Lawgist5Restriction on name of insurer
(1) An insurer shall not be registered by a name identical with that by which an insurer in existence is already registered, or so nearly resembling that name as to be calculated to deceive except when the insurer in existence is in the course of being dissolved and signifies his consent to the 1[Authority],
(2) If an insurer, through inadvertence or otherwise, is without such consent as aforesaid registered by a name identical with that by which an insurer already in existence whether previously registered or not is carrying on business or so nearly resembling it as to be calculated to deceive, the first-mentioned insurer shall, if called upon to do so by the 1[Authority] on the application of the second-mentioned insurer, change his name within a time to be fixed by the 1[Authority]:
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1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). Earlier it was substituted by Act 47 of 1950, s. 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950).
2. The provisos omitted by Act 5 of 2015, s. 9 (w.e.f. 26-12-2014).
3. Sub-section (3) omitted by s. 9, ibid. (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
