., for sections 44A and 45 (w.e.f. 26-12-2014). | 1 | Policy not to be called in question on ground of mis-statement after two years (4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18181§ionno=45&orderno=87 | "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 | 45 | Policy not to be called in question on ground of mis-statement after two years | (1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
Explanation I. --For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with intent to deceive the insurer or to induce the insurer to issue a life insurance policy: --
(a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.
Explanation II. --Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent keeping silence, to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
Explanation. --A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Explanation. --For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.]1. Subs. by s. 55, ibid., for sections 44A and 45 (w.e.f. 26-12-2014). | 2 | Policy not to be called in question on ground of mis-statement after two years |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18181§ionno=45&orderno=87 | "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 | 45 | Policy not to be called in question on ground of mis-statement after two years | (1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
Explanation I. --For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with intent to deceive the insurer or to induce the insurer to issue a life insurance policy: --
(a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.
Explanation II. --Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent keeping silence, to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
Explanation. --A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Explanation. --For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.]1. Subs. by s. 55, ibid., for sections 44A and 45 (w.e.f. 26-12-2014). | 3 | Policy not to be called in question on ground of mis-statement after two years Explanation.--For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.]1.Subs.by s.55, ibid., for sections 44A and 45 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18182§ionno=46&orderno=88 | "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 | 46 | Application of the law in force in India to policies issued in India | The holder of a policy of insurance issued by an insurer in respect of insurance business transacted in 1[India] after the commencement of this Act shall have the right, notwithstanding anything to the contrary contained in the policy or in any agreement relating thereto, to receive payment in 1[India], of any sum secured thereby and to sue for any relief in respect of the policy in any Court of competent jurisdiction in 1[India]; and if the suit is brought in 1[India]; any question of law arising in connection with any such policy shall be determined according to the law in force in 1[India]:
2[Provided that nothing in this section shall apply to a policy of marine insurance.]1 Subs. by Act 62 of 1956, s. 2 and the First Schedule, for "the States" (w.e.f. 1-11-1956).
2 Ins. by Act 7 of 1944, s. 2 (w.e.f. 7-3-1944). | 0 | Application of the law in force in India to policies issued in India The holder of a policy of insurance issued by an insurer in respect of insurance business transacted in 1[India] after the commencement of this Act shall have the right, notwithstanding anything to the contrary contained in the policy or in any agreement relating thereto, to receive payment in 1[India], of any sum secured thereby and to sue for any relief in respect of the policy in any Court of competent jurisdiction in 1[India]; and if the suit is brought in 1[India]; any question of law arising in connection with any such policy shall be determined according to the law in force in 1[India]:
2[Provided that nothing in this section shall apply to a policy of marine insurance.]1 Subs.by Act 62 of 1956, s.2 and the First Schedule, for "the States" (w.e.f.1-11-1956).2 Ins.by Act 7 of 1944, s.2 (w.e.f.7-3-1944). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18183§ionno=47&orderno=89 | "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 | 47 | Payment of money into Court | (1) Where in respect of any policy of life insurance maturing for payment an insurer is of opinion that by reason of conflicting claims to or insufficiency of proof of title to the amount secured thereby or for any other adequate reason it is impossible otherwise for the insurer to obtain a satisfactory discharge for the payment of such amount, 1[the insurer may], 2[***] apply to pay the amount into the Court within the jurisdiction of which is situated the place at which such amount is payable under the terms of the policy or otherwise.
(2) A receipt granted by the Court for any such payment shall be a satisfactory discharge to the insurer for the payment of such amount.
(3) An application for permission to make a payment into Court under this section shall be made by a petition verified by an affidavit signed by a principal officer of the insurer setting forth the following particulars, namely: --
(a) the name of the insured person and his address;
(b) if the insured person is deceased, the date and place of hi s death;
(c) the nature of the policy and the amount secured by it;
(d) the name and address of each claimant so far as is known to the insurer with details of every notice of claim received;
(e) the reasons why in the opinion of the insurer a satisfactory discharged cannot be obtained for the payment of the amount; and
(f) the address at which the insurer may be served with notice of any proceeding relating to disposal of the amount paid into Court.
(4) An application under this section shall not be entertained by the Court if the application is made before the expiry of six months 3[from the maturing of the policy by survival, or from the date of receipt of notice by the insurer of the death of the insured, as the case may be.]
(5) If it appears to the Court that a satisfactory discharge for the payment of the amount cannot otherwise be obtained by the insurer it shall allow the amount to be paid into Court and shall invest the amount in Government securities pending its disposal.
(6) The Insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court.
(7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant.
(8) The Court shall decide all questions relating to the disposal of claims to the amount paid into Court.1. Subs. by Act 13 of 1941, s. 32, for "the insurer shall" (w.e.f. 8-4-1941).
2. Certain words omitted by Act 47 of 1950, s. 36 (w.e.f. 1-6-1950).
3 Subs. by Act 11 of 1939, s. 18, for "from the death of the insured, or the maturing of the policy by survival". | 0 | Payment of money into Court (1) Where in respect of any policy of life insurance maturing for payment an insurer is of opinion that by reason of conflicting claims to or insufficiency of proof of title to the amount secured thereby or for any other adequate reason it is impossible otherwise for the insurer to obtain a satisfactory discharge for the payment of such amount, 1[the insurer may], 2[***] apply to pay the amount into the Court within the jurisdiction of which is situated the place at which such amount is payable under the terms of the policy or otherwise.(2) A receipt granted by the Court for any such payment shall be a satisfactory discharge to the insurer for the payment of such amount.(3) An application for permission to make a payment into Court under this section shall be made by a petition verified by an affidavit signed by a principal officer of the insurer setting forth the following particulars, namely: --
(a) the name of the insured person and his address;
(b) if the insured person is deceased, the date and place of hi s death;
(c) the nature of the policy and the amount secured by it;
(d) the name and address of each claimant so far as is known to the insurer with details of every notice of claim received;
(e) the reasons why in the opinion of the insurer a satisfactory discharged cannot be obtained for the payment of the amount; and
(f) the address at which the insurer may be served with notice of any proceeding relating to disposal of the amount paid into Court.(4) An application under this section shall not be entertained by the Court if the application is made before the expiry of six months 3[from the maturing of the policy by survival, or from the date of receipt of notice by the insurer of the death of the insured, as the case may be.]
(5) If it appears to the Court that a satisfactory discharge for the payment of the amount cannot otherwise be obtained by the insurer it shall allow the amount to be paid into Court and shall invest the amount in Government securities pending its disposal.(6) The Insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18183§ionno=47&orderno=89 | "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 | 47 | Payment of money into Court | (1) Where in respect of any policy of life insurance maturing for payment an insurer is of opinion that by reason of conflicting claims to or insufficiency of proof of title to the amount secured thereby or for any other adequate reason it is impossible otherwise for the insurer to obtain a satisfactory discharge for the payment of such amount, 1[the insurer may], 2[***] apply to pay the amount into the Court within the jurisdiction of which is situated the place at which such amount is payable under the terms of the policy or otherwise.
(2) A receipt granted by the Court for any such payment shall be a satisfactory discharge to the insurer for the payment of such amount.
(3) An application for permission to make a payment into Court under this section shall be made by a petition verified by an affidavit signed by a principal officer of the insurer setting forth the following particulars, namely: --
(a) the name of the insured person and his address;
(b) if the insured person is deceased, the date and place of hi s death;
(c) the nature of the policy and the amount secured by it;
(d) the name and address of each claimant so far as is known to the insurer with details of every notice of claim received;
(e) the reasons why in the opinion of the insurer a satisfactory discharged cannot be obtained for the payment of the amount; and
(f) the address at which the insurer may be served with notice of any proceeding relating to disposal of the amount paid into Court.
(4) An application under this section shall not be entertained by the Court if the application is made before the expiry of six months 3[from the maturing of the policy by survival, or from the date of receipt of notice by the insurer of the death of the insured, as the case may be.]
(5) If it appears to the Court that a satisfactory discharge for the payment of the amount cannot otherwise be obtained by the insurer it shall allow the amount to be paid into Court and shall invest the amount in Government securities pending its disposal.
(6) The Insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court.
(7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant.
(8) The Court shall decide all questions relating to the disposal of claims to the amount paid into Court.1. Subs. by Act 13 of 1941, s. 32, for "the insurer shall" (w.e.f. 8-4-1941).
2. Certain words omitted by Act 47 of 1950, s. 36 (w.e.f. 1-6-1950).
3 Subs. by Act 11 of 1939, s. 18, for "from the death of the insured, or the maturing of the policy by survival". | 1 | Payment of money into Court (7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18183§ionno=47&orderno=89 | "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 | 47 | Payment of money into Court | (1) Where in respect of any policy of life insurance maturing for payment an insurer is of opinion that by reason of conflicting claims to or insufficiency of proof of title to the amount secured thereby or for any other adequate reason it is impossible otherwise for the insurer to obtain a satisfactory discharge for the payment of such amount, 1[the insurer may], 2[***] apply to pay the amount into the Court within the jurisdiction of which is situated the place at which such amount is payable under the terms of the policy or otherwise.
(2) A receipt granted by the Court for any such payment shall be a satisfactory discharge to the insurer for the payment of such amount.
(3) An application for permission to make a payment into Court under this section shall be made by a petition verified by an affidavit signed by a principal officer of the insurer setting forth the following particulars, namely: --
(a) the name of the insured person and his address;
(b) if the insured person is deceased, the date and place of hi s death;
(c) the nature of the policy and the amount secured by it;
(d) the name and address of each claimant so far as is known to the insurer with details of every notice of claim received;
(e) the reasons why in the opinion of the insurer a satisfactory discharged cannot be obtained for the payment of the amount; and
(f) the address at which the insurer may be served with notice of any proceeding relating to disposal of the amount paid into Court.
(4) An application under this section shall not be entertained by the Court if the application is made before the expiry of six months 3[from the maturing of the policy by survival, or from the date of receipt of notice by the insurer of the death of the insured, as the case may be.]
(5) If it appears to the Court that a satisfactory discharge for the payment of the amount cannot otherwise be obtained by the insurer it shall allow the amount to be paid into Court and shall invest the amount in Government securities pending its disposal.
(6) The Insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court.
(7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant.
(8) The Court shall decide all questions relating to the disposal of claims to the amount paid into Court.1. Subs. by Act 13 of 1941, s. 32, for "the insurer shall" (w.e.f. 8-4-1941).
2. Certain words omitted by Act 47 of 1950, s. 36 (w.e.f. 1-6-1950).
3 Subs. by Act 11 of 1939, s. 18, for "from the death of the insured, or the maturing of the policy by survival". | 2 | Payment of money into Court |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18183§ionno=47&orderno=89 | "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 | 47 | Payment of money into Court | (1) Where in respect of any policy of life insurance maturing for payment an insurer is of opinion that by reason of conflicting claims to or insufficiency of proof of title to the amount secured thereby or for any other adequate reason it is impossible otherwise for the insurer to obtain a satisfactory discharge for the payment of such amount, 1[the insurer may], 2[***] apply to pay the amount into the Court within the jurisdiction of which is situated the place at which such amount is payable under the terms of the policy or otherwise.
(2) A receipt granted by the Court for any such payment shall be a satisfactory discharge to the insurer for the payment of such amount.
(3) An application for permission to make a payment into Court under this section shall be made by a petition verified by an affidavit signed by a principal officer of the insurer setting forth the following particulars, namely: --
(a) the name of the insured person and his address;
(b) if the insured person is deceased, the date and place of hi s death;
(c) the nature of the policy and the amount secured by it;
(d) the name and address of each claimant so far as is known to the insurer with details of every notice of claim received;
(e) the reasons why in the opinion of the insurer a satisfactory discharged cannot be obtained for the payment of the amount; and
(f) the address at which the insurer may be served with notice of any proceeding relating to disposal of the amount paid into Court.
(4) An application under this section shall not be entertained by the Court if the application is made before the expiry of six months 3[from the maturing of the policy by survival, or from the date of receipt of notice by the insurer of the death of the insured, as the case may be.]
(5) If it appears to the Court that a satisfactory discharge for the payment of the amount cannot otherwise be obtained by the insurer it shall allow the amount to be paid into Court and shall invest the amount in Government securities pending its disposal.
(6) The Insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court.
(7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant.
(8) The Court shall decide all questions relating to the disposal of claims to the amount paid into Court.1. Subs. by Act 13 of 1941, s. 32, for "the insurer shall" (w.e.f. 8-4-1941).
2. Certain words omitted by Act 47 of 1950, s. 36 (w.e.f. 1-6-1950).
3 Subs. by Act 11 of 1939, s. 18, for "from the death of the insured, or the maturing of the policy by survival". | 3 | Payment of money into Court (8) The Court shall decide all questions relating to the disposal of claims to the amount paid into Court.1.Subs.by Act 13 of 1941, s.32, for "the insurer shall" (w.e.f.8-4-1941).2.Certain words omitted by Act 47 of 1950, s.36 (w.e.f.1-6-1950).3 Subs.by Act 11 of 1939, s.18, for "from the death of the insured, or the maturing of the policy by survival". |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18184§ionno=47A&orderno=90 | "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 | 47A | [Omitted | [Claims on small life insurance policies]. -- Omitted by Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 56 (w.e.f. 26-12-2014). | 0 | [Omitted [Claims on small life insurance policies].-- Omitted by Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.56 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18185§ionno=48&orderno=91 | "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 | 48 | [Omitted | [Directors of insurers being companies]. -- Omitted by s. 56, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Directors of insurers being companies].-- Omitted by s.56, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18186§ionno=48A&orderno=92 | "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 | 48A | 1[48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company. --No insurance agent or intermediary or insurance intermediary shall be eligible to be or remain a director in insurance company:
Provided that any director holding office at the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall not become ineligible to remain a director by reason of this section until the expiry of six months from the date of commencement of the said Act:
Provided further that the Authority may permit an agent or intermediary or insurance intermediary to be on the Board of an insurance company subject to such conditions or restrictions as it may impose to protect the interest of policyholders or to avoid conflict of interest.
]1. Subs. by Act 5 of 2015, s. 57 (w.e.f. 26-12-2014). | 0 | 1[48A.Insurance agent or intermediary or insurance intermediary not to be director in insurance company.--No insurance agent or intermediary or insurance intermediary shall be eligible to be or remain a director in insurance company:
Provided that any director holding office at the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall not become ineligible to remain a director by reason of this section until the expiry of six months from the date of commencement of the said Act:
Provided further that the Authority may permit an agent or intermediary or insurance intermediary to be on the Board of an insurance company subject to such conditions or restrictions as it may impose to protect the interest of policyholders or to avoid conflict of interest.]1.Subs.by Act 5 of 2015, s.57 (w.e.f.26-12-2014). |
|
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18187§ionno=48B&orderno=93 | "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 | 48B | Further provision regarding directors | 1[48B. Further provision regarding directors.--(1) An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.
