Insurance Act, 1938 Insurance Act, 1938 Insurance Act, 1938
 
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Insurance Act, 1938

 

Sections

Insurance Act, 1938

   
 

Preamble

   
  PART I: PARAMILITARY
1.

Short title, extent and commencement

2.

Definitions

2A.

Interpretation of certain words and expressions

2B.

Appointment of Authority ofInsurance

   
  PART II: PROVISIONS APPLICABIJE TO INSURERS
2C.

Prohibition of transaction of insurance business by certain persons

2D.

Insurers to be subject to this Act while liabilities Main unsatisfied

2E.

This Act not to apply tocertain insurers, ceasing to enter into new Contracts before commencement of Act

3.

Registration

3A.

Renewal of registration

3B.

Certification of soundness of terms of life insurance business

4.

Minimum limits for annuities and other benefits secured by policies of life insurance

5.

Restriction on name of insurer

6.

Requirement as to capital

6A.

Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares

6AA.

Manner of divesting excess shareholding by promoter in certain cases

6B.

Provision for securing compliance with requirements relating to Capital structure

6C.

Conversion of company limited by shares into company limited by guarantee

7.

Deposits

8.

Reservation of deposits

9.

Refund of deposit

10.

Separation of accounts and funds

11.

Accounts and balance sheet

12.

Audit

13.

Actuarial report and abstract

14.

Register of policies and register of claims

15.

Submission of returns

16.

Returns by insurers established outside India

17.

Exemption from certain provisions of the Indian Companies Act, 1913

17A.

This Act not to apply to preparation of accounts, etc., for periods prior to this Act coming into force

18.

Furnishing reports

19.

Abstract of proceedings of general meetings

20.

Custody and inspection of documents and supply of copies

21.

Powers of Authority regarding returns

22.

Powers of Authority to order revaluation

23.

Evidence of documents

24.

Repealed

25.

Returns to be published in statutory forms

26.

Alterations in the particulars furnished with application for registration to be reported

   
  Investment, Loans and Management
27.

Investment of assets

27A.

Further provisions regarding investments

27B.

Further provisions regarding investments

27C.

Prohibition for investment of funds outside India

28.

Statement of investments of assets

28A.

Return of investments relating to controlled fund and changes therein

28B.

Returns of investments relating to the assets and changes therein

29.

Prohibition of loans

30.

Liability of directors, etc., for loss due to contravention of sections 27, 27A and 29

31.

Assets of insurer how to be kept

31A.

Provisions relation to managers, etc.

31B.

Power to restrict payment of excessive remuneration

32.

Limitation on employment of managing agents and on the remuneration payable to them

32A.

Prohibition of common officers and requirement as to whole time officers

32B.

Insurance business in rural or social sector

32C.

Obligations of insurer in respect of rural or unorganized sector and  backward classes

   
  Investigation
33.

Power of investigation and inspection by authority

   
  Appointment of Staff
33A.

Power to appoint staff

34.

Power of the Authority to issue directions

   
  Control over Management
34A.

Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority

34B.

Power of Authority to remove managerial persons from office

34C.

Power of Controller to appoint additional directors

34D.

Sections 34B and 34C to override other laws

34E.

Further powers

34F.

Power of Authority to issue directions regarding re‑insurance treaties, etc.

34G.

Power of Authority to order closure of foreign branches

34H.

Search and seizure

   
  Amalgamation and Transfer of Insurance Business
35.

Amalgamation and transfer of insurance business

36.

Sanction of amalgamation and transfer by Authority

37.

Statements required after amalgamation and transfer

37A.

Power of Authority to prepare scheme of amalgamation

   
  Assignment or Transfer of Policies and Nominations
38.

Assignment and transfer of insurance policies

39.

Nomination by policy holder

   
  Commission and Rebates and Licensing of Agents
40.

Prohibition of payment by way of commission or otherwise for procuring business

40A.

Limitation of expenditure on commission

40B.

Limitation of expenses of management in life insurance business

40C.

Limitation of expenses of management in general insurance business

41.

Prohibition rebates

42.

Licensing of insurance agents

42A.

Registration of principal agents, chief agents and special agents

42B.

Regulation of employment of principal agents

42C.

Regulation of employment of chief agents and special agents

42D.

Issue of license to intermediary or insurance intermediary

42E.

Commission, brokerage or fee payable to intermediary or insurance intermediary

43.

Register of insurance agents

44.

Prohibition of cessation of payments of commission

44A.

Power to call far information

 

Insurance Act, 1938

Section 1 - 44A | Section 45 - 64VC | Section 65 - 120

 

 

 

 

 

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