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https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18255§ionno=64ULA&orderno=161 | "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 | 64ULA | Omitted | 1[64ULA. Transitional provisions. --(1) Notwithstanding anything contained in this Part, until the rates, advantage and terms and conditions laid down by the Advisory Committee under section 64UC are de-notified by the Authority with effect from such date as the Authority may by notification in the Official Gazette determine, and the rates, advantages and terms and conditions are decided by the insurer concerned, the rates, advantages and terms and conditions notified by the Advisory Committee shall continue to be in force and shall always be deemed to have been in force and any such rates, advantages and terms and conditions shall be binding on all the insurers.
(2) The Authority shall, in consultation with the Central Government, prepare a scheme for the existing employees of the Tariff Advisory Committee on its dissolution, keeping in view the interests of such employees on such terms and conditions as it may, by order, determine.]1. Ins. by Act 5 of 2015, s. 81 (w.e.f. 26-12-2014). | 0 | Omitted 1[64ULA.Transitional provisions.--(1) Notwithstanding anything contained in this Part, until the rates, advantage and terms and conditions laid down by the Advisory Committee under section 64UC are de-notified by the Authority with effect from such date as the Authority may by notification in the Official Gazette determine, and the rates, advantages and terms and conditions are decided by the insurer concerned, the rates, advantages and terms and conditions notified by the Advisory Committee shall continue to be in force and shall always be deemed to have been in force and any such rates, advantages and terms and conditions shall be binding on all the insurers.(2) The Authority shall, in consultation with the Central Government, prepare a scheme for the existing employees of the Tariff Advisory Committee on its dissolution, keeping in view the interests of such employees on such terms and conditions as it may, by order, determine.]1.Ins.by Act 5 of 2015, s.81 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 0 | Surveyors and loss assessors 1[64UM.Surveyors or loss assessors.--(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 1 | Surveyors and loss assessors (5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 2 | Surveyors and loss assessors |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 3 | Surveyors and loss assessors |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 4 | Surveyors and loss assessors (6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 5 | Surveyors and loss assessors (10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 6 | Surveyors and loss assessors |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 7 | Surveyors and loss assessors |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18256§ionno=64UM&orderno=162 | "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 | 64UM | Surveyors and loss assessors | 1[64UM. Surveyors or loss assessors. --(1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), unless he--
(a) possesses such academic qualifications as may be specified by the regulations made under this Act; and
(b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors:
Provided that in the case of a firm or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss reported, as the case may be, shall fulfill the requirements of clauses (a) and (b).
(2) Every surveyor and loss assessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements, as may be specified by the regulations made under the Act.
(3) Notwithstanding anything contained in the foregoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall continue to act as such for such period as may be specified by the regulations made under this Act:
Provided that the surveyor or loss assessor shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor.
(4) No claim in respect of a loss which has occurred in India and requiring to be paid or settled in India equal to or exceeding an amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), shall, unless otherwise directed by the Authority, be admitted for payment or settled by the insurer unless he has obtained a report, on the loss that has occurred, from a person who holds a licence issued under this section to act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss assessor"):
Provided that nothing in this sub-section shall be deemed to take away or abridge the right of the insurer to pay or settle any claim at any amount different from the amount assessed by the approved surveyor or loss assessor.
(5) The Authority may, at any time, in respect of any claim of the nature referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authority within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidental to, such report shall be borne by the insurer.
(6) The Authority may, on receipt of a report referred to in sub-section (5), issue such directions as it may consider necessary with regard to the settlement of the claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions:
Provided that where the Authority issues a direction for settling a claim at a figure lower than that at which it has already been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due dispatch by him:
Provided further that no direction for the payment of a lesser sum shall be made where the amount of the claim has already been paid and the Authority is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured:
Provided also that nothing in this section shall relieve the insurer from any liability, civil or criminal, to which he would have been subject but for the provisions of this sub-section.
(7) No insurer shall, after the expiry of a period of one year from the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person making such survey, verification or report is an approved surveyor or loss assessor.
(8) Where, in the case of a claim of less than the amount specified in sub-section (4) in value on any policy of insurance it is not practicable for an insurer to employ an approved surveyor or loss assessor without incurring expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss assessor) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed as he may think fit.
(9) The Authority may in respect of any claim of value of less than the amount specified in sub-section (4) on an insurance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim shall be reported upon by an approved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim.
(10) Where, in relation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assessment to any person other than a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.]1. Subs. by Act 5 of 2015, s. 82, for section 64UM (w.e.f. 26-12-2014). | 8 | Surveyors and loss assessors ]1.Subs.by Act 5 of 2015, s.82, for section 64UM (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18257§ionno=64V&orderno=163 | "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 | 64V | Assets and liabilities how to be valued | 1[64V. Assets and liabilities how to be valued. --(1) For the purpose of ascertaining compliance with the provisions of section 64VA, assets shall be valued at value not exceeding their market or realisable value and certain assets may be excluded by the Authority in the manner as may be specified by the regulations made in this behalf.
(2) A proper value shall be placed on every item of liability of the insurer in the manner as may be specified by the regulations made in this behalf.
(3) Every insurer shall furnish to the Authority along with the returns required to be filed under this Act, a statement, certified by an Auditor, approved by the Authority, in respect of general insurance business or an actuary approved by the Authority in respect of life insurance business, as the case may be, of his assets and liabilities assessed in the manner required by this section as on the 31st day of March of each year within such time as may be specified by the regulations.]1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014). | 0 | Assets and liabilities how to be valued 1[64V.Assets and liabilities how to be valued.--(1) For the purpose of ascertaining compliance with the provisions of section 64VA, assets shall be valued at value not exceeding their market or realisable value and certain assets may be excluded by the Authority in the manner as may be specified by the regulations made in this behalf.(2) A proper value shall be placed on every item of liability of the insurer in the manner as may be specified by the regulations made in this behalf.(3) Every insurer shall furnish to the Authority along with the returns required to be filed under this Act, a statement, certified by an Auditor, approved by the Authority, in respect of general insurance business or an actuary approved by the Authority in respect of life insurance business, as the case may be, of his assets and liabilities assessed in the manner required by this section as on the 31st day of March of each year within such time as may be specified by the regulations.]1.Subs.by Act 5 of 2015, s.83, for sections 64V and 64VA (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18258§ionno=64VA&orderno=164 | "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 | 64VA | Sufficiency of assets | 1[64VA. Sufficiency of assets. --(1) Every insurer and re-insurer shall at all times maintain an excess of value of assets over the amount of liabilities of, not less than fifty per cent. of the amount of minimum capital as stated under section 6 and arrived at in the manner specified by the regulations.
(2) An insurer or re-insurer, as the case may be, who does not comply with sub-section (1), shall be deemed to be insolvent and may be wound-up by the court on an application made by the Authority.
(3) The Authority shall by way of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the provisions of sub-section (4) without prejudice to taking of any other remedial measures as deemed fit:
Provided that if in respect of any insurer the Authority is satisfied that either by reason of an unfavourable claim experience or because of a sharp increase in the volume of new business, or for any other reason, compliance with the provisions of this sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided that such modifications shall not result in the control level of solvency being less than what is stipulated under sub-section (1).
(4) If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by the Authority, submit a financial plan to the Authority, indicating a plan of action to correct the deficiency within a specified period not exceeding six months.
(5) An insurer who has submitted a plan, as required under sub-section (4), the Authority shall propose modifications to the plan, if the Authority considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessary, including direction in regard to transacting any new business, or, appointment of an administrator or both.
(6) An insurer or re-insurer, as the case may be, who does not comply with the provisions of sub-section (4) shall be deemed to have made default in complying with the requirements of this section.
(7) The Authority shall be entitled at any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of any insurer or re-insurer, or for securing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, and in the event of any failure to do so within two months from the receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed to have made default in complying with the requirements of this section.
(8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy:
Provided that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in India shall comply with the requirements of subsection (1) as if he had not been an insurer in a group at any time:
Provided further that it shall be sufficient compliance of the provisions of the foregoing proviso if the insurer brings up the excess of the value of his assets over the amount of his liabilities to the required amount within a period of six months from the date of cessation of the group:
Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however that the total period may not in any case exceed one year.