(2) The 2[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section--
(a) any insurer, who is a subsidiary company of another insurer, or
(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]1. ns. by Act 47 of 1950, s. 40 (w.e.f. 1-6-1950).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000). | 0 | Further provision regarding directors 1[48B.Further provision regarding directors.--(1) An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.(2) The 2[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section--
(a) any insurer, who is a subsidiary company of another insurer, or
(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]1.ns.by Act 47 of 1950, s.40 (w.e.f.1-6-1950).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Central Government" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18188§ionno=48C&orderno=94 | "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 | 48C | [Omitted | [Appointment of additional directors].-- [Omitted by the Insurance (Amendment) Act, 1968 (62 of 1968), s. 21 (w.e.f. 1-6-1969)].] | 0 | [Omitted [Appointment of additional directors].-- [Omitted by the Insurance (Amendment) Act, 1968 (62 of 1968), s.21 (w.e.f.1-6-1969)].] |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18189§ionno=49&orderno=95 | "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 | 49 | Restriction On dividends and bonuses | 2[49. Restriction on dividends and bonuses. --3[(1)] No insurer, 4***, who carries on the business of life insurance or any other class or sub-class of insurance business to which section 13 applies, shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to policy-holders or of making any payment in service of any debentures, utilize directly or indirectly any portion of the life insurance fund or of the fund of such other class or sub-class of insurance business, as the case may be, except a surplus shown in the valuation 5[balance-sheet in such form as may be specified by the regulations made by the Authority] submitted to the 1[Authority] as part of the abstract referred to in section 15 as a result of an actuarial valuation of the assets and liabilities of the insurer; nor shall he increase such surplus by contributions out of any reserve fund or otherwise unless such contributions have been brought in as revenue account applicable to that class or sub-class of insurance business on or before the date of the valuation aforesaid, except when the reserve fund is made up solely of transfers from similar surpluses disclosed by valuations in respect of which returns have been submitted to the 1[Authority] under section 15 of this Act 6***:
Provided that payments made out of any such surplus in service of any debentures shall not exceed fifty percent, of such surplus including any payment by way of interest on the debentures, and interest paid on the debentures shall not exceed ten per cent, of any such surplus except when the interest paid on the debentures is offset against the interest credited to the fund or funds concerned in deciding the interest basis adopted in the valuation disclosing the aforesaid surplus:]
7[Provided further that the share of any such surplus allocated to or reserved for the shareholders, (including any amount for the payment of dividends guaranteed to them, whether by way of first charge or otherwise), shall not exceed such sums as may be specified by the Authority and such share shall in no case exceed ten per cent of such surplus in case of participating policies and in other cases the whole thereof.]
8[(2) For the purposes of sub-section (1), the actual amount of income-tax deducted at source during the period following the date as at which the last preceding valuation was made and preceding the date as at which the valuation in question is made may be added to such surplus after deducting an estimated amount for income-tax on such surplus, such addition and deduction being shown in 9[an abstract of the report of the actuary referred to in sub-section (1) of section 13].]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
2. Subs. by Act 13 of 1941, s. 34, for section 49 (w.e.f. 8-4-1941).
3. Section 49 renumbered as sub-section (1) thereof by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
4. The words, brackets, letters and figures "being an insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2" omitted by Act 5 of 2015, s. 58 (w.e.f. 26-12-2014).
5. Subs. by Act 42 of 2002, s. 12, for "balance sheet in Form I as set forth in the Fourth Schedule" (w.e.f. 23-9-2002).
6. The words and figures "or to the Central Government under section 11 of the Indian Life Insurance Companies Act, 1912 (7 of 1912)" Omitted by Act 5 of 2015, s. 58 (w.e.f. 26.12.2014).
7. Subs. by Act 42 of 2002, s. 12, for the second proviso (w.e.f. 23-9-2002).
8. Ins. by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
9. Subs. by Act 42 of 2002, s. 12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act" (w.e.f. 23-9-2002). | 0 | Restriction On dividends and bonuses 2[49.Restriction on dividends and bonuses.--3[(1)] No insurer, 4***, who carries on the business of life insurance or any other class or sub-class of insurance business to which section 13 applies, shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to policy-holders or of making any payment in service of any debentures, utilize directly or indirectly any portion of the life insurance fund or of the fund of such other class or sub-class of insurance business, as the case may be, except a surplus shown in the valuation 5[balance-sheet in such form as may be specified by the regulations made by the Authority] submitted to the 1[Authority] as part of the abstract referred to in section 15 as a result of an actuarial valuation of the assets and liabilities of the insurer; nor shall he increase such surplus by contributions out of any reserve fund or otherwise unless such contributions have been brought in as revenue account applicable to that class or sub-class of insurance business on or before the date of the valuation aforesaid, except when the reserve fund is made up solely of transfers from similar surpluses disclosed by valuations in respect of which returns have been submitted to the 1[Authority] under section 15 of this Act 6***:
Provided that payments made out of any such surplus in service of any debentures shall not exceed fifty percent, of such surplus including any payment by way of interest on the debentures, and interest paid on the debentures shall not exceed ten per cent, of any such surplus except when the interest paid on the debentures is offset against the interest credited to the fund or funds concerned in deciding the interest basis adopted in the valuation disclosing the aforesaid surplus:]
7[Provided further that the share of any such surplus allocated to or reserved for the shareholders, (including any amount for the payment of dividends guaranteed to them, whether by way of first charge or otherwise), shall not exceed such sums as may be specified by the Authority and such share shall in no case exceed ten per cent of such surplus in case of participating policies and in other cases the whole thereof.]
8[(2) For the purposes of sub-section (1), the actual amount of income-tax deducted at source during the period following the date as at which the last preceding valuation was made and preceding the date as at which the valuation in question is made may be added to such surplus after deducting an estimated amount for income-tax on such surplus, such addition and deduction being shown in 9[an abstract of the report of the actuary referred to in sub-section (1) of section 13].]1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Central Government" (w.e.f.19-4-2000).2.Subs.by Act 13 of 1941, s.34, for section 49 (w.e.f.8-4-1941).3. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18189§ionno=49&orderno=95 | "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 | 49 | Restriction On dividends and bonuses | 2[49. Restriction on dividends and bonuses. --3[(1)] No insurer, 4***, who carries on the business of life insurance or any other class or sub-class of insurance business to which section 13 applies, shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to policy-holders or of making any payment in service of any debentures, utilize directly or indirectly any portion of the life insurance fund or of the fund of such other class or sub-class of insurance business, as the case may be, except a surplus shown in the valuation 5[balance-sheet in such form as may be specified by the regulations made by the Authority] submitted to the 1[Authority] as part of the abstract referred to in section 15 as a result of an actuarial valuation of the assets and liabilities of the insurer; nor shall he increase such surplus by contributions out of any reserve fund or otherwise unless such contributions have been brought in as revenue account applicable to that class or sub-class of insurance business on or before the date of the valuation aforesaid, except when the reserve fund is made up solely of transfers from similar surpluses disclosed by valuations in respect of which returns have been submitted to the 1[Authority] under section 15 of this Act 6***:
Provided that payments made out of any such surplus in service of any debentures shall not exceed fifty percent, of such surplus including any payment by way of interest on the debentures, and interest paid on the debentures shall not exceed ten per cent, of any such surplus except when the interest paid on the debentures is offset against the interest credited to the fund or funds concerned in deciding the interest basis adopted in the valuation disclosing the aforesaid surplus:]
7[Provided further that the share of any such surplus allocated to or reserved for the shareholders, (including any amount for the payment of dividends guaranteed to them, whether by way of first charge or otherwise), shall not exceed such sums as may be specified by the Authority and such share shall in no case exceed ten per cent of such surplus in case of participating policies and in other cases the whole thereof.]
8[(2) For the purposes of sub-section (1), the actual amount of income-tax deducted at source during the period following the date as at which the last preceding valuation was made and preceding the date as at which the valuation in question is made may be added to such surplus after deducting an estimated amount for income-tax on such surplus, such addition and deduction being shown in 9[an abstract of the report of the actuary referred to in sub-section (1) of section 13].]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
2. Subs. by Act 13 of 1941, s. 34, for section 49 (w.e.f. 8-4-1941).
3. Section 49 renumbered as sub-section (1) thereof by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
4. The words, brackets, letters and figures "being an insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2" omitted by Act 5 of 2015, s. 58 (w.e.f. 26-12-2014).
5. Subs. by Act 42 of 2002, s. 12, for "balance sheet in Form I as set forth in the Fourth Schedule" (w.e.f. 23-9-2002).
6. The words and figures "or to the Central Government under section 11 of the Indian Life Insurance Companies Act, 1912 (7 of 1912)" Omitted by Act 5 of 2015, s. 58 (w.e.f. 26.12.2014).
7. Subs. by Act 42 of 2002, s. 12, for the second proviso (w.e.f. 23-9-2002).
8. Ins. by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
9. Subs. by Act 42 of 2002, s. 12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act" (w.e.f. 23-9-2002). | 1 | Restriction On dividends and bonuses Section 49 renumbered as sub-section (1) thereof by Act 47 of 1950, s. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18189§ionno=49&orderno=95 | "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 | 49 | Restriction On dividends and bonuses | 2[49. Restriction on dividends and bonuses. --3[(1)] No insurer, 4***, who carries on the business of life insurance or any other class or sub-class of insurance business to which section 13 applies, shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to policy-holders or of making any payment in service of any debentures, utilize directly or indirectly any portion of the life insurance fund or of the fund of such other class or sub-class of insurance business, as the case may be, except a surplus shown in the valuation 5[balance-sheet in such form as may be specified by the regulations made by the Authority] submitted to the 1[Authority] as part of the abstract referred to in section 15 as a result of an actuarial valuation of the assets and liabilities of the insurer; nor shall he increase such surplus by contributions out of any reserve fund or otherwise unless such contributions have been brought in as revenue account applicable to that class or sub-class of insurance business on or before the date of the valuation aforesaid, except when the reserve fund is made up solely of transfers from similar surpluses disclosed by valuations in respect of which returns have been submitted to the 1[Authority] under section 15 of this Act 6***:
Provided that payments made out of any such surplus in service of any debentures shall not exceed fifty percent, of such surplus including any payment by way of interest on the debentures, and interest paid on the debentures shall not exceed ten per cent, of any such surplus except when the interest paid on the debentures is offset against the interest credited to the fund or funds concerned in deciding the interest basis adopted in the valuation disclosing the aforesaid surplus:]
7[Provided further that the share of any such surplus allocated to or reserved for the shareholders, (including any amount for the payment of dividends guaranteed to them, whether by way of first charge or otherwise), shall not exceed such sums as may be specified by the Authority and such share shall in no case exceed ten per cent of such surplus in case of participating policies and in other cases the whole thereof.]
8[(2) For the purposes of sub-section (1), the actual amount of income-tax deducted at source during the period following the date as at which the last preceding valuation was made and preceding the date as at which the valuation in question is made may be added to such surplus after deducting an estimated amount for income-tax on such surplus, such addition and deduction being shown in 9[an abstract of the report of the actuary referred to in sub-section (1) of section 13].]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
2. Subs. by Act 13 of 1941, s. 34, for section 49 (w.e.f. 8-4-1941).
3. Section 49 renumbered as sub-section (1) thereof by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
4. The words, brackets, letters and figures "being an insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2" omitted by Act 5 of 2015, s. 58 (w.e.f. 26-12-2014).
5. Subs. by Act 42 of 2002, s. 12, for "balance sheet in Form I as set forth in the Fourth Schedule" (w.e.f. 23-9-2002).
6. The words and figures "or to the Central Government under section 11 of the Indian Life Insurance Companies Act, 1912 (7 of 1912)" Omitted by Act 5 of 2015, s. 58 (w.e.f. 26.12.2014).
7. Subs. by Act 42 of 2002, s. 12, for the second proviso (w.e.f. 23-9-2002).
8. Ins. by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
9. Subs. by Act 42 of 2002, s. 12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act" (w.e.f. 23-9-2002). | 2 | Restriction On dividends and bonuses |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18189§ionno=49&orderno=95 | "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 | 49 | Restriction On dividends and bonuses | 2[49. Restriction on dividends and bonuses. --3[(1)] No insurer, 4***, who carries on the business of life insurance or any other class or sub-class of insurance business to which section 13 applies, shall, for the purpose of declaring or paying any dividend to shareholders or any bonus to policy-holders or of making any payment in service of any debentures, utilize directly or indirectly any portion of the life insurance fund or of the fund of such other class or sub-class of insurance business, as the case may be, except a surplus shown in the valuation 5[balance-sheet in such form as may be specified by the regulations made by the Authority] submitted to the 1[Authority] as part of the abstract referred to in section 15 as a result of an actuarial valuation of the assets and liabilities of the insurer; nor shall he increase such surplus by contributions out of any reserve fund or otherwise unless such contributions have been brought in as revenue account applicable to that class or sub-class of insurance business on or before the date of the valuation aforesaid, except when the reserve fund is made up solely of transfers from similar surpluses disclosed by valuations in respect of which returns have been submitted to the 1[Authority] under section 15 of this Act 6***:
Provided that payments made out of any such surplus in service of any debentures shall not exceed fifty percent, of such surplus including any payment by way of interest on the debentures, and interest paid on the debentures shall not exceed ten per cent, of any such surplus except when the interest paid on the debentures is offset against the interest credited to the fund or funds concerned in deciding the interest basis adopted in the valuation disclosing the aforesaid surplus:]
7[Provided further that the share of any such surplus allocated to or reserved for the shareholders, (including any amount for the payment of dividends guaranteed to them, whether by way of first charge or otherwise), shall not exceed such sums as may be specified by the Authority and such share shall in no case exceed ten per cent of such surplus in case of participating policies and in other cases the whole thereof.]
8[(2) For the purposes of sub-section (1), the actual amount of income-tax deducted at source during the period following the date as at which the last preceding valuation was made and preceding the date as at which the valuation in question is made may be added to such surplus after deducting an estimated amount for income-tax on such surplus, such addition and deduction being shown in 9[an abstract of the report of the actuary referred to in sub-section (1) of section 13].]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
2. Subs. by Act 13 of 1941, s. 34, for section 49 (w.e.f. 8-4-1941).
3. Section 49 renumbered as sub-section (1) thereof by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
4. The words, brackets, letters and figures "being an insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2" omitted by Act 5 of 2015, s. 58 (w.e.f. 26-12-2014).
5. Subs. by Act 42 of 2002, s. 12, for "balance sheet in Form I as set forth in the Fourth Schedule" (w.e.f. 23-9-2002).
6. The words and figures "or to the Central Government under section 11 of the Indian Life Insurance Companies Act, 1912 (7 of 1912)" Omitted by Act 5 of 2015, s. 58 (w.e.f. 26.12.2014).
