LawgistAll Acts
Insurance Act
An Act to consolidate and amend the law relating to the business of insurance.
| Act Id | 193804 |
| Act Number | 04 |
| Enactment Date | 1938-02-26 |
| Act Year | 1938 |
| Ministry | Ministry of Finance |
| Enforcement Date | 01-07-1939 |
- PRELIMINARY
- 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
- INVESTIGATION
- APPOINTMENT OF STAFF
- POWER 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
- ASSGNMENT OR TRANSFER OF POLICIES AND NOMINATIONS
- 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 OF 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.]
- 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
- 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
- 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
- 64-I Omitted.
- 64J Omitted
- 64K Omitted
- 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.]
- TARIFF ADVISORY COMMITTEE AND CONTROL OF TARIFF RATES
- SOLVENCY MARGIN, ADVANCE PAYMENT OF PREMIUM AND RESTRICTIONS ON THE OPENING OF A NEW PLACE OF BUSINESS
- Omitted..
- 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
- Omitted..
- Omitted..
- RE-INSURANCE
- 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, 191
- 118 Exemption
- 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
