LawgistThe Insurance Act
32DObligation of insurer in respect of insurance business in third party risks of motor vehicles
1[32D. Obligation of insurer in respect of insurance business in third party risks of motor vehicles. -- Every insurer carrying on general insurance business shall, after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), underwrite such minimum percentage of insurance business in third party risks of motor vehicles as may be specified by the regulations:
Provided that the Authority may, by regulations, exempt any insurer who is primarily engaged in the business of health, re-insurance, agriculture, export credit guarantee, from the application of this section.]
Download our fully-offline, High speed android app.- Click here
1. Ins. by, s. 36, ibid. (w.e.f. 26-12-2014).
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