7. Subs. by Act 42 of 2002, s. 12, for the second proviso (w.e.f. 23-9-2002).
8. Ins. by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).
9. Subs. by Act 42 of 2002, s. 12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act" (w.e.f. 23-9-2002). | 3 | Restriction On dividends and bonuses 41 (w.e.f.1-6-1950).4.The words, brackets, letters and figures "being an insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2" omitted by Act 5 of 2015, s.58 (w.e.f.26-12-2014).5.Subs.by Act 42 of 2002, s.12, for "balance sheet in Form I as set forth in the Fourth Schedule" (w.e.f.23-9-2002).6.The words and figures "or to the Central Government under section 11 of the Indian Life Insurance Companies Act, 1912 (7 of 1912)" Omitted by Act 5 of 2015, s.58 (w.e.f.26.12.2014).7.Subs.by Act 42 of 2002, s.12, for the second proviso (w.e.f.23-9-2002).8.Ins.by Act 47 of 1950, s.41 (w.e.f.1-6-1950).9.Subs.by Act 42 of 2002, s.12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act" (w.e.f.23-9-2002). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18190§ionno=50&orderno=96 | "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 | 50 | Notice of options available to the assured on the lapsing of a policy | An insurer shall, 1[before the expiry of three months from the date on which the premiums in respect of a policy of life insurance were payable but not paid], give notice to the policy-holder informing hi m of the options available to him 2[unless these are set forth in the policy.]1 Subs. by Act 11 of 1939, s. 20, for "within three months of the lapsing of policy of life insurance".
2 Added by Act 13 of 1941, s. 35 (w.e.f. 8-4-1941). | 0 | Notice of options available to the assured on the lapsing of a policy An insurer shall, 1[before the expiry of three months from the date on which the premiums in respect of a policy of life insurance were payable but not paid], give notice to the policy-holder informing hi m of the options available to him 2[unless these are set forth in the policy.]1 Subs.by Act 11 of 1939, s.20, for "within three months of the lapsing of policy of life insurance".2 Added by Act 13 of 1941, s.35 (w.e.f.8-4-1941). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18191§ionno=51&orderno=97 | "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 | 51 | Supply of copies of proposals and medical reports | Every insurer shall, on application by a policy-holder and on payment of a fee not exceeding one rupee, supply to the policy-holder certified copies of the question put to him and his answers thereto contained in his proposal for insurance and in the medical report supplied in connection therewith. | 0 | Supply of copies of proposals and medical reports Every insurer shall, on application by a policy-holder and on payment of a fee not exceeding one rupee, supply to the policy-holder certified copies of the question put to him and his answers thereto contained in his proposal for insurance and in the medical report supplied in connection therewith. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18192§ionno=52&orderno=98 | "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 | 52 | Prohibition of business of dividing principle | 1[52. Prohibition of business on dividing principle. -- No insurer shall commence any business upon the dividing principle, that is to say, on the principle that the benefit secured by a policy is not fixed but depends either wholly or partly on the result of a distribution of certain sums amongst policies becoming claims within certain time-limits, or on the principle that the premiums payable by a policyholder depend wholly or partly on the number of policies becoming claims within certain timelimits:
Provided that nothing in this section shall be deemed to prevent an insurer from allocating bonuses to holders of policies of life insurance as a result of a periodical actuarial valuation either as reversionary additions to the sums insured or as immediate cash bonuses or otherwise.]1. Subs. by Act 5 of 2015, s. 59, for sections 52 and 52A (w.e.f. 26-12-2014). | 0 | Prohibition of business of dividing principle 1[52.Prohibition of business on dividing principle.-- No insurer shall commence any business upon the dividing principle, that is to say, on the principle that the benefit secured by a policy is not fixed but depends either wholly or partly on the result of a distribution of certain sums amongst policies becoming claims within certain time-limits, or on the principle that the premiums payable by a policyholder depend wholly or partly on the number of policies becoming claims within certain timelimits:
Provided that nothing in this section shall be deemed to prevent an insurer from allocating bonuses to holders of policies of life insurance as a result of a periodical actuarial valuation either as reversionary additions to the sums insured or as immediate cash bonuses or otherwise.]1.Subs.by Act 5 of 2015, s.59, for sections 52 and 52A (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18193§ionno=52A&orderno=99 | "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 | 52A | When Administrator for management of insurance business may be appointed | 1[52A. When Administrator for management of insurance business may be appointed. --(1) If at any time the Authority has reason to believe that an insurer carrying on life insurance business is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies, it may, after giving such opportunity to the insurer to be heard appoint an Administrator to manage the affairs of the insurer under the direction and control of the Authority.
(2) The Administrator shall receive such remuneration as the Authority may direct and the Authority may at any time cancel the appointment and appoint some other person as Administrator.]1. Ins. by Act 47 of 1950, s. 42 (w.e.f. 1-6-1950). | 0 | When Administrator for management of insurance business may be appointed 1[52A.When Administrator for management of insurance business may be appointed.--(1) If at any time the Authority has reason to believe that an insurer carrying on life insurance business is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies, it may, after giving such opportunity to the insurer to be heard appoint an Administrator to manage the affairs of the insurer under the direction and control of the Authority.(2) The Administrator shall receive such remuneration as the Authority may direct and the Authority may at any time cancel the appointment and appoint some other person as Administrator.]1.Ins.by Act 47 of 1950, s.42 (w.e.f.1-6-1950). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18194§ionno=52B&orderno=100 | "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 | 52B | Powers and duties of the Administrator | (1) The Administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the 2[Authority] a report stating which of the following courses is in the circumstances most advantageous to the general interests of the holders of life insurance policies, namely: --
(a) the transfer of the business of the insurer to some other insurer;
(b) the carrying on of its business by the insurer (whether with the policies of the business continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts);
(c) the winding up of the insurer; and
(d) such other course as he deems advisable.
(2) On the filing of the report with the 1[Authority], the 1[Authority] may take such action as he thinks fit for promoting the interests of the holders of life insurance policies in general.
(3) Any order passed by the 1[Authority] under sub-section (2) shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, of a company.1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Powers and duties of the Administrator (1) The Administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the 2[Authority] a report stating which of the following courses is in the circumstances most advantageous to the general interests of the holders of life insurance policies, namely: --
(a) the transfer of the business of the insurer to some other insurer;
(b) the carrying on of its business by the insurer (whether with the policies of the business continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts);
(c) the winding up of the insurer; and
(d) such other course as he deems advisable.(2) On the filing of the report with the 1[Authority], the 1[Authority] may take such action as he thinks fit for promoting the interests of the holders of life insurance policies in general.(3) Any order passed by the 1[Authority] under sub-section (2) shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, of a company.1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18195§ionno=52BB&orderno=101 | "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 | 52BB | Powers of Administrator respecting property liable to attachment under section 106 | 1[52BB. Powers of Administrator respecting property liable to attachment under section 106. -- (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section.
(2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to 2[the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit.
(3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the 3[Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section.
(4) An order made by the Administrator under this section shall, --
(a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and
(b) in the case of an order affecting a person not being a corporation or firm, be served on such person--
(i) personally, by delivering or tendering to him the order, or
(ii) by post, or
(iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette.
(5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order.
(6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of.
(7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void.
(8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860).
(9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: --
(a) summoning and enforcing attendance of witnesses and examining them on oath;
(b) requiring the production of documents; and
(c) receiving evidence on affidavits.
and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860).
(10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, --
(a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator 4*** made under this section, and
(b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.1. Ins. by Act 54 of 1955, s. 2 (w.e.f. 1-11-1955).
2. Subs. by Act 5 of 2015, s. 60, for "the Central Government and the Central Government" (w.e.f. 26-12-2014).
3. Subs. by s. 60, ibid., for "Central Government" (w.e.f. 26-12-2014).
4. The words "or the Central Government" omitted by Act 5 of 2015, s. 60 (w.e.f. 26-12-2014) | 0 | Powers of Administrator respecting property liable to attachment under section 106 1[52BB.Powers of Administrator respecting property liable to attachment under section 106.-- (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section.(2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to 2[the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit.(3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the 3[Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section.(4) An order made by the Administrator under this section shall, --
(a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and
(b) in the case of an order affecting a person not being a corporation or firm, be served on such person--
(i) personally, by delivering or tendering to him the order, or
(ii) by post, or
(iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette.(5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18195§ionno=52BB&orderno=101 | "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 | 52BB | Powers of Administrator respecting property liable to attachment under section 106 | 1[52BB. Powers of Administrator respecting property liable to attachment under section 106. -- (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section.
(2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to 2[the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit.
(3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the 3[Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section.
(4) An order made by the Administrator under this section shall, --
(a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and
(b) in the case of an order affecting a person not being a corporation or firm, be served on such person--
(i) personally, by delivering or tendering to him the order, or
(ii) by post, or
(iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette.
(5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order.
(6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of.
(7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void.
(8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860).
(9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: --
(a) summoning and enforcing attendance of witnesses and examining them on oath;
(b) requiring the production of documents; and
(c) receiving evidence on affidavits.
and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860).
(10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, --
(a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator 4*** made under this section, and
(b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.1. Ins. by Act 54 of 1955, s. 2 (w.e.f. 1-11-1955).
2. Subs. by Act 5 of 2015, s. 60, for "the Central Government and the Central Government" (w.e.f. 26-12-2014).
3. Subs. by s. 60, ibid., for "Central Government" (w.e.f. 26-12-2014).
4. The words "or the Central Government" omitted by Act 5 of 2015, s. 60 (w.e.f. 26-12-2014) | 1 | Powers of Administrator respecting property liable to attachment under section 106 (6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18195§ionno=52BB&orderno=101 | "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 | 52BB | Powers of Administrator respecting property liable to attachment under section 106 | 1[52BB. Powers of Administrator respecting property liable to attachment under section 106. -- (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section.
(2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to 2[the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit.
(3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the 3[Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section.
(4) An order made by the Administrator under this section shall, --
(a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and
(b) in the case of an order affecting a person not being a corporation or firm, be served on such person--
(i) personally, by delivering or tendering to him the order, or
(ii) by post, or
(iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette.
(5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order.
(6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of.
(7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void.
(8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860).
(9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: --
(a) summoning and enforcing attendance of witnesses and examining them on oath;
(b) requiring the production of documents; and
(c) receiving evidence on affidavits.
and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860).
(10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, --
(a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator 4*** made under this section, and
(b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.1. Ins. by Act 54 of 1955, s. 2 (w.e.f. 1-11-1955).
2. Subs. by Act 5 of 2015, s. 60, for "the Central Government and the Central Government" (w.e.f. 26-12-2014).
3. Subs. by s. 60, ibid., for "Central Government" (w.e.f. 26-12-2014).
4. The words "or the Central Government" omitted by Act 5 of 2015, s. 60 (w.e.f. 26-12-2014) | 2 | Powers of Administrator respecting property liable to attachment under section 106 |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18195§ionno=52BB&orderno=101 | "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 | 52BB | Powers of Administrator respecting property liable to attachment under section 106 | 1[52BB. Powers of Administrator respecting property liable to attachment under section 106. -- (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section.
(2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to 2[the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit.
(3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the 3[Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section.
(4) An order made by the Administrator under this section shall, --
(a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and
(b) in the case of an order affecting a person not being a corporation or firm, be served on such person--
(i) personally, by delivering or tendering to him the order, or
(ii) by post, or
(iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette.
(5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order.
(6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of.
(7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void.
(8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860).
(9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: --
(a) summoning and enforcing attendance of witnesses and examining them on oath;
(b) requiring the production of documents; and
(c) receiving evidence on affidavits.
and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860).
(10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, --
(a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator 4*** made under this section, and
(b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.1. Ins. by Act 54 of 1955, s. 2 (w.e.f. 1-11-1955).
2. Subs. by Act 5 of 2015, s. 60, for "the Central Government and the Central Government" (w.e.f. 26-12-2014).
3. Subs. by s. 60, ibid., for "Central Government" (w.e.f. 26-12-2014).
4. The words "or the Central Government" omitted by Act 5 of 2015, s. 60 (w.e.f. 26-12-2014) | 3 | Powers of Administrator respecting property liable to attachment under section 106 |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18195§ionno=52BB&orderno=101 | "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 | 52BB | Powers of Administrator respecting property liable to attachment under section 106 | 1[52BB. Powers of Administrator respecting property liable to attachment under section 106. -- (1) If the Administrator is satisfied that any person has rendered himself liable to be proceeded against under section 106, he may, pending the institution of proceedings against such person under that section, by order in writing, prohibit him or any other person from transferring or otherwise disposing of any property which, in the opinion of the Administrator, would be liable to attachment in proceedings under that section.
(2) Any person aggrieved by an order made by the Administrator under sub-section (1) may, within fourteen days from the date on which the order is served on him, appeal against such order to 2[the Securities Appellate Tribunal and the Securities Appellate Tribunal] may pass such order thereon as it thinks fit.
(3) An order made by the Administrator under sub-section (1) shall, subject to any other order made by the 3[Securities Appellate Tribunal] on appeal, be in force for a period of three months from the date of of the order unless, before the expiry of the said period, an application is made under sub-section (1) of section 106 to the Court competent to exercise jurisdiction under that sub-section, and when such an application is made, the order shall, subject to any order made by that Court, continue in force as if it were an order of attachment made by that Court in proceedings under that section.
(4) An order made by the Administrator under this section shall, --
(a) in the case of an order affecting a corporation or firm, be served in the manner provided for the service of summons in rule 2 of Order XXIX or rule 3 of Order XXX, as the case may be, in the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908), and
(b) in the case of an order affecting a person not being a corporation or firm, be served on such person--
(i) personally, by delivering or tendering to him the order, or
(ii) by post, or
(iii) where the person cannot be found, by leaving a copy of the order with some adult male member of his family or by affixing such copy to some conspicuous part of the premises in which he is known to have last resided or carried on business or personally worked for gain, and every such order shall also be published in the Official Gazette.
(5) If any question arises whether a person was duly served with an order under sub-section (4), the publication of the order in the Official Gazette shall be conclusive proof that the order was so served, and a failure to comply with the provisions of clause (a) or clause (b) of sub-section (4) shall not affect the validity of the order.
(6) Notwithstanding anything contained in this section, any property in respect of which an order has been made by the Administrator may, with the previous permission of the Administrator and subject to such terms and conditions as he may impose, be transferred or otherwise disposed of.
(7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void.
(8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860).
(9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: --
(a) summoning and enforcing attendance of witnesses and examining them on oath;
(b) requiring the production of documents; and
(c) receiving evidence on affidavits.
and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860).
(10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, --
(a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator 4*** made under this section, and
(b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.1. Ins. by Act 54 of 1955, s. 2 (w.e.f. 1-11-1955).