(9) Every insurer shall furnish to the Authority return giving details of solvency margin in such form, time, manner including its authentication as may be specified by the regulations.]1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014). | 0 | Sufficiency of assets 1[64VA.Sufficiency of assets.--(1) Every insurer and re-insurer shall at all times maintain an excess of value of assets over the amount of liabilities of, not less than fifty per cent.of the amount of minimum capital as stated under section 6 and arrived at in the manner specified by the regulations.(2) An insurer or re-insurer, as the case may be, who does not comply with sub-section (1), shall be deemed to be insolvent and may be wound-up by the court on an application made by the Authority.(3) The Authority shall by way of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the provisions of sub-section (4) without prejudice to taking of any other remedial measures as deemed fit:
Provided that if in respect of any insurer the Authority is satisfied that either by reason of an unfavourable claim experience or because of a sharp increase in the volume of new business, or for any other reason, compliance with the provisions of this sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided that such modifications shall not result in the control level of solvency being less than what is stipulated under sub-section (1).(4) If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by the Authority, submit a financial plan to the Authority, indicating a plan of action to correct the deficiency within a specified period not exceeding six months.(5) An insurer who has submitted a plan, as required under sub-section (4), the Authority shall propose modifications to the plan, if the Authority considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessary, including direction in regard to transacting any new business, or, appointment of an administrator or both.(6) An insurer or re-insurer, as the case may be, who does not comply with the provisions of sub-section (4) shall be deemed to have made default in complying with the requirements of this section. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18258§ionno=64VA&orderno=164 | "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 | 64VA | Sufficiency of assets | 1[64VA. Sufficiency of assets. --(1) Every insurer and re-insurer shall at all times maintain an excess of value of assets over the amount of liabilities of, not less than fifty per cent. of the amount of minimum capital as stated under section 6 and arrived at in the manner specified by the regulations.
(2) An insurer or re-insurer, as the case may be, who does not comply with sub-section (1), shall be deemed to be insolvent and may be wound-up by the court on an application made by the Authority.
(3) The Authority shall by way of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the provisions of sub-section (4) without prejudice to taking of any other remedial measures as deemed fit:
Provided that if in respect of any insurer the Authority is satisfied that either by reason of an unfavourable claim experience or because of a sharp increase in the volume of new business, or for any other reason, compliance with the provisions of this sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided that such modifications shall not result in the control level of solvency being less than what is stipulated under sub-section (1).
(4) If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by the Authority, submit a financial plan to the Authority, indicating a plan of action to correct the deficiency within a specified period not exceeding six months.
(5) An insurer who has submitted a plan, as required under sub-section (4), the Authority shall propose modifications to the plan, if the Authority considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessary, including direction in regard to transacting any new business, or, appointment of an administrator or both.
(6) An insurer or re-insurer, as the case may be, who does not comply with the provisions of sub-section (4) shall be deemed to have made default in complying with the requirements of this section.
(7) The Authority shall be entitled at any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of any insurer or re-insurer, or for securing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, and in the event of any failure to do so within two months from the receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed to have made default in complying with the requirements of this section.
(8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy:
Provided that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in India shall comply with the requirements of subsection (1) as if he had not been an insurer in a group at any time:
Provided further that it shall be sufficient compliance of the provisions of the foregoing proviso if the insurer brings up the excess of the value of his assets over the amount of his liabilities to the required amount within a period of six months from the date of cessation of the group:
Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however that the total period may not in any case exceed one year.
(9) Every insurer shall furnish to the Authority return giving details of solvency margin in such form, time, manner including its authentication as may be specified by the regulations.]1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014). | 1 | Sufficiency of assets (7) The Authority shall be entitled at any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of any insurer or re-insurer, or for securing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, and in the event of any failure to do so within two months from the receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed to have made default in complying with the requirements of this section. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18258§ionno=64VA&orderno=164 | "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 | 64VA | Sufficiency of assets | 1[64VA. Sufficiency of assets. --(1) Every insurer and re-insurer shall at all times maintain an excess of value of assets over the amount of liabilities of, not less than fifty per cent. of the amount of minimum capital as stated under section 6 and arrived at in the manner specified by the regulations.
(2) An insurer or re-insurer, as the case may be, who does not comply with sub-section (1), shall be deemed to be insolvent and may be wound-up by the court on an application made by the Authority.
(3) The Authority shall by way of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the provisions of sub-section (4) without prejudice to taking of any other remedial measures as deemed fit:
Provided that if in respect of any insurer the Authority is satisfied that either by reason of an unfavourable claim experience or because of a sharp increase in the volume of new business, or for any other reason, compliance with the provisions of this sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided that such modifications shall not result in the control level of solvency being less than what is stipulated under sub-section (1).
(4) If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by the Authority, submit a financial plan to the Authority, indicating a plan of action to correct the deficiency within a specified period not exceeding six months.
(5) An insurer who has submitted a plan, as required under sub-section (4), the Authority shall propose modifications to the plan, if the Authority considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessary, including direction in regard to transacting any new business, or, appointment of an administrator or both.
(6) An insurer or re-insurer, as the case may be, who does not comply with the provisions of sub-section (4) shall be deemed to have made default in complying with the requirements of this section.
(7) The Authority shall be entitled at any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of any insurer or re-insurer, or for securing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, and in the event of any failure to do so within two months from the receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed to have made default in complying with the requirements of this section.
(8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy:
Provided that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in India shall comply with the requirements of subsection (1) as if he had not been an insurer in a group at any time:
Provided further that it shall be sufficient compliance of the provisions of the foregoing proviso if the insurer brings up the excess of the value of his assets over the amount of his liabilities to the required amount within a period of six months from the date of cessation of the group:
Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however that the total period may not in any case exceed one year.
(9) Every insurer shall furnish to the Authority return giving details of solvency margin in such form, time, manner including its authentication as may be specified by the regulations.]1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014). | 2 | Sufficiency of assets |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18258§ionno=64VA&orderno=164 | "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 | 64VA | Sufficiency of assets | 1[64VA. Sufficiency of assets. --(1) Every insurer and re-insurer shall at all times maintain an excess of value of assets over the amount of liabilities of, not less than fifty per cent. of the amount of minimum capital as stated under section 6 and arrived at in the manner specified by the regulations.
(2) An insurer or re-insurer, as the case may be, who does not comply with sub-section (1), shall be deemed to be insolvent and may be wound-up by the court on an application made by the Authority.
(3) The Authority shall by way of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the provisions of sub-section (4) without prejudice to taking of any other remedial measures as deemed fit:
Provided that if in respect of any insurer the Authority is satisfied that either by reason of an unfavourable claim experience or because of a sharp increase in the volume of new business, or for any other reason, compliance with the provisions of this sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided that such modifications shall not result in the control level of solvency being less than what is stipulated under sub-section (1).
(4) If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by the Authority, submit a financial plan to the Authority, indicating a plan of action to correct the deficiency within a specified period not exceeding six months.
(5) An insurer who has submitted a plan, as required under sub-section (4), the Authority shall propose modifications to the plan, if the Authority considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessary, including direction in regard to transacting any new business, or, appointment of an administrator or both.
(6) An insurer or re-insurer, as the case may be, who does not comply with the provisions of sub-section (4) shall be deemed to have made default in complying with the requirements of this section.
(7) The Authority shall be entitled at any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of any insurer or re-insurer, or for securing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, and in the event of any failure to do so within two months from the receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed to have made default in complying with the requirements of this section.
(8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy:
Provided that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in India shall comply with the requirements of subsection (1) as if he had not been an insurer in a group at any time:
Provided further that it shall be sufficient compliance of the provisions of the foregoing proviso if the insurer brings up the excess of the value of his assets over the amount of his liabilities to the required amount within a period of six months from the date of cessation of the group:
Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however that the total period may not in any case exceed one year.
(9) Every insurer shall furnish to the Authority return giving details of solvency margin in such form, time, manner including its authentication as may be specified by the regulations.]1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014). | 3 | Sufficiency of assets (8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy:
Provided that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in India shall comply with the requirements of subsection (1) as if he had not been an insurer in a group at any time:
Provided further that it shall be sufficient compliance of the provisions of the foregoing proviso if the insurer brings up the excess of the value of his assets over the amount of his liabilities to the required amount within a period of six months from the date of cessation of the group:
Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however that the total period may not in any case exceed one year.(9) Every insurer shall furnish to the Authority return giving details of solvency margin in such form, time, manner including its authentication as may be specified by the regulations.]1.Subs.by Act 5 of 2015, s.83, for sections 64V and 64VA (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18259§ionno=64VB&orderno=165 | "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 | 64VB | No risk to be assumed unless premium is received in advance | (1) No insurer shall assume any risk in India in respect of any insurance business on which premium is not ordinarily payable outside India unless and until the premium payable is received by him or is guaranteed to be paid by such person in such manner and within such time as may be prescribed or unless and until deposit of such amount as may be prescribed, is made in advance in the prescribed manner.
