LawgistThe Insurance Act
2DInsurers to be subject to this Act while liabilities remain unsatisfied
1[2D. Insurers to be subject to this Act while liabilities remain unsatisfied. -- Every insurer shall be subject to all the provisions of this Act in relation to any class of insurance business so long as his liabilities in 2[India] in respect of business of that class remain unsatisfied or not otherwise provided for.]
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1. Sections (2A) and (2B) renumbered as sections (2D) and (2E) thereof by Act 47 of 1950, s. 6 (w.e.f. 1-6-1950).
2. Subs. by Act 62 of 1956, s. 2 the Schedule, for "the States" (w.e.f. 1-11-1956).
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
