Sections | Insurance Act, 1938 |
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| Preamble |
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| PART I: PARAMILITARY |
1. | Short title, extent and commencement |
2. | Definitions |
2A. | Interpretation of certain words and expressions |
2B. | Appointment of Authority ofInsurance |
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| 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 | Repealed |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 |
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| 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 |
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| Investigation |
33. | Power of investigation and inspection by authority |
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| Appointment of Staff |
33A. | Power to appoint staff |
34. | Power of the Authority to issue directions |
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| 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 |
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| 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 |
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| Assignment or Transfer of Policies and Nominations |
38. | Assignment and transfer of insurance policies |
39. | Nomination by policy holder |
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| 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 |