(2) For the purposes of this section, in the case of risks for which premium can be ascertained in advance, the risk may be assumed not earlier than the date on which the premium has been paid in cash or by cheque to the insurer.
Explanation. --Where the premium is tendered by postal money order or cheque sent by post, the risk may be assumed on the date on which the money order is booked or the cheque is posted, as the case may be.
(3) Any refund of premium which may become due to an insured on account of the cancellation of a policy or alteration in its terms and conditions or otherwise shall be paid by the insurer directly to the insured by a crossed or order cheque or by postal money order and a proper receipt shall be obtained by the insurer from the insured, and such refund shall in no case be credited to the account of the agent.
(4) Where an insurance agent collects a premium on a policy of insurance on behalf of an insurer, he shall deposit with, or dispatch by post to, the insurer, the premium so collected in full without deduction of his commission within twenty-four hours of the collection excluding bank and postal holidays.
(5) The Central Government may, by rules, relax the requirements of sub-section (1) in respect of particular categories in insurance policies.
1[(6) The Authority may, from time to time, specify, by the regulations made by it, the manner of receipt of premium by the insurer.]1. Ins. by Act 42 of 2002, s. 13 (w.e.f. 23-9-2002). | 0 | No risk to be assumed unless premium is received in advance (1) No insurer shall assume any risk in India in respect of any insurance business on which premium is not ordinarily payable outside India unless and until the premium payable is received by him or is guaranteed to be paid by such person in such manner and within such time as may be prescribed or unless and until deposit of such amount as may be prescribed, is made in advance in the prescribed manner.(2) For the purposes of this section, in the case of risks for which premium can be ascertained in advance, the risk may be assumed not earlier than the date on which the premium has been paid in cash or by cheque to the insurer.Explanation.--Where the premium is tendered by postal money order or cheque sent by post, the risk may be assumed on the date on which the money order is booked or the cheque is posted, as the case may be.(3) Any refund of premium which may become due to an insured on account of the cancellation of a policy or alteration in its terms and conditions or otherwise shall be paid by the insurer directly to the insured by a crossed or order cheque or by postal money order and a proper receipt shall be obtained by the insurer from the insured, and such refund shall in no case be credited to the account of the agent.(4) Where an insurance agent collects a premium on a policy of insurance on behalf of an insurer, he shall deposit with, or dispatch by post to, the insurer, the premium so collected in full without deduction of his commission within twenty-four hours of the collection excluding bank and postal holidays.(5) The Central Government may, by rules, relax the requirements of sub-section (1) in respect of particular categories in insurance policies.1[(6) The Authority may, from time to time, specify, by the regulations made by it, the manner of receipt of premium by the insurer.]1.Ins.by Act 42 of 2002, s.13 (w.e.f.23-9-2002). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18260§ionno=64VC&orderno=166 | "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 | 64VC | Restrictions on the opening of a new place of business | 1[64VC. Restrictions on opening of new place of business.--No insurer shall, after the commencement of the Insurance (Amendment) Act, 1968 (62 of 1968), open a new place of business or close a place in India or outside India or change otherwise than within the same city, town or village, the location of an existing place of business situated in India or outside India, except in the manner as may be specified by the regulations.]1. Subs. by Act 5 of 2015, s. 84, for section 64VC (26-12-2014). | 0 | Restrictions on the opening of a new place of business 1[64VC.Restrictions on opening of new place of business.--No insurer shall, after the commencement of the Insurance (Amendment) Act, 1968 (62 of 1968), open a new place of business or close a place in India or outside India or change otherwise than within the same city, town or village, the location of an existing place of business situated in India or outside India, except in the manner as may be specified by the regulations.]1.Subs.by Act 5 of 2015, s.84, for section 64VC (26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18261§ionno=65&orderno=167 | "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 | 65 | [Omitted | [Definition of "provident society".]Omitted s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Definition of "provident society".]Omitted s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18262§ionno=65A&orderno=168 | "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 | 65A | [Omitted | [Prohibition of transaction of insurance business by provident societies other than public companies or co-operative societies.] omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 (w.e.f. 26-12-2014).] | 0 | [Omitted [Prohibition of transaction of insurance business by provident societies other than public companies or co-operative societies.] omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.85 (w.e.f.26-12-2014).] |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18263§ionno=66&orderno=169 | "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 | 66 | [Omitted | [Restrictions on provident societies.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Restrictions on provident societies.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18264§ionno=67&orderno=170 | "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 | 67 | [Omitted | [Name.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Name.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18265§ionno=68&orderno=171 | "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 | 68 | [Omitted | [Insurable interest.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Insurable interest.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18266§ionno=69&orderno=172 | "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 | 69 | [Omitted | [Dividing Business.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Dividing Business.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18267§ionno=70&orderno=173 | "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 | 70 | [Omitted | [Registration.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Registration.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18268§ionno=70A&orderno=174 | "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 | 70A | [Omitted | [Renewal of registration.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Renewal of registration.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18269§ionno=70B&orderno=175 | "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 | 70B | [Omitted | [Supplementary information and reports of alterations in particulars furnished with application for registration.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Supplementary information and reports of alterations in particulars furnished with application for registration.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18270§ionno=71&orderno=176 | "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 | 71 | [Omitted | [Prohibition of managing agents.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Prohibition of managing agents.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18271§ionno=72&orderno=177 | "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 | 72 | [Omitted | [Working capital.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Working capital.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18272§ionno=73&orderno=178 | "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 | 73 | [Omitted | [Deposits.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Deposits.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18273§ionno=73A&orderno=179 | "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 | 73A | [Omitted | [Restriction on name of provident society.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Restriction on name of provident society.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18274§ionno=74&orderno=180 | "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 | 74 | [Omitted | Rules. Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted Rules.Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18275§ionno=75&orderno=181 | "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 | 75 | [Omitted | [Amendment of rules.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Amendment of rules.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18276§ionno=76&orderno=182 | "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 | 76 | [Omitted | [Supply of copy of rules.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Supply of copy of rules.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18277§ionno=77&orderno=183 | "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 | 77 | [Omitted | [Registered office.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Registered office.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18278§ionno=78&orderno=184 | "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 | 78 | [Omitted | [Publication of authorized capital to contain also subscribed and paid up capital.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Publication of authorized capital to contain also subscribed and paid up capital.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18279§ionno=79&orderno=185 | "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 | 79 | [Omitted | [Registered and books.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Registered and books.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18280§ionno=80&orderno=186 | "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 | 80 | [Omitted | [Revenue account, balance-sheet and annual statements.] Omitted by s. 85, ibid. (w.e.f. 26-12- 2014). | 0 | [Omitted [Revenue account, balance-sheet and annual statements.] Omitted by s.85, ibid.(w.e.f.26-12- 2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18281§ionno=81&orderno=187 | "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 | 81 | [Omitted | [Actuarial report and abstract.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Actuarial report and abstract.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18282§ionno=82&orderno=188 | "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 | 82 | [Omitted | [Submission of returns to Authority.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Submission of returns to Authority.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18283§ionno=83&orderno=189 | "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 | 83 | [Omitted | [Actuarial examination of schemes.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Actuarial examination of schemes.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18284§ionno=84&orderno=190 | "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 | 84 | [Omitted | [Separation of accounts and funds.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Separation of accounts and funds.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18285§ionno=85&orderno=191 | "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 | 85 | [Omitted | [Investment funds.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Investment funds.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18286§ionno=86&orderno=192 | "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 | 86 | [Omitted | [Inspection of books.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Inspection of books.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18287§ionno=87&orderno=193 | "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 | 87 | [Omitted | [Inquiry by or on behalf of Superintendent of Insurance.] Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 (w.e.f. 26-12-2014). | 0 | [Omitted [Inquiry by or on behalf of Superintendent of Insurance.] Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.85 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18288§ionno=87A&orderno=194 | "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 | 87A | [Omitted | [Amalgamation and transfer of insurance business.