2. Subs. by Act 5 of 2015, s. 60, for "the Central Government and the Central Government" (w.e.f. 26-12-2014).
3. Subs. by s. 60, ibid., for "Central Government" (w.e.f. 26-12-2014).
4. The words "or the Central Government" omitted by Act 5 of 2015, s. 60 (w.e.f. 26-12-2014) | 4 | Powers of Administrator respecting property liable to attachment under section 106 (7) Notwithstanding anything contained in any other law for the time being in force, the transfer or other disposition of any property in contravention of any order made by the Administrator under this section or of any terms and conditions imposed by him shall be void.(8) For the purpose of enabling him to form an option as to whether any property would be liable to attachment in proceedings under section 106 or for the purpose of enabling him to institute proceedings under that section, the Administrator may require any person to furnish information on such points or matters as, in the opinion of the Administrator, may be relevant for the purpose, and any person so required shall be deemed to be legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code (45 of 1860).(9) The Administrator shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely: --
(a) summoning and enforcing attendance of witnesses and examining them on oath;
(b) requiring the production of documents; and
(c) receiving evidence on affidavits.and any proceeding before the Administrator under this section shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of Indian Penal Code (45 of 1860).(10) Save as provided in this section or in section 106, and notwithstanding anything contained in any other law for the time being in force, --
(a) no suit or other legal proceeding shall lie in any Court to set aside or modify any order of the Administrator 4*** made under this section, and
(b) no Court shall pass any decree, grant any injunction or make any other order which shall have the effect of nullifying or affection in any way any such order.1.Ins.by Act 54 of 1955, s.2 (w.e.f.1-11-1955).2.Subs.by Act 5 of 2015, s.60, for "the Central Government and the Central Government" (w.e.f.26-12-2014).3.Subs.by s.60, ibid., for "Central Government" (w.e.f.26-12-2014).4.The words "or the Central Government" omitted by Act 5 of 2015, s.60 (w.e.f.26-12-2014) |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18196§ionno=52C&orderno=102 | "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 | 52C | Cancellation of contracts and agreements | The Administrator may, at any time during the continuance of his appointment with respect to an insurer and after giving an opportunity to the persons concerned to be heard, cancel or vary (either unconditionally or subject to such conditions as he thinks fit to impose) any contract or agreement (other than a policy) between the insurer and any other person which the Administrator is satisfied is prejudicial to the interest of holders of life insurance policies. | 0 | Cancellation of contracts and agreements The Administrator may, at any time during the continuance of his appointment with respect to an insurer and after giving an opportunity to the persons concerned to be heard, cancel or vary (either unconditionally or subject to such conditions as he thinks fit to impose) any contract or agreement (other than a policy) between the insurer and any other person which the Administrator is satisfied is prejudicial to the interest of holders of life insurance policies. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18197§ionno=52D&orderno=103 | "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 | 52D | Termination of appointment of Administrator | 1[52D. Termination of appointment of Administrator. --If at any time, it appears to the Authority that the purpose of the order appointing the Administrator has been fulfilled or that, for any reason, it is undesirable that the order of appointment should remain in force, the Authority may cancel the order and thereupon the Administrator shall be divested of the management of the insurance business which shall, unless otherwise directed by the Authority, again vest in the person in whom it was vested immediately prior to the appointment of the Administrator or any other person appointed by the insurer in this behalf.]1. Subs. by s. 61, ibid., for section 52D (w.e.f. 26-12-2014). | 0 | Termination of appointment of Administrator 1[52D.Termination of appointment of Administrator.--If at any time, it appears to the Authority that the purpose of the order appointing the Administrator has been fulfilled or that, for any reason, it is undesirable that the order of appointment should remain in force, the Authority may cancel the order and thereupon the Administrator shall be divested of the management of the insurance business which shall, unless otherwise directed by the Authority, again vest in the person in whom it was vested immediately prior to the appointment of the Administrator or any other person appointed by the insurer in this behalf.]1.Subs.by s.61, ibid., for section 52D (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18198§ionno=52E&orderno=104 | "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 | 52E | Finality of decision appointing Administrator | Any order or decision of the 1[Authority] made in pursuance of section 52A or section 52D shall be final and shall not be called in question in any Court.1. Subs. by Act 5 of 2015, s. 62, for "Central Government" (w.e.f. 26-12-2014). | 0 | Finality of decision appointing Administrator Any order or decision of the 1[Authority] made in pursuance of section 52A or section 52D shall be final and shall not be called in question in any Court.1.Subs.by Act 5 of 2015, s.62, for "Central Government" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18199§ionno=52F&orderno=105 | "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 | 52F | Penalty for withholding documents or property from Administrator | If any director or officer of the insurer or any other person fails to deliver to the Administrator any books of account, registers or any other documents, in his custody relating to the business of the insurer the management of which has vested in the Administrator, or retains any property of such insurer he shall be 1[liable to penalty of rupees ten thousand each day during which such failure continues or rupees ten lakh, whichever is less].]1. Subs. by s. 63, ibid., for "punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both" (w.e.f. 26-12-2014). | 0 | Penalty for withholding documents or property from Administrator If any director or officer of the insurer or any other person fails to deliver to the Administrator any books of account, registers or any other documents, in his custody relating to the business of the insurer the management of which has vested in the Administrator, or retains any property of such insurer he shall be 1[liable to penalty of rupees ten thousand each day during which such failure continues or rupees ten lakh, whichever is less].]1.Subs.by s.63, ibid., for "punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18200§ionno=52G&orderno=106 | "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 | 52G | Protection of action taken under sections 52A to 52D | (1) No suit, prosecution or other legal proceeding shall lie against an Administrator for anything which is in good faith done or intended to be done in pursuance of 1[section 52A, section 52B, section 52BB or section 52C].
(2) No suit or other legal proceeding shall lie against the 2*** the 3[Authority] for any damage caused or likely to be caused by anything which is in good faith done of intended to be done under section 52A, section 52B, or section 52D.]1. Subs. by Act 54 of 1955, s. 3, for "sections 52A to 52C inclusive" (w.e.f. 1-11-1955).
2. The words "Central Government or" omitted by Act 5 of 2015, s. 64 (w.e.f. 26-12-2014).
3. Subs .by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Protection of action taken under sections 52A to 52D (1) No suit, prosecution or other legal proceeding shall lie against an Administrator for anything which is in good faith done or intended to be done in pursuance of 1[section 52A, section 52B, section 52BB or section 52C].(2) No suit or other legal proceeding shall lie against the 2*** the 3[Authority] for any damage caused or likely to be caused by anything which is in good faith done of intended to be done under section 52A, section 52B, or section 52D.]1.Subs.by Act 54 of 1955, s.3, for "sections 52A to 52C inclusive" (w.e.f.1-11-1955).2.The words "Central Government or" omitted by Act 5 of 2015, s.64 (w.e.f.26-12-2014).3.Subs .by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18201§ionno=52H&orderno=107 | "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 | 52H | [Omitted | 152H. [Power of Central Government to acquire undertakings of insurers in certain cases]. -- Omitted by the Insurance Laws (Amendment) Act 5 of 2015, s. 65 (w.e.f. 26-12-2014).1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | [Omitted 152H.[Power of Central Government to acquire undertakings of insurers in certain cases].-- Omitted by the Insurance Laws (Amendment) Act 5 of 2015, s.65 (w.e.f.26-12-2014).1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18202§ionno=52-I&orderno=108 | "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 | 52-I | Omitted | 1[52I. [Power of Central Government to make scheme.] --Omitted by s. 65, ibid. (w.e.f. 26-12- 2014).]1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | Omitted 1[52I.[Power of Central Government to make scheme.] --Omitted by s.65, ibid.(w.e.f.26-12- 2014).]1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18203§ionno=52J&orderno=109 | "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 | 52J | [Omitted | 1[52J. [Compensation to be given to the acquired insurer.] -- Omitted by s. 65, ibid. (w.e.f. 26-12-2014).]1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | [Omitted 1[52J.[Compensation to be given to the acquired insurer.] -- Omitted by s.65, ibid.(w.e.f.26-12-2014).]1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18204§ionno=52K&orderno=110 | "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 | 52K | [Omitted | 1[52K. [Constitution of the Tribunal.] -- Omitted by s. 65, ibid. (w.e.f. 26-12-2014).]1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | [Omitted 1[52K.[Constitution of the Tribunal.] -- Omitted by s.65, ibid.(w.e.f.26-12-2014).]1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18205§ionno=52L&orderno=111 | "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 | 52L | [Omitted | 1[52L. [Tribunal to have powers of Civil Court.] -- Omitted by s. 65, ibid. (w.e.f. 26-12-2014).]1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | [Omitted 1[52L.[Tribunal to have powers of Civil Court.] -- Omitted by s.65, ibid.(w.e.f.26-12-2014).]1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18206§ionno=52M&orderno=112 | "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 | 52M | [Omitted | 1[52M. [Procedure of the Tribunal.] -- Omitted by s. 65 ibid. (w.e.f. 26-12-2014).]1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | [Omitted 1[52M.[Procedure of the Tribunal.] -- Omitted by s.65 ibid.(w.e.f.26-12-2014).]1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18207§ionno=52N&orderno=113 | "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 | 52N | [Omitted | 1[52N. [Special provisions for the dissolution of acquired insurers.] -- Omitted by s. 65, ibid. (w.e.f. 26-12-2014).]]1. Ins. by Act 62 of 1968, s. 22 (w.e.f. 1-6-1969). | 0 | [Omitted 1[52N.[Special provisions for the dissolution of acquired insurers.] -- Omitted by s.65, ibid.(w.e.f.26-12-2014).]]1.Ins.by Act 62 of 1968, s.22 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18208§ionno=53&orderno=114 | "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 | 53 | Winding up by the Court | 1[(1) The Tribunal may order the winding up in accordance with the Companies Act, 1956 (1 of 1956) of any insurance company and the provisions of that Act shall, subject to the provisions of this Act, apply accordingly.]
2[Explanation. --For the purpose of sections 53 to 61A, "Tribunal" means the National Company Law Tribunal constituted under sub-section (1) of section 408 of the Companies Act, 2013 (18 of 2013).]
(2) In addition to the grounds on which such an order may be based, the 3[Tribunal] may order the winding up of an insurance company--
(a) if with the sanction of the 3[Tribunal] previously obtained a petition in this behalf is presented by shareholders not less in number than one tenth of the whole body of shareholders and holding not less than one-tenth of the whole share capital or by not less than fifty policy-holders holding policies of life insurance that have been in force for not less than three years and are of the total value of not less than fifty thousand rupees; or
(b) if the 4[Authority], who is hereby authorised to do so, applies in this behalf of the 3[Tribunal] on any of the following grounds, namely: --
5* * * * *
(ii) that the company having failed to comply with any requirement of this Act has continued such failure 6[or having contravened any provision of this Act has continued such contravention] for a period of three months after notice of such failure 6[or contravention] has been conveyed to the company by the 4[Authority],
(iii) that it appears from 7[any returns or statements] furnished under the provisions of this Act or from the results of any investigation made thereunder that the 8[company is, or is deemed to be insolvent], or
(iv) that the continuance of the company is prejudicial to the interest of the policy-holders 9[or to the public interest generally].1 Subs. by Act 11 of 2003, s. 133 and the Schedule, for sub-section (1) (w.e.f. 1-4-2003).
2 Ins. by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014).
3 Subs. by Act 11 of 2003, s. 133 and the Schedule serial No. 2 (b), for "Court" (w.e.f. 1-4-2003).
4 Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Sub-clause (i) omitted by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014).
6 Ins. by Act 13 of 1941, s. 37 (w.e.f. 8-4-1941).
7 Subs. by Act 62 or 1968, s. 23, for "the returns" (w.e.f. 1-6-1969).
8 Subs. by s. 23, ibid. for "company is insolvent" (w.e.f. 1-6-1969).
9 Ins. by s. 23, ibid. (w.e.f. 1-6-1969). | 0 | Winding up by the Court 1[(1) The Tribunal may order the winding up in accordance with the Companies Act, 1956 (1 of 1956) of any insurance company and the provisions of that Act shall, subject to the provisions of this Act, apply accordingly.]
2[Explanation.--For the purpose of sections 53 to 61A, "Tribunal" means the National Company Law Tribunal constituted under sub-section (1) of section 408 of the Companies Act, 2013 (18 of 2013).]
(2) In addition to the grounds on which such an order may be based, the 3[Tribunal] may order the winding up of an insurance company--
(a) if with the sanction of the 3[Tribunal] previously obtained a petition in this behalf is presented by shareholders not less in number than one tenth of the whole body of shareholders and holding not less than one-tenth of the whole share capital or by not less than fifty policy-holders holding policies of life insurance that have been in force for not less than three years and are of the total value of not less than fifty thousand rupees; or
(b) if the 4[Authority], who is hereby authorised to do so, applies in this behalf of the 3[Tribunal] on any of the following grounds, namely: --
5* * * * *
(ii) that the company having failed to comply with any requirement of this Act has continued such failure 6[or having contravened any provision of this Act has continued such contravention] for a period of three months after notice of such failure 6[or contravention] has been conveyed to the company by the 4[Authority],
(iii) that it appears from 7[any returns or statements] furnished under the provisions of this Act or from the results of any investigation made thereunder that the 8[company is, or is deemed to be insolvent], or
(iv) that the continuance of the company is prejudicial to the interest of the policy-holders 9[or to the public interest generally].1 Subs.by Act 11 of 2003, s.133 and the Schedule, for sub-section (1) (w.e.f.1-4-2003).2 Ins.by Act 5 of 2015, s.66 (w.e.f.26-12-2014).3 Subs.by Act 11 of 2003, s.133 and the Schedule serial No.2 (b), for "Court" (w.e.f.1-4-2003).4 Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).5.Sub-clause (i) omitted by Act 5 of 2015, s.66 (w.e.f.26-12-2014).6 Ins.by Act 13 of 1941, s.37 (w.e.f.8-4-1941).7 Subs.by Act 62 or 1968, s.23, for "the returns" (w.e.f.1-6-1969).8 Subs.by s.23, ibid.for "company is insolvent" (w.e.f.1-6-1969).9 Ins.by s.23, ibid.(w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18209§ionno=53A&orderno=115 | "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 | 53A | Unpaid-up share capital | 1[53A. Unpaid-up share capital.--Notwithstanding anything contained in any other law, in ascertaining for any purpose of this Act the solvency or otherwise of an insurer no account shall be taken of any assets of the insurer consisting of unpaid up share capital.]1. Ins. by Act 6 of 1946, s. 25 (w.e.f. 20-3-1946). | 0 | Unpaid-up share capital 1[53A.Unpaid-up share capital.--Notwithstanding anything contained in any other law, in ascertaining for any purpose of this Act the solvency or otherwise of an insurer no account shall be taken of any assets of the insurer consisting of unpaid up share capital.]1.Ins.by Act 6 of 1946, s.25 (w.e.f.20-3-1946). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18210§ionno=54&orderno=116 | "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 | 54 | Voluntary winding up | Notwithstanding anything contained in the 1[Companies Act, 1956 (1 of 1956)], an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.1. Subs. by Act 11 of 2003, s. 133 and the Schedule, for "Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 1-4-2003). | 0 | Voluntary winding up Notwithstanding anything contained in the 1[Companies Act, 1956 (1 of 1956)], an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.1.Subs.by Act 11 of 2003, s.133 and the Schedule, for "Indian Companies Act, 1913 (7 of 1913)" (w.e.f.1-4-2003). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18211§ionno=55&orderno=117 | "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 | 55 | Valuation of liabilities | (1) In the winding up of an insurance company or in the insolvency of any other insurer the value of the assets and the liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator or receiver in insolvency thinks fit, subject, so far as applicable, to the rule contained in the 1[Seventh Schedule] and to any directions which may be given by the 2[Tribunal].
