Lawgist31Assets of insurer how to be kept
1 [(1) None of the assets in India of any insurer shall, except in so far as assets are required to be vested in trustees under sub-section (7) of section 27, be kept otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the undertaking, if a company or an insurance co-operative society, as the case may be.]
2[(2) Nothing contained in this section shall be deemed to prohibit the endorsement in favour of a banking company of any security or other document solely for the purpose of collection or for realisation of interest, bonus or dividend.]
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1 Subs. by s. 30, ibid., for sub-section (1) (w.e.f. 26-12-2014).
2 Subs. by Act 47 of 1950, s. 22, for sub-section (2) (w.e.f. 1-6-1950). Earlier ins. by Act 6 of 1946, s. 18 (w.e.f. 20-3-1946).
- 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