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Amalgamation and transfer of insurance business.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18289§ionno=88&orderno=195 | "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 | 88 | [Omitted | [Winding up by Court and voluntary winding up.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Winding up by Court and voluntary winding up.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18290§ionno=89&orderno=196 | "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 | 89 | [Omitted | [Reduction of Insurance contracts.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Reduction of Insurance contracts.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18291§ionno=90&orderno=197 | "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 | 90 | [Omitted | [Appointment of liquidator.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Appointment of liquidator.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18292§ionno=90A&orderno=198 | "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 | 90A | [Omitted | [Application of Act to liquidators.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Application of Act to liquidators.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18293§ionno=91&orderno=199 | "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 | 91 | [Omitted | [Powers of liquidator.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Powers of liquidator.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18294§ionno=92&orderno=200 | "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 | 92 | [Omitted | [Procedure at liquidation.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Procedure at liquidation.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18295§ionno=93&orderno=201 | "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 | 93 | [Omitted | [Dissolution of provident society.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Dissolution of provident society.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18296§ionno=94&orderno=202 | "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 | 94 | [Omitted | [Nominations and assignments.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Nominations and assignments.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=46909§ionno=94A&orderno=203 | "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 | 94A | Omitted | [Insurance co-operative society to be an insurer.] Omitted by s. 85, ibid. (w.e.f. 26-12-2014). | 0 | Omitted [Insurance co-operative society to be an insurer.] Omitted by s.85, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18297§ionno=95&orderno=204 | "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 | 95 | [Omitted | [Definitions.] omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 86 (w.e.f. 26- 12-2014). | 0 | [Omitted [Definitions.] omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.86 (w.e.f.26- 12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18298§ionno=96&orderno=205 | "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 | 96 | [Omitted | [Application of Act to Mutual Insurance Companies and Co-operative Life Insurance Societies.] Omitted by s. 86, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Application of Act to Mutual Insurance Companies and Co-operative Life Insurance Societies.] Omitted by s.86, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18299§ionno=97&orderno=206 | "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 | 97 | [Omitted | [Working Capital of Mutual Insurance Companies and Co-operative Life Insurance Societies.] Omitted by s. 86, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Working Capital of Mutual Insurance Companies and Co-operative Life Insurance Societies.] Omitted by s.86, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18300§ionno=98&orderno=207 | "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 | 98 | [Omitted | [Deposits to be made by Mutual Insurance Companies and Co-operative Life insurance Societies.] Omitted by s. 86, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Deposits to be made by Mutual Insurance Companies and Co-operative Life insurance Societies.] Omitted by s.86, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18301§ionno=98A&orderno=208 | "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 | 98A | [Omitted | [Prohibition of loans.] Omitted by s. 86, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Prohibition of loans.] Omitted by s.86, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18302§ionno=99&orderno=209 | "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 | 99 | [Omitted | [Transferees and assignees of policies not to become members.] Omitted by s. 86, ibid. (w.e.f. 26- 12-2014). | 0 | [Omitted [Transferees and assignees of policies not to become members.] Omitted by s.86, ibid.(w.e.f.26- 12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18303§ionno=100&orderno=210 | "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 | 100 | [Omitted | [Publication of notices and documents of Mutual Insurance Companies and Co-operative Life Insurance Societies.] Omitted by s. 86, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Publication of notices and documents of Mutual Insurance Companies and Co-operative Life Insurance Societies.] Omitted by s.86, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18304§ionno=101&orderno=211 | "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 | 101 | [Omitted | [Supply of documents to members.] Omitted by s. 86, ibid. (w.e.f. 26-12-2014). | 0 | [Omitted [Supply of documents to members.] Omitted by s.86, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18305§ionno=101A&orderno=212 | "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 | 101A | Re-insurance with Indian re-insurers | 1[101A. Re-insurance with Indian re-insurers.--(1) Every insurer shall re-insure with Indian re-insurers such percentage of the sum assured on each policy as may be specified by the 2[the Authority with the previous approval of the Central Government] under sub-section (2).
(2) For the purposes of sub-section (1), 3[the Authority] may, by notification in the Official Gazette, --
(a) specify the percentage of the sum assured on each policy to be re-insured and different percentages may be specified for different classes of insurance:
Provided that no percentage so specified shall exceed thirty per cent. of the sum assured on such policy; and
(b) also specify the proportions in which the said percentage shall be allocated among the Indian re-insurers.
(3) Notwithstanding anything contained in sub-section (1), an insurer carrying on fire insurance business in India may, in lieu of re-insuring the percentage specified under sub-section (2) of the sum assured on each policy in respect of such business, re-insure with Indian re-insurers such amount out of the first surplus in respect of that business as he thinks fit, so however that, the aggregate amount of the premiums payable by hi m on such re-insurance in any year is not less than the said percentage of the premium income (without taking into account premiums on re-insurance ceded or accepted) in respect of such business during that year.
Explanation.--For the purposes of this sub-section, the year 1961 shall be deemed to mean the period from 1st April to-the 31st December of that year.
(4) A notification under sub-section (2) may also specify the terms and conditions in respect of any business of re-insurance required to be transacted under this section and such terms and conditions shall be binding on Indian re-insurers and other insurers.
(5) No notification under sub-section (2) shall be issued except after consultation with the Advisory Committee constituted under section 101B.
(6) Every notification issued under this section shall be laid before each House of Parliament, as soon as may be, after it is made.
(7) For the removal of doubts, it is hereby declared that nothing in sub-section (1) shall be construed as preventing an insurer from re-insuring with any Indian re-insurer or other insurer the entire sum assured on any policy or any portion thereof in excess of the percentage specified under sub-section (2).
(8) In this section,
(i) "policy" means a policy issued or renewed on or after the 1st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and
4 [(ii) "Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the reinsurance business in India.]]1. Ins. by Act 11 of 1961, s. 2 (w.e.f. 1-4-1961).
2. Subs. by Act 41 of 1999, s. 30 and The First Schedule, for "the Central Government" (w.e.f. 19-4-2000).
3. Subs. by s. 30 and the First Schedule, ibid., for "the Central Government" (w.e.f. 19-4-2000).
4. Subs. by Act 42 of 2002, s. 15, for cause (ii) (w.e.f. 23-9-2002). | 0 | Re-insurance with Indian re-insurers 1[101A.Re-insurance with Indian re-insurers.--(1) Every insurer shall re-insure with Indian re-insurers such percentage of the sum assured on each policy as may be specified by the 2[the Authority with the previous approval of the Central Government] under sub-section (2).(2) For the purposes of sub-section (1), 3[the Authority] may, by notification in the Official Gazette, --
(a) specify the percentage of the sum assured on each policy to be re-insured and different percentages may be specified for different classes of insurance:
Provided that no percentage so specified shall exceed thirty per cent.of the sum assured on such policy; and
(b) also specify the proportions in which the said percentage shall be allocated among the Indian re-insurers.(3) Notwithstanding anything contained in sub-section (1), an insurer carrying on fire insurance business in India may, in lieu of re-insuring the percentage specified under sub-section (2) of the sum assured on each policy in respect of such business, re-insure with Indian re-insurers such amount out of the first surplus in respect of that business as he thinks fit, so however that, the aggregate amount of the premiums payable by hi m on such re-insurance in any year is not less than the said percentage of the premium income (without taking into account premiums on re-insurance ceded or accepted) in respect of such business during that year.Explanation.--For the purposes of this sub-section, the year 1961 shall be deemed to mean the period from 1st April to-the 31st December of that year.(4) A notification under sub-section (2) may also specify the terms and conditions in respect of any business of re-insurance required to be transacted under this section and such terms and conditions shall be binding on Indian re-insurers and other insurers.(5) No notification under sub-section (2) shall be issued except after consultation with the Advisory Committee constituted under section 101B.(6) Every notification issued under this section shall be laid before each House of Parliament, as soon as may be, after it is made.(7) For the removal of doubts, it is hereby declared that nothing in sub-section (1) shall be construed as preventing an insurer from re-insuring with any Indian re-insurer or other insurer the entire sum assured on any policy or any portion thereof in excess of the percentage specified under sub-section (2).(8) In this section,
(i) "policy" means a policy issued or renewed on or after the 1st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and
4 [(ii) "Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the reinsurance business in India.]]1.Ins.by Act 11 of 1961, s.2 (w.e.f.1-4-1961).2.Subs.by Act 41 of 1999, s.30 and The First Schedule, for "the Central Government" (w.e.f.19-4-2000).3.Subs.by s. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18305§ionno=101A&orderno=212 | "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 | 101A | Re-insurance with Indian re-insurers | 1[101A. Re-insurance with Indian re-insurers.--(1) Every insurer shall re-insure with Indian re-insurers such percentage of the sum assured on each policy as may be specified by the 2[the Authority with the previous approval of the Central Government] under sub-section (2).
(2) For the purposes of sub-section (1), 3[the Authority] may, by notification in the Official Gazette, --
(a) specify the percentage of the sum assured on each policy to be re-insured and different percentages may be specified for different classes of insurance:
Provided that no percentage so specified shall exceed thirty per cent. of the sum assured on such policy; and
(b) also specify the proportions in which the said percentage shall be allocated among the Indian re-insurers.