(2) For the purposes of any reduction by the 3[Tribunal] of the amount of the contracts of any insurance company the value of the assets and liabilities of the company and all claims in respect of policies issued by it shall be ascertained in such manner and upon such basis as the 3[Tribunal] thinks proper having regard to the aforesaid.
(3) The rule in the 4[Seventh Schedule] shall be of the same force and may be repealed, altered or amended as if it were a rule made in pursuance of 5[section 643 of the Companies Act, 1956 (1 of 1956)], and rules may be made under that section for the purpose of carrying into effect the provisions of this Act with respect to the winding up of insurance companies.1. Subs. by Act 47 of 1950, s. 43, for "Sixth Schedule" (w.e.f. 1-9-1950).
2. Subs. by Act 11 of 2003, s. 133 and the Schedule Serial no. 4 (a), for "Court" (w.e.f. 1-4-2003).
3. Subs. by Act 11 of 2003, s. 133 and the Schedule serial no. 4(a), for "Court" (w.e.f. 1-4-2003).
4. Subs. by Act 47 of 1950, s. 43, for "Sixth Schedule" (w.e.f. 1-9-1950).
5. Subs. by Act 11 of 2003, s. 133 and the Schedule, for "Section 246 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 1-4-2003). | 0 | Valuation of liabilities (1) In the winding up of an insurance company or in the insolvency of any other insurer the value of the assets and the liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator or receiver in insolvency thinks fit, subject, so far as applicable, to the rule contained in the 1[Seventh Schedule] and to any directions which may be given by the 2[Tribunal].(2) For the purposes of any reduction by the 3[Tribunal] of the amount of the contracts of any insurance company the value of the assets and liabilities of the company and all claims in respect of policies issued by it shall be ascertained in such manner and upon such basis as the 3[Tribunal] thinks proper having regard to the aforesaid.(3) The rule in the 4[Seventh Schedule] shall be of the same force and may be repealed, altered or amended as if it were a rule made in pursuance of 5[section 643 of the Companies Act, 1956 (1 of 1956)], and rules may be made under that section for the purpose of carrying into effect the provisions of this Act with respect to the winding up of insurance companies.1.Subs.by Act 47 of 1950, s.43, for "Sixth Schedule" (w.e.f.1-9-1950).2.Subs.by Act 11 of 2003, s.133 and the Schedule Serial no.4 (a), for "Court" (w.e.f.1-4-2003).3.Subs.by Act 11 of 2003, s.133 and the Schedule serial no.4(a), for "Court" (w.e.f.1-4-2003).4.Subs.by Act 47 of 1950, s.43, for "Sixth Schedule" (w.e.f.1-9-1950).5.Subs.by Act 11 of 2003, s.133 and the Schedule, for "Section 246 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f.1-4-2003). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18212§ionno=56&orderno=118 | "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 | 56 | Application of surplus assets of life insurance fund in liquidation or insolvency | (1) In the winding up of an insurance company and in the insolvency of any other insurer the value of the assets and the liabilities of the insurer in respect of life insurance business shall be ascertained separately from the value of any other assets or any other liabilities of the insurer and no such assets shall be applied to the discharge of any liabilities other than those in respect of life insurance business except in so far as those assets exceed the liabilities in respect of life insurance business.
(2) In the winding up of an insurance company carrying on the business of life insurance or in the insolvency of any other insurer carrying on such business where any proportion of the profits of the insurer was before the commencement of the winding up or insolvency allocated to policy-holders if, when the assets and liabilities of the insurer have been ascertained, there is found to be a surplus of assets over liabilities (hereinafter referred to as a prima facie surplus) there shall be added to the liabilities of the insurer in respect of the life insurance business an amount equal to such proportion of the prima facie surplus as is equivalent to such proportion of the profits allocated to shareholders and policy-holders as was allocated to policy-holders during the ten years immediately preceding the commencement of the winding up and the assets of the insurer shall be deemed to exceed his liabilities only in so far as those assets exceed those liabilities after such addition:
Provided that--
(a) if in any case there has been no such allocation or if it appears to the 1[Tribunal] that by reason of special circumstances it would be inequitable that the amount to be added to the liabilities of the insurer in respect of the life insurance business should be an amount equal to such proportion as aforesaid, the amount to be so added shall be such amount as the 1[Tribunal] may direct, and
(b) for the purpose of the application of this sub-section to any case where before the commencement of the winding up or insolvency a proportion of such profits as aforesaid of a branch only of the life insurance business in question has been allocated to policy-holders, the value of the assets and liabilities of the insurer in respect of that branch shall be separately ascertained in like manner as the value of his assets and liabilities in respect of the life insurance business was ascertained, and the surplus so found, if any, of assets over liabilities shall, for the purpose of determining the amount to be added to the liabilities of the insurer in respect of the life insurance business be deemed to be the prima facie surplus.1. Subs. by s. 133 and the Schedule (serial no. 5), ibid., for "Court" (w.e.f. 1-4-2003). | 0 | Application of surplus assets of life insurance fund in liquidation or insolvency (1) In the winding up of an insurance company and in the insolvency of any other insurer the value of the assets and the liabilities of the insurer in respect of life insurance business shall be ascertained separately from the value of any other assets or any other liabilities of the insurer and no such assets shall be applied to the discharge of any liabilities other than those in respect of life insurance business except in so far as those assets exceed the liabilities in respect of life insurance business.(2) In the winding up of an insurance company carrying on the business of life insurance or in the insolvency of any other insurer carrying on such business where any proportion of the profits of the insurer was before the commencement of the winding up or insolvency allocated to policy-holders if, when the assets and liabilities of the insurer have been ascertained, there is found to be a surplus of assets over liabilities (hereinafter referred to as a prima facie surplus) there shall be added to the liabilities of the insurer in respect of the life insurance business an amount equal to such proportion of the prima facie surplus as is equivalent to such proportion of the profits allocated to shareholders and policy-holders as was allocated to policy-holders during the ten years immediately preceding the commencement of the winding up and the assets of the insurer shall be deemed to exceed his liabilities only in so far as those assets exceed those liabilities after such addition:
Provided that--
(a) if in any case there has been no such allocation or if it appears to the 1[Tribunal] that by reason of special circumstances it would be inequitable that the amount to be added to the liabilities of the insurer in respect of the life insurance business should be an amount equal to such proportion as aforesaid, the amount to be so added shall be such amount as the 1[Tribunal] may direct, and
(b) for the purpose of the application of this sub-section to any case where before the commencement of the winding up or insolvency a proportion of such profits as aforesaid of a branch only of the life insurance business in question has been allocated to policy-holders, the value of the assets and liabilities of the insurer in respect of that branch shall be separately ascertained in like manner as the value of his assets and liabilities in respect of the life insurance business was ascertained, and the surplus so found, if any, of assets over liabilities shall, for the purpose of determining the amount to be added to the liabilities of the insurer in respect of the life insurance business be deemed to be the prima facie surplus.1.Subs.by s.133 and the Schedule (serial no.5), ibid., for "Court" (w.e.f.1-4-2003). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18213§ionno=57&orderno=119 | "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 | 57 | Winding up of secondary companies | (1) Where the insurance business or any part of the insurance business of an insurance company has been transferred to another insurance company under an arrangement in pursuance of which the first mentioned company (in this section referred to as the secondary company) or the creditors thereof has or have claims against the company to which such transfer was made (in this section referred to as the principal company) then, if the principal company is being wound up by 1***, the 2[Tribunal] shall (subject as hereinafter mentioned) order the secondary company to be wound up in conjunction with the principal company and may by the same or any subsequent order appoint the same person to be liquidator for the two companies and make provision for such other matters as may seem to the 2[Tribunal] necessary with a view to the companies being wound up as if they were one company.
(2) The commencement of the winding up of the principal company shall, save as otherwise ordered by the 2[Tribunal], be the commencement of the winding up of the secondary company.
(3) In adjusting the rights and liabilities of the members of the several companies among themselves the 2[Tribunal], shall have regard to the constitution of the companies and to the arrangements entered into between the companies in the same manner as the 2[Tribunal], has regard to the rights and liabilities of different classes of contributories in the case of winding up of a single company or as near thereto as circumstances admit.
(4) Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the 2[Tribunal] shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the 2[Tribunal] is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable.
(5) An application may be made in relation to the winding up of any secondary company in conjunction with the principal company by any creditor of, or person interested in, the principal or secondary company.
(6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the 2[Tribunal] may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section.1. The Words "or under the supervision of the Court" omitted by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
2/ Subs. by s. 133 and the Schedule serial no. 6(b), ibid., for "Court" (w.e.f. 1-4-2003). | 0 | Winding up of secondary companies (1) Where the insurance business or any part of the insurance business of an insurance company has been transferred to another insurance company under an arrangement in pursuance of which the first mentioned company (in this section referred to as the secondary company) or the creditors thereof has or have claims against the company to which such transfer was made (in this section referred to as the principal company) then, if the principal company is being wound up by 1***, the 2[Tribunal] shall (subject as hereinafter mentioned) order the secondary company to be wound up in conjunction with the principal company and may by the same or any subsequent order appoint the same person to be liquidator for the two companies and make provision for such other matters as may seem to the 2[Tribunal] necessary with a view to the companies being wound up as if they were one company.(2) The commencement of the winding up of the principal company shall, save as otherwise ordered by the 2[Tribunal], be the commencement of the winding up of the secondary company.(3) In adjusting the rights and liabilities of the members of the several companies among themselves the 2[Tribunal], shall have regard to the constitution of the companies and to the arrangements entered into between the companies in the same manner as the 2[Tribunal], has regard to the rights and liabilities of different classes of contributories in the case of winding up of a single company or as near thereto as circumstances admit.(4) Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the 2[Tribunal] shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the 2[Tribunal] is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable.(5) An application may be made in relation to the winding up of any secondary company in conjunction with the principal company by any creditor of, or person interested in, the principal or secondary company.(6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the 2[Tribunal] may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section.1.The Words "or under the supervision of the Court" omitted by Act 11 of 2003, s. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18213§ionno=57&orderno=119 | "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 | 57 | Winding up of secondary companies | (1) Where the insurance business or any part of the insurance business of an insurance company has been transferred to another insurance company under an arrangement in pursuance of which the first mentioned company (in this section referred to as the secondary company) or the creditors thereof has or have claims against the company to which such transfer was made (in this section referred to as the principal company) then, if the principal company is being wound up by 1***, the 2[Tribunal] shall (subject as hereinafter mentioned) order the secondary company to be wound up in conjunction with the principal company and may by the same or any subsequent order appoint the same person to be liquidator for the two companies and make provision for such other matters as may seem to the 2[Tribunal] necessary with a view to the companies being wound up as if they were one company.
(2) The commencement of the winding up of the principal company shall, save as otherwise ordered by the 2[Tribunal], be the commencement of the winding up of the secondary company.
(3) In adjusting the rights and liabilities of the members of the several companies among themselves the 2[Tribunal], shall have regard to the constitution of the companies and to the arrangements entered into between the companies in the same manner as the 2[Tribunal], has regard to the rights and liabilities of different classes of contributories in the case of winding up of a single company or as near thereto as circumstances admit.
(4) Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the 2[Tribunal] shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the 2[Tribunal] is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable.
(5) An application may be made in relation to the winding up of any secondary company in conjunction with the principal company by any creditor of, or person interested in, the principal or secondary company.
(6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the 2[Tribunal] may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section.1. The Words "or under the supervision of the Court" omitted by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
2/ Subs. by s. 133 and the Schedule serial no. 6(b), ibid., for "Court" (w.e.f. 1-4-2003). | 1 | Winding up of secondary companies 133 and the Schedule (w. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18213§ionno=57&orderno=119 | "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 | 57 | Winding up of secondary companies | (1) Where the insurance business or any part of the insurance business of an insurance company has been transferred to another insurance company under an arrangement in pursuance of which the first mentioned company (in this section referred to as the secondary company) or the creditors thereof has or have claims against the company to which such transfer was made (in this section referred to as the principal company) then, if the principal company is being wound up by 1***, the 2[Tribunal] shall (subject as hereinafter mentioned) order the secondary company to be wound up in conjunction with the principal company and may by the same or any subsequent order appoint the same person to be liquidator for the two companies and make provision for such other matters as may seem to the 2[Tribunal] necessary with a view to the companies being wound up as if they were one company.
(2) The commencement of the winding up of the principal company shall, save as otherwise ordered by the 2[Tribunal], be the commencement of the winding up of the secondary company.
(3) In adjusting the rights and liabilities of the members of the several companies among themselves the 2[Tribunal], shall have regard to the constitution of the companies and to the arrangements entered into between the companies in the same manner as the 2[Tribunal], has regard to the rights and liabilities of different classes of contributories in the case of winding up of a single company or as near thereto as circumstances admit.
(4) Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the 2[Tribunal] shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the 2[Tribunal] is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable.
(5) An application may be made in relation to the winding up of any secondary company in conjunction with the principal company by any creditor of, or person interested in, the principal or secondary company.
(6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the 2[Tribunal] may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section.1. The Words "or under the supervision of the Court" omitted by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
2/ Subs. by s. 133 and the Schedule serial no. 6(b), ibid., for "Court" (w.e.f. 1-4-2003). | 2 | Winding up of secondary companies |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18213§ionno=57&orderno=119 | "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 | 57 | Winding up of secondary companies | (1) Where the insurance business or any part of the insurance business of an insurance company has been transferred to another insurance company under an arrangement in pursuance of which the first mentioned company (in this section referred to as the secondary company) or the creditors thereof has or have claims against the company to which such transfer was made (in this section referred to as the principal company) then, if the principal company is being wound up by 1***, the 2[Tribunal] shall (subject as hereinafter mentioned) order the secondary company to be wound up in conjunction with the principal company and may by the same or any subsequent order appoint the same person to be liquidator for the two companies and make provision for such other matters as may seem to the 2[Tribunal] necessary with a view to the companies being wound up as if they were one company.
(2) The commencement of the winding up of the principal company shall, save as otherwise ordered by the 2[Tribunal], be the commencement of the winding up of the secondary company.
(3) In adjusting the rights and liabilities of the members of the several companies among themselves the 2[Tribunal], shall have regard to the constitution of the companies and to the arrangements entered into between the companies in the same manner as the 2[Tribunal], has regard to the rights and liabilities of different classes of contributories in the case of winding up of a single company or as near thereto as circumstances admit.
(4) Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the 2[Tribunal] shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the 2[Tribunal] is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable.
(5) An application may be made in relation to the winding up of any secondary company in conjunction with the principal company by any creditor of, or person interested in, the principal or secondary company.
(6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the 2[Tribunal] may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section.1. The Words "or under the supervision of the Court" omitted by Act 11 of 2003, s. 133 and the Schedule (w.e.f. 1-4-2003).
