Lawgist22Powers of Authority to order revaluation
22. Power of 1[Authority] to order revaluation.-- 2[(1)] If it appears to the 1[Authority] that an investigation or valuation to which section 13 refers 3*** does not properly indicate the condition of the affairs of the insurer by reason of the faulty basis adopted in the valuation, he may, after giving notice to the insurer and giving him an opportunity to be heard, cause an investigation and valuation 4[as at such date as the 1[Authority] may specify] to be made at the expense of the insurer by an actuary appointed by the insurer for this purpose and approved by the 1[Authority] and 4[and the insurer shall place at the disposal of the actuary so appointed and approved all the material required by the actuary for the purposes of the investigation and valuation within such period, not being less than three months, as the 1[Authority] may specify],
5[(2) The provisions of sub-sections (1) and (4) of section 13, and of sub-sections (I) and (2) of section 6***, shall apply in relation to an investigation and valuation under this section:
Provided that the abstract and statement prepared as the result of such investigation and valuation shall be furnished by such date as the 1[Authority] may specify.]
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1. Subs. by Act 41 of 1999, s. 30 and the Schedule, for "Controller" (w.e.f. 19-4-2000).
2. Section 22 renumbered as sub-section (1) thereof by Act 6 of 1946, s. 14 (w.e.f. 20-3-1946).
3. The words, brackets, letter and figures "or an abstract of a valuation report furnished under clause (c) of sub-section (2) of section 16" omitted by Act 5 of 2015 s. 25 (w.e.f. 26-12-2014).
4. Ins. by Act 6 of 1946, s. 14 (w.e.f. 20-3-1946).
5. Added by s. 14, ibid., (w.e.f. 20-3-1946).
6. The words, brackets, letter and figures "or, as the case may be, of sub-section (2) of section 16" omitted by Act 5 of 2015, s. 25 (w.e.f. 26-12-2014).
- 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