(3) Notwithstanding anything contained in sub-section (1), an insurer carrying on fire insurance business in India may, in lieu of re-insuring the percentage specified under sub-section (2) of the sum assured on each policy in respect of such business, re-insure with Indian re-insurers such amount out of the first surplus in respect of that business as he thinks fit, so however that, the aggregate amount of the premiums payable by hi m on such re-insurance in any year is not less than the said percentage of the premium income (without taking into account premiums on re-insurance ceded or accepted) in respect of such business during that year.
Explanation.--For the purposes of this sub-section, the year 1961 shall be deemed to mean the period from 1st April to-the 31st December of that year.
(4) A notification under sub-section (2) may also specify the terms and conditions in respect of any business of re-insurance required to be transacted under this section and such terms and conditions shall be binding on Indian re-insurers and other insurers.
(5) No notification under sub-section (2) shall be issued except after consultation with the Advisory Committee constituted under section 101B.
(6) Every notification issued under this section shall be laid before each House of Parliament, as soon as may be, after it is made.
(7) For the removal of doubts, it is hereby declared that nothing in sub-section (1) shall be construed as preventing an insurer from re-insuring with any Indian re-insurer or other insurer the entire sum assured on any policy or any portion thereof in excess of the percentage specified under sub-section (2).
(8) In this section,
(i) "policy" means a policy issued or renewed on or after the 1st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and
4 [(ii) "Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the reinsurance business in India.]]1. Ins. by Act 11 of 1961, s. 2 (w.e.f. 1-4-1961).
2. Subs. by Act 41 of 1999, s. 30 and The First Schedule, for "the Central Government" (w.e.f. 19-4-2000).
3. Subs. by s. 30 and the First Schedule, ibid., for "the Central Government" (w.e.f. 19-4-2000).
4. Subs. by Act 42 of 2002, s. 15, for cause (ii) (w.e.f. 23-9-2002). | 1 | Re-insurance with Indian re-insurers 30 and the First Schedule, ibid. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18305§ionno=101A&orderno=212 | "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 | 101A | Re-insurance with Indian re-insurers | 1[101A. Re-insurance with Indian re-insurers.--(1) Every insurer shall re-insure with Indian re-insurers such percentage of the sum assured on each policy as may be specified by the 2[the Authority with the previous approval of the Central Government] under sub-section (2).
(2) For the purposes of sub-section (1), 3[the Authority] may, by notification in the Official Gazette, --
(a) specify the percentage of the sum assured on each policy to be re-insured and different percentages may be specified for different classes of insurance:
Provided that no percentage so specified shall exceed thirty per cent. of the sum assured on such policy; and
(b) also specify the proportions in which the said percentage shall be allocated among the Indian re-insurers.
(3) Notwithstanding anything contained in sub-section (1), an insurer carrying on fire insurance business in India may, in lieu of re-insuring the percentage specified under sub-section (2) of the sum assured on each policy in respect of such business, re-insure with Indian re-insurers such amount out of the first surplus in respect of that business as he thinks fit, so however that, the aggregate amount of the premiums payable by hi m on such re-insurance in any year is not less than the said percentage of the premium income (without taking into account premiums on re-insurance ceded or accepted) in respect of such business during that year.
Explanation.--For the purposes of this sub-section, the year 1961 shall be deemed to mean the period from 1st April to-the 31st December of that year.
(4) A notification under sub-section (2) may also specify the terms and conditions in respect of any business of re-insurance required to be transacted under this section and such terms and conditions shall be binding on Indian re-insurers and other insurers.
(5) No notification under sub-section (2) shall be issued except after consultation with the Advisory Committee constituted under section 101B.
(6) Every notification issued under this section shall be laid before each House of Parliament, as soon as may be, after it is made.
(7) For the removal of doubts, it is hereby declared that nothing in sub-section (1) shall be construed as preventing an insurer from re-insuring with any Indian re-insurer or other insurer the entire sum assured on any policy or any portion thereof in excess of the percentage specified under sub-section (2).
(8) In this section,
(i) "policy" means a policy issued or renewed on or after the 1st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and
4 [(ii) "Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the reinsurance business in India.]]1. Ins. by Act 11 of 1961, s. 2 (w.e.f. 1-4-1961).
2. Subs. by Act 41 of 1999, s. 30 and The First Schedule, for "the Central Government" (w.e.f. 19-4-2000).
3. Subs. by s. 30 and the First Schedule, ibid., for "the Central Government" (w.e.f. 19-4-2000).
4. Subs. by Act 42 of 2002, s. 15, for cause (ii) (w.e.f. 23-9-2002). | 2 | Re-insurance with Indian re-insurers |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18305§ionno=101A&orderno=212 | "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 | 101A | Re-insurance with Indian re-insurers | 1[101A. Re-insurance with Indian re-insurers.--(1) Every insurer shall re-insure with Indian re-insurers such percentage of the sum assured on each policy as may be specified by the 2[the Authority with the previous approval of the Central Government] under sub-section (2).
(2) For the purposes of sub-section (1), 3[the Authority] may, by notification in the Official Gazette, --
(a) specify the percentage of the sum assured on each policy to be re-insured and different percentages may be specified for different classes of insurance:
Provided that no percentage so specified shall exceed thirty per cent. of the sum assured on such policy; and
(b) also specify the proportions in which the said percentage shall be allocated among the Indian re-insurers.
(3) Notwithstanding anything contained in sub-section (1), an insurer carrying on fire insurance business in India may, in lieu of re-insuring the percentage specified under sub-section (2) of the sum assured on each policy in respect of such business, re-insure with Indian re-insurers such amount out of the first surplus in respect of that business as he thinks fit, so however that, the aggregate amount of the premiums payable by hi m on such re-insurance in any year is not less than the said percentage of the premium income (without taking into account premiums on re-insurance ceded or accepted) in respect of such business during that year.
Explanation.--For the purposes of this sub-section, the year 1961 shall be deemed to mean the period from 1st April to-the 31st December of that year.
(4) A notification under sub-section (2) may also specify the terms and conditions in respect of any business of re-insurance required to be transacted under this section and such terms and conditions shall be binding on Indian re-insurers and other insurers.
(5) No notification under sub-section (2) shall be issued except after consultation with the Advisory Committee constituted under section 101B.
(6) Every notification issued under this section shall be laid before each House of Parliament, as soon as may be, after it is made.
(7) For the removal of doubts, it is hereby declared that nothing in sub-section (1) shall be construed as preventing an insurer from re-insuring with any Indian re-insurer or other insurer the entire sum assured on any policy or any portion thereof in excess of the percentage specified under sub-section (2).
(8) In this section,
(i) "policy" means a policy issued or renewed on or after the 1st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and
4 [(ii) "Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the reinsurance business in India.]]1. Ins. by Act 11 of 1961, s. 2 (w.e.f. 1-4-1961).
2. Subs. by Act 41 of 1999, s. 30 and The First Schedule, for "the Central Government" (w.e.f. 19-4-2000).
3. Subs. by s. 30 and the First Schedule, ibid., for "the Central Government" (w.e.f. 19-4-2000).
4. Subs. by Act 42 of 2002, s. 15, for cause (ii) (w.e.f. 23-9-2002). | 3 | Re-insurance with Indian re-insurers , for "the Central Government" (w.e.f.19-4-2000).4.Subs.by Act 42 of 2002, s.15, for cause (ii) (w.e.f.23-9-2002). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18306§ionno=101B&orderno=213 | "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 | 101B | Advisory Committee | (1) 1[The Authority with the previous approval of the Central Government] shall, for the purposes of section 101 A, constitute an Advisory Committee consisting of not more than five persons having special knowledge and experience of the business of insurance.
(2) The term of office of, and the allowances payable to, members of the Advisory Committee, the procedure to be followed by, and the quorum necessary for the transaction of business of, the Committee and the manner of filling casual vacancies therein shall be such as may be 2[determined by the regulations made by the Authority].1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "The Central Government" (w.e.f. 19-4-2000).
2. Subs. by s. 30 and the First Schedule, ibid., for "prescribed" (w.e.f. 19-4-2000). | 0 | Advisory Committee (1) 1[The Authority with the previous approval of the Central Government] shall, for the purposes of section 101 A, constitute an Advisory Committee consisting of not more than five persons having special knowledge and experience of the business of insurance.(2) The term of office of, and the allowances payable to, members of the Advisory Committee, the procedure to be followed by, and the quorum necessary for the transaction of business of, the Committee and the manner of filling casual vacancies therein shall be such as may be 2[determined by the regulations made by the Authority].1.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "The Central Government" (w.e.f.19-4-2000).2.Subs.by s.30 and the First Schedule, ibid., for "prescribed" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18307§ionno=101C&orderno=214 | "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 | 101C | Examination of re-insurance treaties | 1[101C. Examination of re-insurance treaties.--The 2[Authority] may, at any time, --
(a) call upon an insurer to submit for his examination at the principal place of business of the insurer in India all re-insurance treaties and other re-insurance contracts entered into by the insurer;
(b) examine any officer of the insurer on oath in relation to any such document as is referred to in clause (a) above; or
(c) by notice in writing, require any insurer to supply him with copies of any of the documents referred to in clause (a), certified by a principal officer of the insurer.]1. Ins. by Act 62 of 1968, s. 33 (w.e.f. 1-6-1969).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 0 | Examination of re-insurance treaties 1[101C.Examination of re-insurance treaties.--The 2[Authority] may, at any time, --
(a) call upon an insurer to submit for his examination at the principal place of business of the insurer in India all re-insurance treaties and other re-insurance contracts entered into by the insurer;
(b) examine any officer of the insurer on oath in relation to any such document as is referred to in clause (a) above; or
(c) by notice in writing, require any insurer to supply him with copies of any of the documents referred to in clause (a), certified by a principal officer of the insurer.]1.Ins.by Act 62 of 1968, s.33 (w.e.f.1-6-1969).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=18308§ionno=102&orderno=215 | "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 | 102 | Penalty for default in complying with, or act in contravention of this Act | 1[102. Penalty for default in complying with, or act in contravention of, this Act. --If any person, who is required under this Act, or rules or regulations made thereunder, --
(a) to furnish any document, statement, account, return or report to the Authority, fails to furnish the same; or
(b) to comply with the directions, fails to comply with such directions;
(c) to maintain solvency margin, fails to maintain such solvency margin;
(d) to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties,
he shall be liable to a penalty 2[of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less].1. Subs. by s. 30 and the First Schedule, ibid., for sections 102 to 105 (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 87, for "not exceeding five lakh rupees for each such failure and punishable with fine" (w.e.f. 26-12-2014). | 0 | Penalty for default in complying with, or act in contravention of this Act 1[102.Penalty for default in complying with, or act in contravention of, this Act.--If any person, who is required under this Act, or rules or regulations made thereunder, --
(a) to furnish any document, statement, account, return or report to the Authority, fails to furnish the same; or
(b) to comply with the directions, fails to comply with such directions;
(c) to maintain solvency margin, fails to maintain such solvency margin;
(d) to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties,
he shall be liable to a penalty 2[of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less].1.Subs.by s.30 and the First Schedule, ibid., for sections 102 to 105 (w.e.f.19-4-2000).2.Subs.by Act 5 of 2015, s.87, for "not exceeding five lakh rupees for each such failure and punishable with fine" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18309§ionno=103&orderno=216 | "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 | 103 | Penalty for carrying on insurance business in contravention of sections 3 | 1[103. Penalty for carrying on insurance business in contravention of section 3.--If a person carries on the business of insurance without obtaining a certificate of registration under section 3, he shall be liable to a penalty not exceeding rupees twenty-five crores and with imprisonment which may extend to ten years.]1. Subs. by s. 88, ibid., for sections 103 and 104 (w.e.f. 26-12-2014). | 0 | Penalty for carrying on insurance business in contravention of sections 3 1[103.Penalty for carrying on insurance business in contravention of section 3.--If a person carries on the business of insurance without obtaining a certificate of registration under section 3, he shall be liable to a penalty not exceeding rupees twenty-five crores and with imprisonment which may extend to ten years.]1.Subs.by s.88, ibid., for sections 103 and 104 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18310§ionno=104&orderno=217 | "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 | 104 | Penalty for contravention of sections 27, 27A, 27B, 27D and 27E | 1[104. Penalty for contravention of sections 27, 27A, 27B, 27D and 27E. --If a person fails to comply with the provisions of section 27, section 27A, section 27B, section 27D and section 27E, he shall be liable to a penalty not exceeding twenty-five crore rupees.]1. Subs. by s. 88, ibid., for sections 103 and 104 (w.e.f. 26-12-2014). | 0 | Penalty for contravention of sections 27, 27A, 27B, 27D and 27E 1[104.Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.--If a person fails to comply with the provisions of section 27, section 27A, section 27B, section 27D and section 27E, he shall be liable to a penalty not exceeding twenty-five crore rupees.]1.Subs.by s.88, ibid., for sections 103 and 104 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18311§ionno=105&orderno=218 | "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 | 105 | Wrongfully obtaining or withholding property | If any director, managing director, manager or other officer or employee of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty 1[not exceeding one crore rupees].1. Subs. by Act 5 of 2015, s. 89, for "not exceeding two lakh rupees for each such failure" (w.e.f. 26-12-2014). | 0 | Wrongfully obtaining or withholding property If any director, managing director, manager or other officer or employee of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty 1[not exceeding one crore rupees].1.Subs.by Act 5 of 2015, s.89, for "not exceeding two lakh rupees for each such failure" (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18312§ionno=105A&orderno=219 | "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 | 105A | Offences by companies | (1) Where any offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section, --
(a) "company" means any body corporate, and includes--
(i) a firm; and
(ii) an association of persons or a body of individuals whether incorporated or not; and
(b) "director", in relation to--
(i) a firm, means a partner in the firm;
(ii) an association of persons or a body of individuals, means any member controlling the affairs thereof. | 0 | Offences by companies (1) Where any offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.Explanation.--For the purposes of this section, --
(a) "company" means any body corporate, and includes--
(i) a firm; and
(ii) an association of persons or a body of individuals whether incorporated or not; and
(b) "director", in relation to--
(i) a firm, means a partner in the firm;
(ii) an association of persons or a body of individuals, means any member controlling the affairs thereof. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18313§ionno=105B&orderno=220 | "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 | 105B | Penalty for failure to comply with sections 32B, 32C and 32D | 1[105B. Penalty for failure to comply with sections 32B, 32C and 32D. --If an insurer fails to comply with the provisions of section 32B, section 32C and section 32D, he shall be liable to a penalty not exceeding twenty-five crore rupees.]1. Subs. by s. 90, ibid., for sections 105B and 105C (w.e.f. 26-12-2014). | 0 | Penalty for failure to comply with sections 32B, 32C and 32D 1[105B.Penalty for failure to comply with sections 32B, 32C and 32D.--If an insurer fails to comply with the provisions of section 32B, section 32C and section 32D, he shall be liable to a penalty not exceeding twenty-five crore rupees.]1.Subs.by s.90, ibid., for sections 105B and 105C (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18314§ionno=105C&orderno=221 | "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 | 105C | Power to adjudicate | 1[105C. Power to adjudicate. --(1) For the purpose of adjudication under sub-section (2) of section 2CB, sub-section (4) of section 34B, sub-section (3) of section 40, sub-section (2) of section 41, sub-sections (4) and (5) of section 42, sub-sections (8) and (9) of section 42D, section 52F and section 105B, the Authority, shall appoint any officer not below the rank of a Joint Director or an equivalent officer to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard.
(2) Upon receipt of the inquiry report from the officer so appointed, the Authority, after giving an opportunity of being heard to the person concerned, may impose any penalty provided in sections aforesaid.