2/ Subs. by s. 133 and the Schedule serial no. 6(b), ibid., for "Court" (w.e.f. 1-4-2003). | 3 | Winding up of secondary companies e.f.1-4-2003).2/ Subs.by s.133 and the Schedule serial no.6(b), ibid., for "Court" (w.e.f.1-4-2003). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18214§ionno=58&orderno=120 | "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 | 58 | Schemes for partial winding up of insurance companies | (1) If at any time it appears expedient that the affairs of an insurance company in respect of any class of business comprised in the undertaking of the company should be wound up but that any other class of business comprised the undertaking should continue to be carried on by the company or be transferred to another insurer, a scheme for such purposes may be prepared and submitted for confirmation of the 1[Tribunal] in accordance with the provisions of this Act.
(2) Any scheme prepared under this section shall provide for the allocation and distribution of the assets and liabilities of the company between any classes of business affected (including the allocation of any surplus assets which may arise on the proposed winding up), for any future rights of every class of policy-holders in respect of their policies and for the manner of winding up any of the affairs of the company which are proposed to be wound up and may contain provisions for altering the memorandum of the company with respect to its objects and such further provisions as may be expedient for giving effect to the scheme.
(3) The provisions of this Act relating to the valuation of liabilities of insurers in liquidation and insolvency and to the application of surplus assets of the life insurance fund in liquidation or insolvency shall apply to the winding up of any part of the affairs of a company in accordance with the scheme under this section in like manner as they apply in the winding up of an insurance company, and any scheme under this section may apply with the necessary modifications any of the provisions of the Indian Companies Act, 1913 (7 of 1913) relating to the winding up of companies.
2[(4) An order of the Tribunal confirming a scheme under this section whereby the memorandum of a company is altered with respect to its objects shall as respects the alteration have effect as if it were an order confirmed under section 4 of the Companies Act, 2013 (18 of 2013), and the provisions of sections 7 and 17 of that Act shall apply accordingly.]
3* * * * *]1. Subs. by s. 133 and the Schedule (serial no. 7), ibid., for "Court" (w.e.f. 1-4-2003).
2. Subs. by Act 5 of 2015, s. 67, for sub-section (4) (w.e.f. 26-12-2014).
3. Sub-section (5) omitted by Act 62 of 1968, s. 24 (w.e.f. 1-6-1969). | 0 | Schemes for partial winding up of insurance companies (1) If at any time it appears expedient that the affairs of an insurance company in respect of any class of business comprised in the undertaking of the company should be wound up but that any other class of business comprised the undertaking should continue to be carried on by the company or be transferred to another insurer, a scheme for such purposes may be prepared and submitted for confirmation of the 1[Tribunal] in accordance with the provisions of this Act.(2) Any scheme prepared under this section shall provide for the allocation and distribution of the assets and liabilities of the company between any classes of business affected (including the allocation of any surplus assets which may arise on the proposed winding up), for any future rights of every class of policy-holders in respect of their policies and for the manner of winding up any of the affairs of the company which are proposed to be wound up and may contain provisions for altering the memorandum of the company with respect to its objects and such further provisions as may be expedient for giving effect to the scheme.(3) The provisions of this Act relating to the valuation of liabilities of insurers in liquidation and insolvency and to the application of surplus assets of the life insurance fund in liquidation or insolvency shall apply to the winding up of any part of the affairs of a company in accordance with the scheme under this section in like manner as they apply in the winding up of an insurance company, and any scheme under this section may apply with the necessary modifications any of the provisions of the Indian Companies Act, 1913 (7 of 1913) relating to the winding up of companies.2[(4) An order of the Tribunal confirming a scheme under this section whereby the memorandum of a company is altered with respect to its objects shall as respects the alteration have effect as if it were an order confirmed under section 4 of the Companies Act, 2013 (18 of 2013), and the provisions of sections 7 and 17 of that Act shall apply accordingly.]
3* * * * *]1.Subs.by s.133 and the Schedule (serial no.7), ibid., for "Court" (w.e.f.1-4-2003).2.Subs.by Act 5 of 2015, s.67, for sub-section (4) (w.e.f.26-12-2014).3.Sub-section (5) omitted by Act 62 of 1968, s.24 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18215§ionno=59&orderno=121 | "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 | 59 | [Omitted | [Return of deposits].-- Omitted by the Insurance Laws (Amendment) Act 5 of 2015, s. 68 (w.e.f. 26-12-2014). | 0 | [Omitted [Return of deposits].-- Omitted by the Insurance Laws (Amendment) Act 5 of 2015, s.68 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18216§ionno=60&orderno=122 | "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 | 60 | Notice of policy values | In the winding up of an insurance company for the purposes of a cash distribution of the assets and in the insolvency of any other insurer the liquidator or assignee as the case may be in the case of all persons appearing by the books of the company or other insurer to be entitled to or interested in the policies granted by the company or other insurer shall ascertain the value of the liability of the company or other insurer to each such person and shall give notice of such value to those persons in such manner as the 1[Tribunal] may direct and any person to whom notice is so given shall be bound by the value so ascertained unless he gives notice of his intention to dispute such value in such manner and within such time as may be specified by a rule or order of the 1[Tribunal].1. Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003). | 0 | Notice of policy values In the winding up of an insurance company for the purposes of a cash distribution of the assets and in the insolvency of any other insurer the liquidator or assignee as the case may be in the case of all persons appearing by the books of the company or other insurer to be entitled to or interested in the policies granted by the company or other insurer shall ascertain the value of the liability of the company or other insurer to each such person and shall give notice of such value to those persons in such manner as the 1[Tribunal] may direct and any person to whom notice is so given shall be bound by the value so ascertained unless he gives notice of his intention to dispute such value in such manner and within such time as may be specified by a rule or order of the 1[Tribunal].1.Subs.by Act 11 of 2003, s.133 and the Schedule (serial no.7), for "Court" (w.e.f.1-4-2003). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18217§ionno=61&orderno=123 | "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 | 61 | Power of Court to reduce contracts of insurance | 61. Power of 1[Tribunal] to reduce contracts of insurance. --(1) Where an insurance company is in liquidation or any other insurer is insolvent the 1[Tribunal] may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the 1[Tribunal] thinks just.
(2) Where a company carrying on the business of life insurance has been proved to be insolvent, the 1[Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the 1[Tribunal] thinks fit.
(3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the 2[Authority] and by any person whom the 1[Tribunal] thinks likely to be affected shall be entitled to be heard on any such application.1. Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Power of Court to reduce contracts of insurance 61.Power of 1[Tribunal] to reduce contracts of insurance.--(1) Where an insurance company is in liquidation or any other insurer is insolvent the 1[Tribunal] may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the 1[Tribunal] thinks just.(2) Where a company carrying on the business of life insurance has been proved to be insolvent, the 1[Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the 1[Tribunal] thinks fit.(3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the 2[Authority] and by any person whom the 1[Tribunal] thinks likely to be affected shall be entitled to be heard on any such application.1.Subs.by Act 11 of 2003, s.133 and the Schedule (serial no.7), for "Court" (w.e.f.1-4-2003).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18218§ionno=61A&orderno=124 | "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 | 61A | Appeal to National Company Law Appellate Tribunal | 1[61A. Appeal to National Company Law Appellate Tribunal. -- (1) Any person aggrieved by an order or decision of the Tribunal may prefer an appeal to the National Company Law Appellate Tribunal.
(2) No appeal shall lie to the National Company Law Appellate Tribunal from an order made by the Tribunal with the consent of parties.
(3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order or decision made by the Tribunal is received by the appellant and it shall be in such from and accompanied by such fee as may be prescribed.
Provided that the National Company Law Appellate Tribunal may entertain an appeal after the expiry of said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.
(4) On receipt of an appeal under sub-section (1), the National Company Law Appellate Tribunal shall, after giving parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against.
(5) The National Company Law Appellate Tribunal shall send a copy of every order made by it to the Tribunal and parties to the appeal.
(6) The appeal filed before the National Company Law Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of the receipt of the appeal.1. Ins. by Act 11 of 2003, s. 133 and the schedule (w.e.f. 1-4-2003). | 0 | Appeal to National Company Law Appellate Tribunal 1[61A.Appeal to National Company Law Appellate Tribunal.-- (1) Any person aggrieved by an order or decision of the Tribunal may prefer an appeal to the National Company Law Appellate Tribunal.(2) No appeal shall lie to the National Company Law Appellate Tribunal from an order made by the Tribunal with the consent of parties.(3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order or decision made by the Tribunal is received by the appellant and it shall be in such from and accompanied by such fee as may be prescribed.Provided that the National Company Law Appellate Tribunal may entertain an appeal after the expiry of said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.(4) On receipt of an appeal under sub-section (1), the National Company Law Appellate Tribunal shall, after giving parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against.(5) The National Company Law Appellate Tribunal shall send a copy of every order made by it to the Tribunal and parties to the appeal.(6) The appeal filed before the National Company Law Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of the receipt of the appeal.1.Ins.by Act 11 of 2003, s.133 and the schedule (w.e.f.1-4-2003). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18219§ionno=62&orderno=125 | "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 | 62 | Power of Central Government to impose reciprocal disabilities on non-Indian companies | Where, by the law or practice of any country outside India in which an insurer carrying on insurance business in 1[India] is constituted, incorporated or domiciled, insurance companies incorporated in 1[India] are required as a condition of carrying on insurance business in that country to comply with any special requirement whether as to the keeping of deposits or assets in that country or otherwise which is not imposed upon insurers of that country under this Act, the Central Government shall, if satisfied of the existence of such special requirement, by notification in the Official Gazette, direct that the same requirement, or requirements as similar thereto as may be, shall be imposed upon insurers of that country as a condition of carrying on the business of insurance in 1[India].1. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956). | 0 | Power of Central Government to impose reciprocal disabilities on non-Indian companies Where, by the law or practice of any country outside India in which an insurer carrying on insurance business in 1[India] is constituted, incorporated or domiciled, insurance companies incorporated in 1[India] are required as a condition of carrying on insurance business in that country to comply with any special requirement whether as to the keeping of deposits or assets in that country or otherwise which is not imposed upon insurers of that country under this Act, the Central Government shall, if satisfied of the existence of such special requirement, by notification in the Official Gazette, direct that the same requirement, or requirements as similar thereto as may be, shall be imposed upon insurers of that country as a condition of carrying on the business of insurance in 1[India].1.Subs.by Act 62 of 1956, s.2 and 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=18220§ionno=63&orderno=126 | "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 | 63 | Particulars to be filed by insurers established outside India | Every insurer, having his principal place of business or domicile outside 1[India] who establishes a place of business within 1[India] or appoints a 2[representative] in 1[India] with the object of obtaining insurance business, shall, within three months from the establishment of such place of business or the appointment of such 2[representative], file with the 3[Authority] --
(a) a certified copy of the charter, statutes, deed of settlement or memorandum and articles or other instrument constituting or defining the constitution of the insurer, and, if the instrument is not written in the English language, a certified translation thereof,
(b) a list of the directors, if the insurer is a company,
(c) the name and address of some or more persons resident in 1[India] authorised to accept on behalf of the insurer service of process and any notice required to be served on the insurer, together with a copy of the power-of-attorney granted to him,
(d) the full address of the principal office of the insurer in 1[India].,
(e) a statement of the classes of insurance business to be carried on by the insurer, and
(f) a statement verified by an affidavit setting forth the special requirements, if any, of the nature specified in section 62 imposed in the country of origin of the insurer on Indian nationals, and, in the event of any alteration being made in the address of the principal office or in the classes of business to be carried on, or in any instrument here referred to, or in the name of any of the persons here referred to, or in the matters specified in clause (f) above, the company shall forthwith furnish to the 3[Authority] particulars of such alteration.1. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 11 of 1939, s. 23, for "agent".
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Particulars to be filed by insurers established outside India Every insurer, having his principal place of business or domicile outside 1[India] who establishes a place of business within 1[India] or appoints a 2[representative] in 1[India] with the object of obtaining insurance business, shall, within three months from the establishment of such place of business or the appointment of such 2[representative], file with the 3[Authority] --
(a) a certified copy of the charter, statutes, deed of settlement or memorandum and articles or other instrument constituting or defining the constitution of the insurer, and, if the instrument is not written in the English language, a certified translation thereof,
(b) a list of the directors, if the insurer is a company,
(c) the name and address of some or more persons resident in 1[India] authorised to accept on behalf of the insurer service of process and any notice required to be served on the insurer, together with a copy of the power-of-attorney granted to him,
(d) the full address of the principal office of the insurer in 1[India].,
(e) a statement of the classes of insurance business to be carried on by the insurer, and
(f) a statement verified by an affidavit setting forth the special requirements, if any, of the nature specified in section 62 imposed in the country of origin of the insurer on Indian nationals, and, in the event of any alteration being made in the address of the principal office or in the classes of business to be carried on, or in any instrument here referred to, or in the name of any of the persons here referred to, or in the matters specified in clause (f) above, the company shall forthwith furnish to the 3[Authority] particulars of such alteration.1.Subs.by Act 62 of 1956, s.2 and the Schedule, for "the States" (w.e.f.1-11-1956).2.Subs.by Act 11 of 1939, s.23, for "agent".3.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18221§ionno=64&orderno=127 | "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 | 64 | Books to be kept by insurers established outside India | Every insurer, having his principal place of business or domicile outside 1[India]., Shall keep at his principal office in 1[India]. such books of account, registers and documents as will enable the accounts, statements and abstracts which he is required under this Act to furnish to the 2[Authority] in respect of the insurance business transacted by him, in India to be compiled and, if necessary, checked by the 2[Authority] 3[and shall furnish to the 2[Authority] on or before the last day of January in every calendar year a certificate from an auditor to the effect that the said books of account, register and documents are being kept as required at the principal office of the insurer in India].1. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
3. Added by Act 47 of 1950, s. 44 (w.e.f. 1-6-1950). | 0 | Books to be kept by insurers established outside India Every insurer, having his principal place of business or domicile outside 1[India]., Shall keep at his principal office in 1[India].such books of account, registers and documents as will enable the accounts, statements and abstracts which he is required under this Act to furnish to the 2[Authority] in respect of the insurance business transacted by him, in India to be compiled and, if necessary, checked by the 2[Authority] 3[and shall furnish to the 2[Authority] on or before the last day of January in every calendar year a certificate from an auditor to the effect that the said books of account, register and documents are being kept as required at the principal office of the insurer in India].1.Subs.by Act 62 of 1956, s.2 and the Schedule, for "the States" (w.e.f.1-11-1956).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).3.Added by Act 47 of 1950, s.44 (w.e.f.1-6-1950). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18222§ionno=64A&orderno=128 | "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 | 64A | [Omitted | 1[ 2[64A. [Incorporation of the Insurance Association of India.]--Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s. 70 (w.e.f. 26-12-2014).1. Ins. by Act 47 of 1950, s. 45 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 69, for "Insurance Association of India, Councils of The Association and Committees Thereof" (w.e.f. 26-12-2014). | 0 | [Omitted 1[ 2[64A.[Incorporation of the Insurance Association of India.]--Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s.70 (w.e.f.26-12-2014).1.Ins.by Act 47 of 1950, s.45 (w.e.f.1-6-1950).2.Subs.by Act 5 of 2015, s.69, for "Insurance Association of India, Councils of The Association and Committees Thereof" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18223§ionno=64B&orderno=129 | "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 | 64B | [Omitted | 1[2[64B. [Entry of names of members in the register.]---Omitted by s. 70, ibid. (w.e.f. 26-12-2014).]1. Ins. by Act 47 of 1950, s. 45 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 69, for "Insurance Association of India, Councils of The Association and Committees Thereof" (w.e.f. 26-12-2014). | 0 | [Omitted 1[2[64B.[Entry of names of members in the register.]---Omitted by s.70, ibid.(w.e.f.26-12-2014).]1.Ins.by Act 47 of 1950, s.45 (w.e.f.1-6-1950).2.Subs.by Act 5 of 2015, s.69, for "Insurance Association of India, Councils of The Association and Committees Thereof" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18224§ionno=64C&orderno=130 | "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 | 64C | Councils of Life Insurance and General Insurance | 1[64C. Councils of Life Insurance and General Insurance.--On and from the date of commencement of this Act, --
(a) the existing Life Insurance Council, a representative body of the insurers, who carry on the life insurance business in India; and
(b) the existing General Insurance Council, a representative body of insurers, who carry on general, health insurance business and re-insurance in India,
shall be deemed to have been constituted as the respective Councils under this Act.]1. Subs. by s. 71, ibid., for sections 64C and 64D (w.e.f. 26-12-2014). | 0 | Councils of Life Insurance and General Insurance 1[64C.Councils of Life Insurance and General Insurance.--On and from the date of commencement of this Act, --
(a) the existing Life Insurance Council, a representative body of the insurers, who carry on the life insurance business in India; and
(b) the existing General Insurance Council, a representative body of insurers, who carry on general, health insurance business and re-insurance in India,
shall be deemed to have been constituted as the respective Councils under this Act.]1.Subs.by s.71, ibid., for sections 64C and 64D (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18225§ionno=64D&orderno=131 | "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 | 64D | Authorisation to represent in Councils | 1[64D. Authorisation to represent in Councils.--It shall be lawful for any member of the Life Insurance Council or the General Insurance Council to authorise any of its officer to act as the representative of such member at any meeting of the Council concerned.]1. Subs. by s. 71, ibid., for sections 64C and 64D (w.e.f. 26-12-2014). | 0 | Authorisation to represent in Councils 1[64D.Authorisation to represent in Councils.--It shall be lawful for any member of the Life Insurance Council or the General Insurance Council to authorise any of its officer to act as the representative of such member at any meeting of the Council concerned.]1.Subs.by s.71, ibid., for sections 64C and 64D (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18226§ionno=64E&orderno=132 | "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 | 64E | Authorities of the Life Insurance Council and the General Insurance Council | The authorities of the Life Insurance Council and the General Insurance Council shall be the Executive Committee 1*** constituted in the manner provided in this Part.1. The words "the Tariff Committee and other Committee thereof" omitted by Act 62 of 1968, s. 25 (w.e.f. 1-6-1969). | 0 | Authorities of the Life Insurance Council and the General Insurance Council The authorities of the Life Insurance Council and the General Insurance Council shall be the Executive Committee 1*** constituted in the manner provided in this Part.1.The words "the Tariff Committee and other Committee thereof" omitted by Act 62 of 1968, s.25 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18227§ionno=64F&orderno=133 | "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 | 64F | Executive Committees of the Life Insurance Council and the General Insurance Council | 1[64F. Executive Committees of the Life Insurance Council and the General Insurance Council.--(1) The Executive Committee of the Life Insurance Council shall consist of the following persons, namely: --
(a) four representatives of members of the Life Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
(b) an eminent person not connected with insurance business, nominated by the Authority;
(c) three persons to represent insurance agents, intermediaries and policyholders respectively as may be nominated by the Authority;
(d) one representative each from self-help groups and Insurance Co-operative Societies:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the Chairperson of the Executive Committee of the Life Insurance Council.
(2) The Executive Committee of the General Insurance Council shall consist of the following persons, namely: --
(a) four representatives of members of the General Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
(b) an eminent person not connected with insurance business, nominated by the Authority; and
(c) four persons to represent insurance agents, third party administrators, surveyors and loss assessors and policyholders respectively as may be nominated by the Authority:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the Chairperson of the Executive Committee of the General Insurance Council.
(3) If anybody of persons specified in sub-sections (1) and (2) fails to elect any of the members of the Executive Committees of the Life Insurance Council or the General Insurance Council, the Authority may nominate any person to fill the vacancy, and any person so nominated shall be deemed to be a member of the Executive Committee of the Life Insurance Council or the General Insurance Council, as the case may be, as if he had been duly elected thereto.
(4) Each of the said Executive Committees may make bye-laws for the transaction of any business at any meeting of the said Committee.
(5) The Life Insurance Council or the General Insurance Council may form such other committees consisting of such persons as it may think fit to discharge such functions as may be delegated thereto.
(6) The Secretary of the Executive Committee of the Life Insurance Council and of the Executive Committee of the General Insurance Council shall in each case be appointed by the Executive Committee concerned:
Provided that each Secretary appointed by the Executive Committee concerned shall exercise all such powers and do all such acts as may be authorised in this behalf by the Executive Committee concerned.]1. Subs. by Act 5 of 2015, s. 72, for section 64F (w.e.f. 26-12-2014). | 0 | Executive Committees of the Life Insurance Council and the General Insurance Council 1[64F.Executive Committees of the Life Insurance Council and the General Insurance Council.--(1) The Executive Committee of the Life Insurance Council shall consist of the following persons, namely: --
(a) four representatives of members of the Life Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
(b) an eminent person not connected with insurance business, nominated by the Authority;
(c) three persons to represent insurance agents, intermediaries and policyholders respectively as may be nominated by the Authority;
(d) one representative each from self-help groups and Insurance Co-operative Societies:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the Chairperson of the Executive Committee of the Life Insurance Council.(2) The Executive Committee of the General Insurance Council shall consist of the following persons, namely: --
(a) four representatives of members of the General Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
(b) an eminent person not connected with insurance business, nominated by the Authority; and
(c) four persons to represent insurance agents, third party administrators, surveyors and loss assessors and policyholders respectively as may be nominated by the Authority:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the Chairperson of the Executive Committee of the General Insurance Council.(3) If anybody of persons specified in sub-sections (1) and (2) fails to elect any of the members of the Executive Committees of the Life Insurance Council or the General Insurance Council, the Authority may nominate any person to fill the vacancy, and any person so nominated shall be deemed to be a member of the Executive Committee of the Life Insurance Council or the General Insurance Council, as the case may be, as if he had been duly elected thereto.(4) Each of the said Executive Committees may make bye-laws for the transaction of any business at any meeting of the said Committee.(5) The Life Insurance Council or the General Insurance Council may form such other committees consisting of such persons as it may think fit to discharge such functions as may be delegated thereto.(6) The Secretary of the Executive Committee of the Life Insurance Council and of the Executive Committee of the General Insurance Council shall in each case be appointed by the Executive Committee concerned:
Provided that each Secretary appointed by the Executive Committee concerned shall exercise all such powers and do all such acts as may be authorised in this behalf by the Executive Committee concerned.]1.Subs.by Act 5 of 2015, s.72, for section 64F (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18228§ionno=64G&orderno=134 | "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 | 64G | Resignation and filling up of casual vacancies | (1) Any member of the Executive Committee of the Life Insurance Council or of the General Insurance Council may resign his membership of the Committee by notice in writing addressed to the chairman of the Committee to that effect.
(2) Casual vacancies in the Executive Committee of the Life Insurance Council or of the General Insurance Council, whether caused by resignation, death or otherwise, shall be filled 1[in such manner as may be laid down in the bye-laws of the Council concerned], and any person so nominated to fill the vacancy shall hold office until the dissolution of the Committee to which he has been nominated.
(3) No act of the Executive Committee of the Life Insurance Council or of the General Insurance Council shall be called in question on the ground merely of the existence of any vacancy in, or defect in the constitution of the Committee concerned.1. Subs. by Act 5 of 2015, s. 73, for "by nomination by the Authority" (w.e.f. 26-12-2014). | 0 | Resignation and filling up of casual vacancies (1) Any member of the Executive Committee of the Life Insurance Council or of the General Insurance Council may resign his membership of the Committee by notice in writing addressed to the chairman of the Committee to that effect.(2) Casual vacancies in the Executive Committee of the Life Insurance Council or of the General Insurance Council, whether caused by resignation, death or otherwise, shall be filled 1[in such manner as may be laid down in the bye-laws of the Council concerned], and any person so nominated to fill the vacancy shall hold office until the dissolution of the Committee to which he has been nominated.(3) No act of the Executive Committee of the Life Insurance Council or of the General Insurance Council shall be called in question on the ground merely of the existence of any vacancy in, or defect in the constitution of the Committee concerned.1.Subs.by Act 5 of 2015, s.73, for "by nomination by the Authority" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18229§ionno=64H&orderno=135 | "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 | 64H | Duration and dissolution of Executive Committees | (1) The duration of the Executive Committee of the Life Insurance Council or the General Insurance Council shall be three years from the date of its first meeting on the expiry of which it shall stand dissolved and a new Executive Committee constituted.
(2) Notwithstanding the dissolution of the Executive Committee of the Life Insurance Council or the General Insurance Council, the outgoing members thereof shall continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new Executive Committee of the Life Insurance Council or the General Council, as the case may be, shall have been constituted. | 0 | Duration and dissolution of Executive Committees (1) The duration of the Executive Committee of the Life Insurance Council or the General Insurance Council shall be three years from the date of its first meeting on the expiry of which it shall stand dissolved and a new Executive Committee constituted.(2) Notwithstanding the dissolution of the Executive Committee of the Life Insurance Council or the General Insurance Council, the outgoing members thereof shall continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new Executive Committee of the Life Insurance Council or the General Council, as the case may be, shall have been constituted. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18230§ionno=64-I&orderno=136 | "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 | 64-I | Omitted | [Power of Executive Committee of Life Insurance Councile to hold examinations for insurance agents.] -- Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s. 74 (w.e.f. 26-12-2014). | 0 | Omitted [Power of Executive Committee of Life Insurance Councile to hold examinations for insurance agents.] -- Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s.74 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18231§ionno=64J&orderno=137 | "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 | 64J | Omitted | (1) The functions of the Executive Committee of the Life Insurance Council shall be--(a) to aid, advise and assist insurers carrying on life insurance business in the matter of setting up standards of conduct and sound practice and in the matter of rendering efficient service to holders of life insurance policies;
(b) to render advice to the 1[Authority] in the matter of controlling the expenses of insurers in respect of their life insurance business in India;
(c) to bring to the notice of the 1[Authority] the case of any insurer acting in a manner prejudicial to the interests of holders of life insurance policies;
(d) to act in any matter incidental or ancillary to any of the matters specified in clauses (a) to (c) as, with the approval of the 2Authority], may be notified by the Life Insurance Council in the Gazette of India.
3[(2) For the purpose of enabling it to effectively discharge its functions, the Executive Committee of the Life Insurance Council may collect such fees as may be laid down in the bye-laws made by the Council from the insurers carrying on life insurance business.]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2. Subs. by s. 30 and The First Schedule, ibid., for "Central Government" (w.e.f. 19-4-2000).
3. Subs. by Act 5 of 2015, s. 75, for sub-section (2) (w.e.f. 26-12-2014). | 0 | Omitted (1) The functions of the Executive Committee of the Life Insurance Council shall be--(a) to aid, advise and assist insurers carrying on life insurance business in the matter of setting up standards of conduct and sound practice and in the matter of rendering efficient service to holders of life insurance policies;
(b) to render advice to the 1[Authority] in the matter of controlling the expenses of insurers in respect of their life insurance business in India;
(c) to bring to the notice of the 1[Authority] the case of any insurer acting in a manner prejudicial to the interests of holders of life insurance policies;
(d) to act in any matter incidental or ancillary to any of the matters specified in clauses (a) to (c) as, with the approval of the 2Authority], may be notified by the Life Insurance Council in the Gazette of India.3[(2) For the purpose of enabling it to effectively discharge its functions, the Executive Committee of the Life Insurance Council may collect such fees as may be laid down in the bye-laws made by the Council from the insurers carrying on life insurance business.]1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2.Subs.by s.30 and The First Schedule, ibid., for "Central Government" (w.e.f.19-4-2000).3.Subs.by Act 5 of 2015, s.75, for sub-section (2) (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18232§ionno=64K&orderno=138 | "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 | 64K | Omitted | (1) It shall be the duty of the Executive Committee of the Life Insurance Council to meet at least once before the 31st day of March every year to advise the 1[Authority] in fixing under the proviso to sub-section (2) of section 40B the limits by which the actual expenses incurred by an insurer carrying on life insurance business in respect of such business in the preceding year may exceed the limits prescribed under that sub-section, and in fixing any such limits the 1[Authority] shall have due regard to the conditions obtaining in life insurance business generally during that year, and he may fix different groups of insurers.
(2) Where an insurer is guilty of contravening the provisions of section 40B with respect to the expenses of management, the 1[Authority] may, after giving the insurer an opportunity of being heard, administer a warning to the insurer.
(3) Where within a period of seven years two warnings have been given to an insurer under sub-section (2) and they have been disregarded by hi m, the 1[Authority] may cause an investigation and valuation, as at such date as the 1[Authority] may . specify, to be made at the expense of the insurer by an actuary appointed by the insurer for this purpose and approved by the 1[Authority], and the insurer shall place at the disposal of the said actuary all the materials required by hi m for the purpose of such investigation and valuation, within such period, not being less than three months, as the 1[Authority] may specify.
(4) The provisions of sub-sections (1) and (4) of section 13 and of sub-sections (1) and (2) of section 15, or, as the case may be, of sub-section (2) of section 16 shall apply in relation to an investigation and valuation under this section:
Provided that the abstract and statement prepared as the result of such investigation and valuation shall be furnished by such date as the 2[Authority] may specify.
(5) There shall be appended to every such abstract a statement signed by the actuary giving such information as may be prescribed.
(6) On receipt of the abstract and statement furnished in accordance with sub-section (4), the 2[Authority] may take such action as may be prescribed.1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Omitted (1) It shall be the duty of the Executive Committee of the Life Insurance Council to meet at least once before the 31st day of March every year to advise the 1[Authority] in fixing under the proviso to sub-section (2) of section 40B the limits by which the actual expenses incurred by an insurer carrying on life insurance business in respect of such business in the preceding year may exceed the limits prescribed under that sub-section, and in fixing any such limits the 1[Authority] shall have due regard to the conditions obtaining in life insurance business generally during that year, and he may fix different groups of insurers.(2) Where an insurer is guilty of contravening the provisions of section 40B with respect to the expenses of management, the 1[Authority] may, after giving the insurer an opportunity of being heard, administer a warning to the insurer.(3) Where within a period of seven years two warnings have been given to an insurer under sub-section (2) and they have been disregarded by hi m, the 1[Authority] may cause an investigation and valuation, as at such date as the 1[Authority] may .specify, to be made at the expense of the insurer by an actuary appointed by the insurer for this purpose and approved by the 1[Authority], and the insurer shall place at the disposal of the said actuary all the materials required by hi m for the purpose of such investigation and valuation, within such period, not being less than three months, as the 1[Authority] may specify.(4) The provisions of sub-sections (1) and (4) of section 13 and of sub-sections (1) and (2) of section 15, or, as the case may be, of sub-section (2) of section 16 shall apply in relation to an investigation and valuation under this section:
Provided that the abstract and statement prepared as the result of such investigation and valuation shall be furnished by such date as the 2[Authority] may specify.(5) There shall be appended to every such abstract a statement signed by the actuary giving such information as may be prescribed.(6) On receipt of the abstract and statement furnished in accordance with sub-section (4), the 2[Authority] may take such action as may be prescribed.1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18233§ionno=64L&orderno=139 | "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 | 64L | Functions of Executive Committee of General Insurance Council | (1) The functions of the Executive Committee of the General Insurance Council shall be--
(a) to aid and advise insurers, carrying on general insurance business, in the matter of setting up standards of conduct and sound practice and in the matter of rendering efficient service to holders of policies of general insurance;
(b) to render advice to the 1[Authority] in the matter of controlling the expenses of such insurers carrying on business in India in the matter of commission and other expenses;
(c) to bring to the notice of the 1[Authority] the case of any such insurer acting in a matter prejudicial to the interests of holders of general insurance policies;
(d) to act in any matter incidental or ancillary to any of the matters specified in clauses (a) to (c) as with the approval of the 2[Authority] may be notified by the General Insurance Council in the Gazette of India.
3[(2) For the purpose of enabling it to effectively discharge its functions, the Executive Committee of the General Insurance Council may collect such fees as may be laid down in the bye-laws made by the Council from the insurers carrying on general insurance business.]
4[Provided that if the General Insurance Council thinks fit, it may by a resolution passed by it, waive the collection of the prescribed fees for any year and where any such resolution has been approved by the 2[Authority], the Executive Committee of the General Insurance Council shall not collect any fees in relation to that year.]1 Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2 Subs. by ibid., s. 30 and the First Schedule (serial no. 2), for "Central Government (w.e.f. 19-4-2000).
3 Subs. by Act 5 of 2015, s. 76, for sub-section (2) (w.e.f. 26-12-2014).
4 Ins. by Act 62 of 1968, s. 26 (w.e.f. 1-8-1939). | 0 | Functions of Executive Committee of General Insurance Council (1) The functions of the Executive Committee of the General Insurance Council shall be--
(a) to aid and advise insurers, carrying on general insurance business, in the matter of setting up standards of conduct and sound practice and in the matter of rendering efficient service to holders of policies of general insurance;
(b) to render advice to the 1[Authority] in the matter of controlling the expenses of such insurers carrying on business in India in the matter of commission and other expenses;
(c) to bring to the notice of the 1[Authority] the case of any such insurer acting in a matter prejudicial to the interests of holders of general insurance policies;
(d) to act in any matter incidental or ancillary to any of the matters specified in clauses (a) to (c) as with the approval of the 2[Authority] may be notified by the General Insurance Council in the Gazette of India.3[(2) For the purpose of enabling it to effectively discharge its functions, the Executive Committee of the General Insurance Council may collect such fees as may be laid down in the bye-laws made by the Council from the insurers carrying on general insurance business.]
4[Provided that if the General Insurance Council thinks fit, it may by a resolution passed by it, waive the collection of the prescribed fees for any year and where any such resolution has been approved by the 2[Authority], the Executive Committee of the General Insurance Council shall not collect any fees in relation to that year.]1 Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2 Subs.by ibid., s.30 and the First Schedule (serial no.2), for "Central Government (w.e.f.19-4-2000).3 Subs.by Act 5 of 2015, s.76, for sub-section (2) (w.e.f.26-12-2014).4 Ins.by Act 62 of 1968, s.26 (w.e.f.1-8-1939). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18234§ionno=64M&orderno=140 | "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 | 64M | Executive Committee of General Insurance Council may advise in controlling expenses | (1) It shall be the duty of the Executive Committee of the General Insurance Council to meet at least once before the 31st day of March every year to advise the 1[Authority] in fixing under the proviso to sub-section (1) of section 40 C the limits by which the actual expenses of management incurred by an insurer carrying on general insurance business in respect of such business in the preceding year may exceed the limits prescribed under that sub-section, and in fixing any such limits the 248 Authority shall have due regard to the conditions obtaining in general insurance business in the preceding year, and he may fix different limits for different groups of insurers.
(2) Where an insurer is guilty of contravening the provisions of section 40C with respect to the expenses of management the 2[Authority] may, after giving the insurer an opportunity of being heard, administer a warning to the insurer.
(3) Where in any case two warnings given to an insurer under sub-section (2) have been disregarded by hi m, the 2[Authority] may take such action against the insurer as may be prescribed.1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Executive Committee of General Insurance Council may advise in controlling expenses (1) It shall be the duty of the Executive Committee of the General Insurance Council to meet at least once before the 31st day of March every year to advise the 1[Authority] in fixing under the proviso to sub-section (1) of section 40 C the limits by which the actual expenses of management incurred by an insurer carrying on general insurance business in respect of such business in the preceding year may exceed the limits prescribed under that sub-section, and in fixing any such limits the 248 Authority shall have due regard to the conditions obtaining in general insurance business in the preceding year, and he may fix different limits for different groups of insurers.(2) Where an insurer is guilty of contravening the provisions of section 40C with respect to the expenses of management the 2[Authority] may, after giving the insurer an opportunity of being heard, administer a warning to the insurer.(3) Where in any case two warnings given to an insurer under sub-section (2) have been disregarded by hi m, the 2[Authority] may take such action against the insurer as may be prescribed.1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18235§ionno=64N&orderno=141 | "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 | 64N | Power of the Executive Committees to act together in certain cases | 1[The Authority may specify] the circumstances in which, the manner in which, and the conditions subject to which, the Executive Committee of the Life Insurance Council and the Executive Committee of the General Insurance Council may hold joint meetings for the purpose of dealing with any matter of common interest to both Committees, and it shall be lawful for the two Committees at any such joint meeting to delegate any matter under consideration for the determination of a sub-committee appointed for this purpose from amongst the members of the two Committees.1. Subs. by Act 5 of 2015, s. 77, for "the Central Government may prescribe" (w.e.f. 26-12-2014). | 0 | Power of the Executive Committees to act together in certain cases 1[The Authority may specify] the circumstances in which, the manner in which, and the conditions subject to which, the Executive Committee of the Life Insurance Council and the Executive Committee of the General Insurance Council may hold joint meetings for the purpose of dealing with any matter of common interest to both Committees, and it shall be lawful for the two Committees at any such joint meeting to delegate any matter under consideration for the determination of a sub-committee appointed for this purpose from amongst the members of the two Committees.1.Subs.by Act 5 of 2015, s.77, for "the Central Government may prescribe" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18236§ionno=64-O&orderno=142 | "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 | 64-O | Omitted | [Power of General Insurance Council to regulate rates of insurance, etc.]--Omitted by the Insurance (Amendment) Act, 1968 (62 of 1968), s. 27 (w.e.f. 1-6-1969). | 0 | Omitted [Power of General Insurance Council to regulate rates of insurance, etc.]--Omitted by the Insurance (Amendment) Act, 1968 (62 of 1968), s.27 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18237§ionno=64P&orderno=143 | "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 | 64P | [Omitted | [Regional Councils.] --Omitted by s. 27, ibid. (w.e.f. 1-6-1969). | 0 | [Omitted [Regional Councils.] --Omitted by s.27, ibid.(w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18238§ionno=64Q&orderno=144 | "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 | 64Q | [Omitted | [Functions of the Regional Councils.]--Omitted by s. 27, ibid. (w.e.f. 1-6-1969). | 0 | [Omitted [Functions of the Regional Councils.]--Omitted by s.27, ibid.(w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18239§ionno=64R&orderno=145 | "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 | 64R | General power of Life Insurance Council and General Insurance Council | (1) For the efficient performance of its duties, the Life Insurance Council or the General Insurance Council as the case may be, may--
(a) appoint such officers and servants as may be necessary and fix the conditions of their service;
(b) determine the manner in which any prescribed fee may be collected;
2[(c) keep and maintain up-to-date, a copy of list of all insurers who are members of the either Council;]
(d) 3[make bye-laws for] --
(i) the holding of elections other than the first elections;
(ii) the summoning and holding of meetings, the conduct of business thereat and the number of persons necessary to form a quorum;
(iii) the submission by insurers to the Executive Committee of the Life Insurance Council, or the General Insurance Council, of such statements or information as may be required of them and the submission of copies thereof by the insurers to the 1[Authority];
(iv) the levy and collection of any fees;
(v) the regulation of any other matter which may be necessary for the purpose of enabling it to carry out its duties under this Act.
(2) The Life Insurance Council or the General Insurance Council may authorise the Executive Committee concerned 4*** to exercise any of the powers conferred on the Life Insurance Council or the General Insurance Council, as the case may be, under clause (a), clause (b) , clause (c) of sub-section (1).1 Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
2 Subs. by s. 78, ibid., for clause (c) (w.e.f. 26-12-2014).
3 Subs. by s. 78, ibid., for "with the previous approval of the Authority make regulations for" (w.e.f. 26-12-2014).
4. The words "or the Tariff Committee appointed under section 64-O" omitted by Act 62 of 1968, s. 28 (w.e.f. 1-6-1969). | 0 | General power of Life Insurance Council and General Insurance Council (1) For the efficient performance of its duties, the Life Insurance Council or the General Insurance Council as the case may be, may--
(a) appoint such officers and servants as may be necessary and fix the conditions of their service;
(b) determine the manner in which any prescribed fee may be collected;
2[(c) keep and maintain up-to-date, a copy of list of all insurers who are members of the either Council;]
(d) 3[make bye-laws for] --
(i) the holding of elections other than the first elections;
(ii) the summoning and holding of meetings, the conduct of business thereat and the number of persons necessary to form a quorum;
(iii) the submission by insurers to the Executive Committee of the Life Insurance Council, or the General Insurance Council, of such statements or information as may be required of them and the submission of copies thereof by the insurers to the 1[Authority];
(iv) the levy and collection of any fees;
(v) the regulation of any other matter which may be necessary for the purpose of enabling it to carry out its duties under this Act.(2) The Life Insurance Council or the General Insurance Council may authorise the Executive Committee concerned 4*** to exercise any of the powers conferred on the Life Insurance Council or the General Insurance Council, as the case may be, under clause (a), clause (b) , clause (c) of sub-section (1).1 Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).2 Subs.by s.78, ibid., for clause (c) (w.e.f.26-12-2014).3 Subs.by s.78, ibid., for "with the previous approval of the Authority make regulations for" (w.e.f.26-12-2014).4.The words "or the Tariff Committee appointed under section 64-O" omitted by Act 62 of 1968, s.28 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18240§ionno=64S&orderno=146 | "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 | 64S | [Omitted | [Power of Central Government to remove difficulties.] -- Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s. 79 (w.e.f. 26-12-2014). | 0 | [Omitted [Power of Central Government to remove difficulties.] -- Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s.79 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18241§ionno=64T&orderno=147 | "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 | 64T | [Omitted | [Power to exempt.] --Omitted by s. 79, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Power to exempt.] --Omitted by s.79, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18242§ionno=64U&orderno=148 | "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 | 64U | Omitted | 1[64U. [Establishment of Tariff Advisory Committee.] -- Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s. 80 (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64U.[Establishment of Tariff Advisory Committee.] -- Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s.80 (w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18243§ionno=64UA&orderno=149 | "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 | 64UA | Omitted | 1[64UA. [Composition of the Advisory Committee.] -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UA.[Composition of the Advisory Committee.] -- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18244§ionno=64UB&orderno=150 | "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 | 64UB | Omitted | 1[64UB. [Power to make rules in respect of matters in this Part]. -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UB.[Power to make rules in respect of matters in this Part].-- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18245§ionno=64UC&orderno=151 | "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 | 64UC | Omitted | 1[64UC. [Power of the Advisory Committee to regulate rates, advantages, etc.] -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014). ]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UC.[Power of the Advisory Committee to regulate rates, advantages, etc.] -- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18246§ionno=64UD&orderno=152 | "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 | 64UD | Omitted | 1[64UD. [Transitional provisions.]-- Omitted by s. 80, ibid. (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UD.[Transitional provisions.]-- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18247§ionno=64UE&orderno=153 | "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 | 64UE | Omitted | 1[64UE. [Power of the Advisory Committee to require information, etc.] -- Omitted by s. 80, ibid, (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UE.[Power of the Advisory Committee to require information, etc.] -- Omitted by s.80, ibid, (w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18248§ionno=64UF&orderno=154 | "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 | 64UF | Omitted | 1[64UF. [Assets and liabilities of the General Insurance Council to vest in the Advisory Committee.] -- Omitted by ibid. s. 80 (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UF.[Assets and liabilities of the General Insurance Council to vest in the Advisory Committee.] -- Omitted by ibid.s.80 (w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18249§ionno=64UG&orderno=155 | "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 | 64UG | Omitted | 1[64UG. [Contracts, etc., to be effective by or against the Advisory Committee.] -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014). ]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UG.[Contracts, etc., to be effective by or against the Advisory Committee.] -- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18250§ionno=64UH&orderno=156 | "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 | 64UH | Omitted | 1[64UH. [Employees, etc., to continue.]--Omitted by s. 80, ibid. (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UH.[Employees, etc., to continue.]--Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18251§ionno=64U-I&orderno=157 | "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 | 64U-I | Omitted | 1[64UI. [Duty of person having custody or control of property to deliver such property to the Advisory Committee.] -- Omitted by s. 80, ibid, (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UI.[Duty of person having custody or control of property to deliver such property to the Advisory Committee.] -- Omitted by s.80, ibid, (w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18252§ionno=64UJ&orderno=158 | "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 | 64UJ | Omitted | 1[64UJ. [Power of the Advisory Committee to constitute Regional Committees.] -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UJ.[Power of the Advisory Committee to constitute Regional Committees.] -- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18253§ionno=64UK&orderno=159 | "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 | 64UK | Omitted | 1[64UK. [Levy of fees by the Advisory Committee.] -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014). ]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UK.[Levy of fees by the Advisory Committee.] -- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18254§ionno=64UL&orderno=160 | "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 | 64UL | Omitted | 1[64UL. [Power to remove difficulties.] -- Omitted by s. 80, ibid. (w.e.f. 26-12-2014).]1. Ins. by s. 29, ibid, (w.e.f. 1-6-1969). | 0 | Omitted 1[64UL.[Power to remove difficulties.] -- Omitted by s.80, ibid.(w.e.f.26-12-2014).]1.Ins.by s.29, ibid, (w.e.f.1-6-1969). |