110G (1) The Central Government shall constitute a Consultative Committee consisting of the Chairperson of the Authority (who shall be the Chairman thereof) and not more than four other members having special knowledge and experience of the business of insurance.
(2) The term of office of, and the allowance payable to the members of the Consultative Committee, the procedure to be followed by, and the quorum necessary for the transaction of business of, the Consultative Committee and the manner of filling casual vacancies therein shall be such as may be prescribed.
(3) Before making any order under Sections 34, 34A, 34B, 34C, 34E, 34F, 34G, sub sections (4) and (7) of Section 64UM and Section 64VC, the Authority shall consult the Consultative Committee constituted under sub section (1).
Appeals
110H. (1) any person aggrieved by any order made by the Authority under Sections 27D, 34, 34A, 34B, 34C, 34E, 34F, 34G, sub sections(1), (4), and (7) of Section 64UM or Section 64VC may, within a period of thirty days from the date of such order prefer an appeal against such order to the Central Government and that Government may, by order, confirm, modify or reverse the order made by the Authority and the order so made by the Central Government shall be final.
(2) No claim for compensation shall lie in favour of any person for anything done in pursuance of an order of the Authority so long as such order was effective.
(3) The Central Government may, on the application of an appellant, stay, until the decision of the appeal, the operation of any order made under Section 34 or subsection (5) of Section 34 B or sub clause (v) of C1ause (b) of Section 34E.
Service of notices
111. (1) Any process or notice required to be served on an insurer or provident society shall be sufficiently served if addressed to any person registered with the Authority as a person authorised to accept notices on behalf of the insurer or provident society and left at, or sent by registered post to, the address of such person as registered with Authority.
(2) any notice or other document which is by this Act required to be sent to any policy holder may be addressed and sent to the person to whom notices respecting such policy are usually sent and any notice so addressed and sent shall be deemed to be notice to the holder of such policy:
Provided that, where any person claiming to be interested in a policy as transferee, assignee or nominee has given to an insurer or to a provident society notice in writing of his interest, any notice which is by his Act required to be sent to policy holders shall also be sent to such person at the address specified by him in his notice.
Declaration of interim bonuses
112. