Contents ths insurance act, 1938 Arrangement of Sections




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CONTENTS




THS INSURANCE ACT, 1938

Arrangement of Sections

PART I

PRELIMINARY
1. Short title, extent and commencement 3.13

2. Definitions 3.13

2A. Interpretation of certain words and expressions 3.18

2B Appointment of Authority of Insurance 3.18


PART II
PROVISIONS APPLICABIJE TO INSURERS
2C. Prohibition of transaction of insurance business by certain persons 3.18

2D. Insurers to be subject to this Act while liabilities Main unsatisfied 3.19

2E. This Act not to apply to certain insurers, ceasing to enter into new

Contracts before commencement of Act 3.19

3. Registration 3.19

3A. Renewal of registration 3.24

3B. Certification of soundness of terms of life insurance business 3.25

4. Minimum limits for annuities and other benefits secured by policies of

life insurance 3.25

5. Restriction on name of insurer 3.26

6. Requirement as to capital 3.27

6A. Requirements as to capital structure and voting rights and maintenance

of registers of beneficial owners of shares 3.27

6AA. Manner of divesting excess shareholding by promoter in certain cases 3.30

6B. Provision for securing compliance with requirements relating to Capital

structure 3.31

6C. Conversion of company limited by shares into company limited by

guarantee 3.32

7. Deposits 3.32

8. Reservation of deposits 3.37

9. Refund of deposit 3.38

10. Separation of accounts and funds 3.38

11 Accounts and balance sheet 3.39

12. Audit 3.40

13 Actuarial report and abstract 3.40

14. Register of policies and register of claims 3.42

15. Submission of returns 3.43

16. Returns by insurers established outside India 3.43

17. Exemption from certain provisions of the Indian Companies Act, 1913 3.44

17A. This Act not to apply to preparation of accounts, etc., for periods prior

to this Act coming into force 3.44

18. Furnishing reports 3.45

19. Abstract of proceedings of general meetings 3.45

20. Custody and inspection of documents and supply of copies 3.45

21. Powers of Authority regarding returns 3.45

22. Powers of Authority to order revaluation 3.46

23. Evidence of documents 3.46

24. [Repealed] 3.46

25. Returns to be published in statutory forms 3.46

26. Alterations in the particulars furnished with application for registration

to be reported 3.47




Investment, Loans and Management
27. Investment of assets 3.47

27A. Further provisions regarding investments 3.49

27B. Further provisions regarding investments 3.53

27C. Prohibition for investment of funds outside India 3.57

27D. Manner and conditions of investment 3.57

28. Statement of investments of assets 3.57

28A. Return of investments relating to controlled fund and changes therein 3.59

28B. Returns of investments relating to the assets and changes therein 3.59

29. Prohibition of loans 3.59

30. Liability of directors, etc., for loss due to contravention of sections

27, 27A and 29 3.61

31. Assets of insurer how to be kept 3.61

31A. Provisions relation to managers, etc. 3.61

3IB. Power to restrict payment of excessive remuneration 3.63

32. Limitation on employment of managing agents and on the

remuneration payable to them 3.64

32A. Prohibition of common officers and requirement as to whole time

officers 3.64

32B. Insurance business in rural or social sector 3.65

32C. Obligations of insurer in respect of rural or unorganized sector and

backward classes 3.65



Investigation
33. Power of investigation and inspection by authority 3.65



Appointment of Staff
33A Power to appoint staff 3.68

34. Power of the Authority to issue directions 3.68





Control over Management
34A. Amendment of provisions relating to appointments of managing

directors, etc., to be subject to previous approval of the Authority 3.68

34B. Power of Authority to remove managerial persons from office 3.69

34C. Power of Controller to appoint additional directors 3.70

34D. Sections 34B and 34C to override other laws 3.70

34E. Further powers 3.71

34F. Power of Authority to issue directions regarding re insurance treaties, etc. 3.71

34G. Power of Authority to order closure of foreign branches 3.72

34H. Search and seizure 3.72
Amalgamation and Transfer of Insurance Business
35. Amalgamation and transfer of insurance business 3.74

36. Sanction of amalgamation and transfer by Authority 3.75

37. Statements required after amalgamation and transfer 3.76

37A. Power of Authority to prepare scheme of amalgamation 3.77


Assignment or Transfer of Policies and Nominations
38. Assignment and transfer of insurance policies 3.80

39. Nomination by policy holder 3.81


Commission and Rebates and Licensing of Agents
40. Prohibition of payment by way of commission or otherwise for

procuring business 3.82

40A. Limitation of expenditure on commission 3.83

40B. Limitation of expenses of management in life insurance business 3.85

4OC. Limitation of expenses of management in general insurance business 3.86

41. Prohibition rebates 3.87

42. Licensing of insurance agents 3.88

42A. Registration of principal agents, chief agents and special agents 3.91

42B. Regulation of employment of principal agents 3.92

42C. Regulation of employment of chief agents and special agents 3.93

42D. Issue of license to intermediary or insurance intermediary 3.95

42E. Commission, brokerage or fee payable to intermediary or insurance



intermediary 3.97

43. Register of insurance agents 3.97

44. Prohibition of cessation of payments of commission 3.97

44A. Power to call far information 3.98





Special Provisions of Law
45. Policy not to be called in question on ground of mis statement after

two years 3.98

46. Application of the law in force in India to policies issued in India 3.99

47. Payment of money into court 3.99

47A. Claims on small life insurance Policies 3.100

48. Directors of insurers being companies 3.100

48A. Life insurance agents not to be directors of life insurance companies 3.101

48B. Further provision regarding directors 3.101

48C. [Repealed] 3.102

49. Restriction on dividends and bonus 3.102

50. Notice of options available to the assured on the lapsing of a policy 3.103

51. Supply of copies of proposals and medical reports 3.103

52. Prohibition of business on dividing principle 3.103
Management by Administrator
52A. When Administrator for management of insurance business may be

appointed 3.104

52B. Powers and duties of the Administrator 3.104

52BB. Powers of Administrator respecting property liable to attachment

under section 106 3.105

52C. Cancellation of contracts and agreements 3.106

52D. Termination of appointment of Administrator 3.107

52E. Finality of decision appointing Administrator 3.107

52F. Penalty for withholding documents of property from Administrator 3.107

52G. Protection of action taken under sections 52A to 52D 3.107





Acquisition of the Undertakings of Insurers in certain cases
52H. Power of Central Government to acquire undertakings of insurers in

certain cases 3.107

52I. Power of Central Government to make scheme 3.109

52J. Compensation to be given to the acquired insurer 3.110

52K. Constitution of the Tribunal 3.111

52L. Tribunal to have powers of Civil Court 3.111

52M. Procedure of the Tribunal 3.112

52N. Special provisions for the dissolution of acquired insurers 3.112





Winding up

53. Winding up by the court 3.112

53A. Unpaid-up share capital 3.113

54. Voluntary winding up 3.113

55. Valuation of liabilities 3.113

56. Application of surplus assets of life insurance fund in liquidation or

insolvency 3.113

57. Winding up of secondary companies 3.114

58. Scheme for partial winding up of insurance companies 3.115

59. Return of deposits 3.116

60. Notice of policy values 3.116

61. Power of Court to reduce contracts of insurance 3.116


Special Provisions relating to External Companies
62. Power of Central Government to impose reciprocal disabilities on Non-

Indian companies 3.116

63. Particulars to be filled by insurers established outside India 3.117

64. Books to be kept by insurers established outside India 3.117



PART II A
INSURANCE ASSOCIATION OF INDIA, COUNCIL OF THE ASSOCIATION

AND COMMI1lEES THEREOF
64A. Incorporation of the Insurance Association of India 3.118

64B. Entry of names of members in the register 3.118

64C. Councils of the Insurance Association of India 3.118

64D. Authority of members of association to act through agents 3.118

64E. Authorities of the Life Insurance Council and the General Insurance

Council 3.119

64F. Executive Committees of the Life Insurance Council and the General

Insurance Council 3.119

64G. Resignation and filling up of casual vacancies 3.120

64H. Duration and dissolution of Executive Committees 3.120

64 I. Power of Executive Committee of Life Insurance Council to hold

examinations for insurance agents 3.121

64J. Functions of executive committee of Life Insurance Council 3.121

64K. Executive Committee of Life Insurance Council may advise in

controlling expenses 3.121

64L. Functions of the executive committee of General Insurance Council 3.122

64M. Executive Committee of General Insurance Council may advise in

controlling expenses 3.123

64N. Powers of the Executive Committees to act together in certain cases 3.123

64O. [Repealed] 3.123

64P. [Repealed] 3.123

64Q. [Repealed] 3.123

64R. General powers of Life Insurance Council and General Insurance

Council 3.124

64S. Power of Central Government to remove difficulties 3.124

64T. Power to exempt 3.125



PART IIB
TARIFF ADVISORY COMMITTEE AND CONTROL

OF TARIFF RATES
64U. Establishment of Tariff Advisory Committee 3.125

64UA. Composition of the Advisory Committee 3.125

64UB. Power to make rules in respect of matters in this Part 3.125

64UC. Power of the Advisory Committee to regulate rates, advantages, etc. 3.126

64UD. Transitional provisions 3.128

64UE. Power of the Advisory Committee to require information, etc. 3.128

64UF. Assets and liabilities of the General Insurance Council to vest in the

Advisory Committee 3.129

64UG. Contracts, etc., to be effective by or against the Advisory Committee 3.130

64UH. Employees, etc., to continue 3.130

64UI. Duty of person having custody or control of property to deliver such

property to the Advisory Committee 3.132

64UJ. Power of the Advisory Committee to constitute Regional Committees 3.132

64UK. Levy of fees by the Advisory Committee 3.133

64UL. Power to rename difficulties 3.133

64UM. Licensing of surveyors and loss assessors 3.133


PART IIC
SOLVENCY MARGIN, ADVANCE PAYMENT OF PREMIUM AND

RESTRIC­TIONS ON THE OPENING OF A NEW

PLACE OF BUSINESS
64V. Assets and liabilities how to be valued 3.137

64VA. Sufficiency of assets 3.138

64VB. No risk to be assumed unless premium is received in advance 3.143

64VC. Restrictions on the opening of a new place of business 3.143


PART III

PROVIDENT SOCIETIES
65. Definition of "provident society" 3.144

65A. Prohibition of transaction of insurance business by provident

societies other than public companies or co operative societies 3.145

66. Restrictions on provident societies 3.145

67. Name 3.145

68. [Repealed] 3.145

69. Dividing business 3.145

70. Registration 3.146

70A. Renewal of registration 3.148

70B. Supplementary information and reports of alterations in particulars

furnished with application for registration 3.148

71. Certain provisions of Part II to apply to provident societies 3.149

72. Working capital 3.149

73. Deposits 3.149

73A. Restriction on name of provident society 3.150

74. Rules 3.150

75. Amendment of rules 3.151

76. Supply of copy of rules 3.151

77. Registered office 3.151

78. Publication of authorised capital to contain also subscribed and paid-

up capital 3.151

79. Registers and books 3.151

80. Revenue account, balance sheet and annual statements 3.152

81. Actuarial report and abstract 3.152

82. Submission of returns to Authority 3.153

83. Actuarial examination of schemes 3.153

84. Separation of accounts and funds 3.154

85. Investment funds 3.155

86. Inspection of books 3.155

87. Inquiry by or on behalf of Authority 3.156

87A. Amalgamation and transfer of insurance business 3.156

88. Winding up by court and voluntary winding up 3.158

89. Reduction of insurance contracts 3.159

90. Appointment of liquidator 3.159

90A. Application of Act to liquidators 3.159

91. Powers of liquidator 3.159

92. Procedure at liquidation 3.160

93. Dissolution of provident society 3.161

94. Nominations and assignments 3.162



PART IIIA
INSURANCE CO-OPERATIVE SOCIETIES
94A. Insurance co-operative society to be an insurer 3.162

PART IV
MUTUAL INSURANCE COMPANIES AND CO OPERATTVE LIFE

INSURANCE SOCIETIES
95. Definitions 3.163

96. Application of Act to Mutual Insurance Companies and Co-operative

Life Insurance Societies 3.164

97. Working capital of Mutual Insurance Companies and Co operative

Life Insurance Societies 3.164

98. Deposits to be made by Mutual Insurance Companies and Co operative

Life Insurance Societies 3.164

98A. Prohibition of loans 3.164

99. Transferees and assignees of policies not to become members 3.165

100. Publication of notices and documents of Mutual Insurance Companies

and Co operative Life Insurance Societies 3.165

101. Supply of documents to members 3.165


PART IVA
RE INSURANCE
101A. Re insurance with Indian re insurers 3.165

101B. Advisory Committee 3.167

101C. Examination of re insurance treaties 3.167
PART V
MISCELLANEOUS
102. Penalty for default in complying with, or act in contravention of, this Act 3.167

103. Penalty for carrying on insurance business in contravention of

sections 3, 7 and 98 3.169

104. Penalty for false statement in document 3.169

105. Wrongfully obtaining or withholding property 3.169

105A. Offences by companies 3.169

105B. Penalty for failure to comply with section 32B 3.170

105C. Penalty for failure to comply with section 32C 3.170

106. Power of court to order restoration of property of insurer or

compensation in certain cases 3.170

106A. Notice to and hearing of Authority 3.173

107. Previous sanction of Advocate-General for institution of proceedings 3.173

107A. Chairman, etc. to be public servants 3.174

108. Power of court to grant relief 3.174

109. Cognizance of offences 3.174

110. Appeals 3.174

110A. Delegation of powers and duties of Chairperson of the Authority 3.175

110B. Signature of documents 3.175

110C. Power to call for information 3.175

110D. Certain claims for compensation barred 3.175

110E. Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of

the Life Insurance Corporation of India 3.175

110F. Provisions applicable to State Governments, etc. 3.176

110G. Constitution of Consultative Committee 3.176

110H. Appeals 3.176

111. Service of notices 3.176

112. Declaration of interim bonuses 3.177

113. Acquisition of surrender values by policy 3.177

114. Power of Central Government to make rules 3.178

114A. Power of authority to make regulation 3.179

115. Alteration of forms 3.182

116. Power to exempt from certain requirements 3.182

116A. Summary of returns to be published 3.183

117. Saving of provisions of Indian Companies Act, 1913 3.183

118. Exemptions 3.183

119. Inspection and supply of copies of published prospectus, etc. 3.184

120. Determination of market value of securities deposited under this Act 3.184

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