(3) While holding an inquiry, the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if on such inquiry, is satisfied that the person has failed to comply with the provisions of any of the sections specified in sub-section (1), he may recommend such penalty as he thinks fit in accordance with the provisions of any of those sections.]1. Subs. by s. 90, ibid., for sections 105B and 105C (w.e.f. 26-12-2014). | 0 | Power to adjudicate 1[105C.Power to adjudicate.--(1) For the purpose of adjudication under sub-section (2) of section 2CB, sub-section (4) of section 34B, sub-section (3) of section 40, sub-section (2) of section 41, sub-sections (4) and (5) of section 42, sub-sections (8) and (9) of section 42D, section 52F and section 105B, the Authority, shall appoint any officer not below the rank of a Joint Director or an equivalent officer to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard.(2) Upon receipt of the inquiry report from the officer so appointed, the Authority, after giving an opportunity of being heard to the person concerned, may impose any penalty provided in sections aforesaid.(3) While holding an inquiry, the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if on such inquiry, is satisfied that the person has failed to comply with the provisions of any of the sections specified in sub-section (1), he may recommend such penalty as he thinks fit in accordance with the provisions of any of those sections.]1.Subs.by s.90, ibid., for sections 105B and 105C (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18315§ionno=105D&orderno=222 | "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 | 105D | Factors to be taken into account by the adjudicating officer | 1[105D. Factors to be taken into account by the adjudicating officer.--While recommending the quantum of penalty under section 105C, the adjudicating officer and while imposing such penalty, the Authority shall have due regard to the following factors, namely: --
(a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default;
(b) the amount of loss caused to the policyholders as a result of the default; and
(c) the repetitive nature of default.]1. Subs. by s. 90, ibid., for sections 105B and 105C (w.e.f. 26-12-2014). | 0 | Factors to be taken into account by the adjudicating officer 1[105D.Factors to be taken into account by the adjudicating officer.--While recommending the quantum of penalty under section 105C, the adjudicating officer and while imposing such penalty, the Authority shall have due regard to the following factors, namely: --
(a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default;
(b) the amount of loss caused to the policyholders as a result of the default; and
(c) the repetitive nature of default.]1.Subs.by s.90, ibid., for sections 105B and 105C (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
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 order restoration of property of insurer or compensation in certain cases 1[106 .Power of court to order restoration of property of insurer or compensation in certain cases.-- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 1 | Power of Court to order restoration of property of insurer or compensation in certain cases (2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 2 | Power of Court to order restoration of property of insurer or compensation in certain cases |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 3 | Power of Court to order restoration of property of insurer or compensation in certain cases |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 4 | Power of Court to order restoration of property of insurer or compensation in certain cases |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 5 | Power of Court to order restoration of property of insurer or compensation in certain cases (3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.Explanation.--For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 6 | Power of Court to order restoration of property of insurer or compensation in certain cases (6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 7 | Power of Court to order restoration of property of insurer or compensation in certain cases |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 8 | Power of Court to order restoration of property of insurer or compensation in certain cases |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 9 | Power of Court to order restoration of property of insurer or compensation in certain cases |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18316§ionno=106&orderno=223 | "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 | 106 | Power of Court to order restoration of property of insurer or compensation in certain cases | 1[106 . Power of court to order restoration of property of insurer or compensation in certain cases. -- (1) If, on the application of the 276[Authority] or an Administrator appointed under section 52 A or an insurer or any policy-holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the court is satisfied--
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager, secretary or liquidator) or any officer, employee or agent of the insurer, --
(i) has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
(ii) has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer not, is in wrongful possession of any money or property of the insurer or having any such money or property in hi s possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished,
the court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such officer, employee or agent of the insurer or such other person, as the case may be, and may compel hi m to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust as the court thinks fit, or to pay such sum as may be found due from hi m in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the court shall have power to order interest to be paid at such rate and from such time as the court may deem fit.
(2) Without prejudice to the provisions contained in sub-section (1) or subsection (3), where it is proved that any money or property of an insurer has disappeared or has been lost, the court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub-clause (1) of clause (a) of sub-section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or all property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in clauses (a), (b) and (c) of sub-section (1) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub-section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless he proves that the act was committed without hi s consent or connivance and was not facilitated by any neglect or omission on hi s part.
(4) Where at any stage of the proceedings against any person under this section (he rein after referred to as the delinquent), the Court is satisfied by affidavit or otherwise--
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy-holders of an insurer or of the members of an insurance company,
the court may direct the attachment of--
(i) any property of the insurer in the possession of the delinquent;
(ii) any property of the delinquent which belongs to hi m or is deemed to belong to hi m within the meaning of sub-section (5);
(iii) any property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings, if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub-section (4), the following classes of property shall be deemed to belong to a delinquent: --
(a) any property standing in the name of any person which is reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through hi s nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation. --For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the court, and it shall be for the claimant or objector to adduce evidence to show that the property is not liable to attachment under this section, and the court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1. Subs. by Act 54 of 1955, s. 4, for section 106 (w.e.f. 1-11-1955).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). | 10 | Power of Court to order restoration of property of insurer or compensation in certain cases (7) When disposing of an application under sub-section (1), the court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.(8) In any proceedings under this section the court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising thereunder and, in particular, with respect to any property attached Under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.(9) In making any order with respect to the disposal of the property of any private company referred to in clause (b) of sub-section (5), the court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.(11) In proceedings under this section the court shall have all the powers which a Court has under section 237 of the Indian Companies Act, 1913 (7 of 1913).(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.(13) On and from and commencement of the Insurance (Second Amendment) Act, 1955, the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (he rein after referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.(14) The High Court may make rules providing for--
(a) the manner in which enquiries and proceedings may be held under this section;
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.]1.Subs.by Act 54 of 1955, s.4, for section 106 (w.e.f.1-11-1955).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=18317§ionno=106A&orderno=224 | "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 | 106A | Notice to and hearing of Authority | 1[106A. Notice to and hearing of 2[Authority].--(1) When application is made to the court for the making of any order to which this section applies, the court shall, unless the 2[Authority] has himself made the application or has been made a party thereto, send a copy of the application together with intimation of the date fixed for the hearing thereof to the 4[Authority], and shall give him an opportunity of being heard.
(2) The orders to which this section applies are the following, namely: --
3* * * * *
4* * * * *
(c) an order under section 36 sanctioning any arrangement for the transfer or amalgamation of life insurance business or any order consequential thereon;
(d) an order for the winding up of an insurance company 5***;
(e) an order under section 58 confirming a scheme for the partial winding up of an insurance company;
6* * * * *1. Ins. by Act 20 of 1940, s. 14 (w.e.f. 10-4-1940).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
3. Clause (a) omitted by Act 5 of 2015, s. 91 (w.e.f. 26-12-2014).
4. Clause (b) omitted by s. 91, ibid. (w.e.f. 26-12-2014).
5. The words "r a provident society" omitted by s. 91, ibid. (w.e.f. 26-12-2014).
6. Clause (f) omitted by s. 91, ibid. (w.e.f. 26-12-2014). | 0 | Notice to and hearing of Authority 1[106A.Notice to and hearing of 2[Authority].--(1) When application is made to the court for the making of any order to which this section applies, the court shall, unless the 2[Authority] has himself made the application or has been made a party thereto, send a copy of the application together with intimation of the date fixed for the hearing thereof to the 4[Authority], and shall give him an opportunity of being heard.(2) The orders to which this section applies are the following, namely: --
3* * * * *
4* * * * *
(c) an order under section 36 sanctioning any arrangement for the transfer or amalgamation of life insurance business or any order consequential thereon;
(d) an order for the winding up of an insurance company 5***;
(e) an order under section 58 confirming a scheme for the partial winding up of an insurance company;
6* * * * *1.Ins.by Act 20 of 1940, s.14 (w.e.f.10-4-1940).2.Subs.by Act 41 of 1999, s.30 and the First Schedule, for "Controller" (w.e.f.19-4-2000).3.Clause (a) omitted by Act 5 of 2015, s.91 (w.e.f.26-12-2014).4.Clause (b) omitted by s.91, ibid.(w.e.f.26-12-2014).5.The words "r a provident society" omitted by s.91, ibid.(w.e.f.26-12-2014).6.Clause (f) omitted by s.91, ibid.(w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18318§ionno=107&orderno=225 | "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 | 107 | [Omitted | [Previous section of Advocate General for institution of proceedings.] --omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 92 (w.e.f. 26-12-2014). | 0 | [Omitted [Previous section of Advocate General for institution of proceedings.] --omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.92 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18319§ionno=107A&orderno=226 | "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 | 107A | Chairman, etc | [Chairman, etc. to be public servant.] -- omitted by s. 92, ibid. (w.e.f. 26-12-2014) | 0 | Chairman, etc [Chairman, etc.to be public servant.] -- omitted by s.92, ibid.(w.e.f.26-12-2014) |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18320§ionno=108&orderno=227 | "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 | 108 | Power of Court to grant relief | If any proceedings, civil or criminal, it appears to the court hearing the case that a person is or may be liable in respect of negligence, default, breach of duty or breach of trust but that he has acted honestly and reasonably and that having regard to all the circumstances of the case he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, the court may relievehim either wholly or partly from his liability on such terms as it may think fit. | 0 | Power of Court to grant relief If any proceedings, civil or criminal, it appears to the court hearing the case that a person is or may be liable in respect of negligence, default, breach of duty or breach of trust but that he has acted honestly and reasonably and that having regard to all the circumstances of the case he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, the court may relievehim either wholly or partly from his liability on such terms as it may think fit. |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18321§ionno=109&orderno=228 | "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 | 109 | Cognizance of offences | 1[109. Cognizance of offence. -- No court shall take cognizance of any offence punishable under this Act or any rules or any regulations made thereunder, save on a complaint made by an officer of the Authority or by any person authorised by it.]1. Subs. by s. 93, ibid., for section 109 (w.e.f. 26-12-2014). | 0 | Cognizance of offences 1[109.Cognizance of offence.-- No court shall take cognizance of any offence punishable under this Act or any rules or any regulations made thereunder, save on a complaint made by an officer of the Authority or by any person authorised by it.]1.Subs.by s.93, ibid., for section 109 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18322§ionno=110&orderno=229 | "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 | 110 | Appeal to Securities Appellate Tribunal | 1 [110. Appeal to Securities Appellate Tribunal. -- (1) Any person aggrieved--
(a) by an order of the Authority made on and after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), or under this Act, the rules or regulations made thereunder; or
(b) by an order made by the Authority by way of adjudication under this Act, may prefer an appeal to the Securities Appellate Tribunal having jurisdiction in the matter.
(2) Every appeal made under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order made by the Authority is received by him and it shall be in such a form and be accompanied by such fees as may be prescribed:
Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.
(3) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit, conforming, modifying or setting aside the order appealed against.
(4) The Securities Appellate Tribunal shall make available copy of order made by it to the Authority and parties.
(5) The appeal filed before the Securities 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 receipt of appeal.
(6) The procedure for filing and disposing of an appeal shall be such as may be prescribed.
(7) The provision contained in section 15U, section 15V, section 15W, section 15Y and section 15Z of the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall apply to the appeals arising out of the provisions of this Act, as they apply to the appeals under the Securities and Exchange Board of India Act, 1992 (15 of 1992).]1. Subs. by s. 94, ibid., for section 110 (w.e.f. 26-12-2014). | 0 | Appeal to Securities Appellate Tribunal 1 [110.Appeal to Securities Appellate Tribunal.-- (1) Any person aggrieved--
(a) by an order of the Authority made on and after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), or under this Act, the rules or regulations made thereunder; or
(b) by an order made by the Authority by way of adjudication under this Act, may prefer an appeal to the Securities Appellate Tribunal having jurisdiction in the matter.(2) Every appeal made under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order made by the Authority is received by him and it shall be in such a form and be accompanied by such fees as may be prescribed:
Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.(3) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit, conforming, modifying or setting aside the order appealed against.(4) The Securities Appellate Tribunal shall make available copy of order made by it to the Authority and parties.(5) The appeal filed before the Securities 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 receipt of appeal.(6) The procedure for filing and disposing of an appeal shall be such as may be prescribed.(7) The provision contained in section 15U, section 15V, section 15W, section 15Y and section 15Z of the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall apply to the appeals arising out of the provisions of this Act, as they apply to the appeals under the Securities and Exchange Board of India Act, 1992 (15 of 1992).]1.Subs.by s.94, ibid., for section 110 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18323§ionno=110A&orderno=230 | "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 | 110A | Delegation of powers and duties of Chairperson of the Authority | 1[110A. Delegation of powers and duties of 2[Chairperson of the Authority]. -- The 2[Chairperson of the Authority] may by general or special order delegate any of his powers or duties under this Act to any person subordinate to him. The exercise or discharge of any of the powers or duties so delegated shall be subject to such restrictions, limitations and conditions, if any, as the 2[Chairperson of the Authority] may impose, and shall be subject to his control and revision.1. Ins. by Act 20 of 1940, s. 14 (w.e.f. 10-4-1940).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule (serial no. 43), for "Controller" (w.e.f. 19-4-2000). | 0 | Delegation of powers and duties of Chairperson of the Authority 1[110A.Delegation of powers and duties of 2[Chairperson of the Authority].-- The 2[Chairperson of the Authority] may by general or special order delegate any of his powers or duties under this Act to any person subordinate to him.The exercise or discharge of any of the powers or duties so delegated shall be subject to such restrictions, limitations and conditions, if any, as the 2[Chairperson of the Authority] may impose, and shall be subject to his control and revision.1.Ins.by Act 20 of 1940, s.14 (w.e.f.10-4-1940).2.Subs.by Act 41 of 1999, s.30 and the First Schedule (serial no.43), for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18324§ionno=110B&orderno=231 | "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 | 110B | Signature of documents | 1[110B. Signature of documents. --Every document which is required by this Act or by any rule made thereunder to be signed by the 2[Chairperson of the Authority] or by any person subordinate to him or by any officer authorised by him under sub-section (1) of section 42 shall be deemed to be properly signed, if it bears a facsimile of the signature of such 2[Chairperson of the Authority], person or officer printed, engraved, lithographed or impressed by any other mechanical process approved by the Central Government.]1. Ins. by Act 20 of 1940, s. 14 (w.e.f. 10-4-1940).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule (serial no. 43), for "Controller" (w.e.f. 19-4-2000). | 0 | Signature of documents 1[110B.Signature of documents.--Every document which is required by this Act or by any rule made thereunder to be signed by the 2[Chairperson of the Authority] or by any person subordinate to him or by any officer authorised by him under sub-section (1) of section 42 shall be deemed to be properly signed, if it bears a facsimile of the signature of such 2[Chairperson of the Authority], person or officer printed, engraved, lithographed or impressed by any other mechanical process approved by the Central Government.]1.Ins.by Act 20 of 1940, s.14 (w.e.f.10-4-1940).2.Subs.by Act 41 of 1999, s.30 and the First Schedule (serial no.43), for "Controller" (w.e.f.19-4-2000). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18325§ionno=110C&orderno=232 | "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 | 110C | Power to call for information | 2[110C. Power to call for information. --(1) The 1[Chairperson of the Authority] may, by notice in writing, require any insurer to supply him with any information relating to his insurance business, and the insurer shall comply with such requirement within such period after receipt of the notice as may be specified therein.
(2) Any information supplied under this section shall be certified by a principal officer of the insurer and if the notice so requires also by an auditor.]1. Subs. by Act 41 of 1999, s. 30 and the First Schedule (serial no. 43), for "Controller" (w.e.f. 19-4-2000).
2. Ins. by Act 47 of 1950, s. 59 (w.e.f. 1-6-1950) | 0 | Power to call for information 2[110C.Power to call for information.--(1) The 1[Chairperson of the Authority] may, by notice in writing, require any insurer to supply him with any information relating to his insurance business, and the insurer shall comply with such requirement within such period after receipt of the notice as may be specified therein.(2) Any information supplied under this section shall be certified by a principal officer of the insurer and if the notice so requires also by an auditor.]1.Subs.by Act 41 of 1999, s.30 and the First Schedule (serial no.43), for "Controller" (w.e.f.19-4-2000).2.Ins.by Act 47 of 1950, s.59 (w.e.f.1-6-1950) |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18326§ionno=110D&orderno=233 | "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 | 110D | Certain claims for compensation barred | 1[110D. Certain claims for compensation barred. --No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred by reason of the operation of any of the provisions contained in section 34 or section 34A or section 34E or section 37A or by reason of the compliance by an insurer with any order or direction given to hi m under this Act.]1. Ins. by Act 62 of 1968, s. 37 (w.e.f. 1-6-1969). | 0 | Certain claims for compensation barred 1[110D.Certain claims for compensation barred.--No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred by reason of the operation of any of the provisions contained in section 34 or section 34A or section 34E or section 37A or by reason of the compliance by an insurer with any order or direction given to hi m under this Act.]1.Ins.by Act 62 of 1968, s.37 (w.e.f.1-6-1969). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18327§ionno=110E&orderno=234 | "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 | 110E | [Omitted | [Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of the Life Insurance Corporation of India.]-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 95 (w.e.f. 26-12-2014). | 0 | [Omitted [Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of the Life Insurance Corporation of India.]-- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.95 (w.e.f.26-12-2014). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18328§ionno=110F&orderno=235 | "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 | 110F | Provisions applicable to state Governments, etc | The provisions of sections 3, 3A, 27B, 28B, 33, 34 clause (a) of sections 34E, 34F, 40C, 44A, 64U to 64UM (both inclusive), 64V, 64VA, 64VB, 64VC, and 101A, 101C, 110D, 110G and 110H shall notwithstanding any exemption granted under section 118, also apply, so far as may be, to and in relation to the general insurance business carried on by a State Government or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956). | 0 | Provisions applicable to state Governments, etc The provisions of sections 3, 3A, 27B, 28B, 33, 34 clause (a) of sections 34E, 34F, 40C, 44A, 64U to 64UM (both inclusive), 64V, 64VA, 64VB, 64VC, and 101A, 101C, 110D, 110G and 110H shall notwithstanding any exemption granted under section 118, also apply, so far as may be, to and in relation to the general insurance business carried on by a State Government or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956). |
https://www.indiacode.nic.in/show-data?actid=AC_CEN_2_33_00044_193804_1523351752525§ionId=18329§ionno=110G&orderno=236 | "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 | 110G | [Omitted | [Provisions applicable to State Governments. etc.] -- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 96 (w.e.f. 26-12-2014). | 0 | [Omitted [Provisions applicable to State Governments.etc.] -- Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s.96 (w.e.f.26-12-2014). |