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The Insurance Act, 1938

[Act No. 4 of 1938]

[26th February, 1938.]

Sections: Particulars:
Title The Insurance Act, 1938
Part I Preliminary
1. Short title, extent and commencement
2. Definitions
2A. Interpretation of certain words and expressions
2B. Appointment of Controller of Insurance
Part II Provisions Applicable to Insurers
2C. Prohibition of transaction of insurance business by certain persons
2CA. Power of Central Government to apply provisions of this Act to Special Economic Zones
2CB. Properties in India not to be insured with foreign insurers except with the permission of Authority
2D. Insurers to be subject to this Act while liabilities remain unsatisfied
2E. [Omitted.]
3. Registration
3A. Payment of annual fee by insurer
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. Requirements as to capital
6A. Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares
6AA. [Omitted.]
6B. Provision for securing compliance with requirements relating to capital structure
6C. [Omitted.]
7. [Omitted.]
8. [Omitted.]
9. [Omitted.]
10. Separation of accounts and funds
11. Accounts and balance-sheet
12. Audit
13. Actuarial report and abstract
14. Record of policies and claims
15. Submission of returns
16. [Omitted.]
17. [Omitted.]
17A. [Omitted.]
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. [Omitted.]
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. Provisions regarding investments of assets of insurer carrying general insurance business
27C. Investment by insurer in certain cases
27D. Manner and conditions of investment
27E. Prohibition for investment of funds outside India
28. Statement and return of investment of assets
29. Prohibition of loans
30. Liability of directors, etc., for loss due to contravention of section 27, 27A, 27B, 27C, 27D or section 29
31. Assets of insurer how to be kept
31A. Provisions relating to managers, etc
31B. Power to restrict payment of excessive remuneration
32. [Omitted.]
32A. Prohibition of common officers and requirement as to whole-time officers
32B. Insurance business in rural and social sectors
32C. Obligations of insurer in respect of rural or unorganised sector and backward classes
32D. Obligation of insurer in respect of insurance business in third party risks of motor vehicles
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 Controller
34B. Power of Authority to remove managerial persons from office
34C. Power of Authority 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. [Omitted.]
34H. Search and seizure
  Amalgamation and Transfer of Insurance Business
35. Amalgamation and transfer of insurance business
36. Sanction of amalgamation and transfer by Controller
37. Statements required after amalgamation and transfer
37A. Power of Authority to prepare Scheme of Amalgamation
  Assgnment 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. [Omitted.]
40B. Limitation of expenses of management in life insurance business
40C. Limitation of expenses of management in general insurance business
41. Prohibition of rebates
42. Appointment of insurance agents
42A. Prohibition of insurance business through principal agent, special agent and multilevel marketing
42D. Issue of registration to intermediary or insurance intermediary
42E. Commission, brokerage or fee payable to intermediary or insurance intermediary
43. Register of insurance agents
44. [Omitted.]
44A. Power to call for information
  Special Provisions 0f Law
45. Policy not to be called in question on ground of mis-statement after two years
46. Application of the law in force in India to policies issued in India
47. Payment of money into Court
47A. [Omitted.]
48. [Omitted.]
48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company
48B. Further provision regarding directors
48C. [Omitted.]
49. Restriction On dividends and bonuses
50. Notice of options available to the assured on the lapsing of a policy
51. Supply of copies of proposals and medical reports
52. Prohibition of business of dividing principle
  Management by Administrator
52A. When Administrator for management of insurance business may be appointed
52B. Powers and duties of the Administrator
52BB. Powers of Administrator respecting property liable to attachment under section 106
52C. Cancellation of contracts and agreements
52D. Termination of appointment of Administrator
52E. Finality of decision appointing Administrator
52F. Penalty for withholding documents or property from Administrator
52G. Protection of action taken under sections 52A to 52D
  Acquisition of the Undertakings of Insurers in Certain Cases
52H. [Omitted.]
52I. [Omitted.]
52J. [Omitted.]
52K. [Omitted.]
52L. [Omitted.]
52M. [Omitted.]
52N. [Omitted.]
  Winding Up
53. Winding up by the Court
53A. Unpaid-up share capital
54. Voluntary winding up
55. Valuation of liabilities
56. Application of surplus assets of life insurance fund in liquidation or insolvency
57. Winding up of secondary companies
58. Schemes for partial winding up of insurance companies
59. [Omitted.]
60. Notice of policy values
61. Power of Court to reduce contracts of insurance
61A. Appeal to National Company Law Appellate Tribunal
  Special Provisions Relating to External Companies
62. Power of Central Government to impose reciprocal disabilities on non-Indian companies
63. Particulars to be filed by insurers established outside India
64. Books to be kept by insurers established outside India
Part IIA Life Insurance Council and General Insurance Council and Committees Thereof
64A. [Omitted.]
64B. [Omitted.]
64C. Councils of Life Insurance and General Insurance
64D. Authorisation to represent in Councils
64E. Authorities of the Life Insurance Council and the General Insurance Council
64F. Executive Committees of the Life Insurance Council and the General Insurance Council
64G. Resignation and filling up of casual vacancies
64H. Duration and dissolution of Executive Committees
64I. [Omitted.]
64J. Functions of Executive Committee of Life Insurance Council
64K. Executive Committee of Life Insurance Council may advise in controlling expenses
64L. Functions of Executive Committee of General Insurance Council
64M. Executive Committee of General Insurance Council may advise in controlling expenses
64N. Power of the Executive Committees to act together in certain cases
64-O. [Omitted.]
64P. [Omitted.]
64Q. [Omitted.]
64R. General power of Life Insurance Council and General Insurance Council
64S. [Omitted.]
64T. [Omitted.]
Part IIB Tariff Advisory Committee and Control of Tariff Rates
64U. [Omitted.]
64UA. [Omitted.]
64UB. [Omitted.]
64UC. [Omitted.]
64UD. [Omitted.]
64UE. [Omitted.]
64UF. [Omitted.]
64UG. [Omitted.]
64UH. [Omitted.]
64UI. [Omitted.]
64UJ. [Omitted.]
64UK. [Omitted.]
64UL. [Omitted.]
64ULA. [Omitted.]
64UM. Surveyors and loss assessors
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
64VA. Sufficiency of assets
64VB. No risk to be assumed unless premium is received in advance
64VC. Restrictions on the opening of a new place of business
65. [Omitted.]
65A. [Omitted.]
66. [Omitted.]
67. [Omitted.]
68. [Omitted.]
69. [Omitted.]
70. [Omitted.]
70A. [Omitted.]
70B. [Omitted.]
71. [Omitted.]
72. [Omitted.]
73. [Omitted.]
73A. [Omitted.]
74. [Omitted.]
75. [Omitted.]
76. [Omitted.]
77. [Omitted.]
78. [Omitted.]
79. [Omitted.]
80. [Omitted.]
81. [Omitted.]
82. [Omitted.]
83. [Omitted.]
84. [Omitted.]
85. [Omitted.]
86. [Omitted.]
87. [Omitted.]
87A. [Omitted.]
88. [Omitted.]
89. [Omitted.]
90. [Omitted.]
90A. [Omitted.]
91. [Omitted.]
92. [Omitted.]
93. [Omitted.]
94. [Omitted.]
94A. [Omitted.]
95. [Omitted.]
96. [Omitted.]
97. [Omitted.]
98. [Omitted.]
98A. [Omitted.]
99. [Omitted.]
100. [Omitted.]
101. [Omitted.]
Part IVA Re-Insurance
101A. Re-insurance with Indian re-insurers
101B. Advisory Committee
101C. Examination of re-insurance treaties
Part V Miscellaneous
102. Penalty for default in complying with, or act in contravention of this Act
103. Penalty for carrying on insurance business in contravention of sections 3
104. Penalty for contravention of sections 27, 27A, 27B, 27D and 27E
105. Wrongfully obtaining or withholding property
105A. Offences by companies
105B. Penalty for failure to comply with sections 32B, 32C and 32D
105C. Power to adjudicate
105D. Factors to be taken into account by the adjudicating officer
106. Power of Court to order restoration of property of insurer or compensation in certain cases
106A. Notice to and hearing of Authority
107. [Omitted.]
107A. Chairman, etc., to be public servants
108. Power of Court to grant relief
109. Cognizance of offences
110. Appeal to Securities Appellate Tribunal
110A. Delegation of powers and duties of Chairperson of the Authority
110B. Signature of documents
110C. Power to call for information
110D. Certain claims for compensation barred
110E. [Omitted.]
110F. Provisions applicable to state Governments, etc
110G. [Omitted.]
110H. [Omitted.]
110HA. Penalty to be recoverable as arrear of land revenue
111. Service of notices
112. Declaration of interium bonuses
113. Acquisition of surrender value by policy
114. Power of Central Government to make rules
114A. Power of Authority to make regulations
115. Alteration of forms
116. Power to exempt from certain requirements
116A. Summary of returns to be published
117. Saving of provisions of Indian Companies Act, 1913
118. Exemptions
119. Inspection and supply of copies of published prospectus, etc
120. Determination of market value of securities deposited under this Act
121. [Repealed.]
122. [Repealed.]
123. [Repealed.]
  The First Schedule
  The Second Schedule
  The Third Schedule
  The Forth Schedule
  The Fifth Schedule
  The Sixth Schedule
  The Seventh Schedule
  The Eighth Schedul

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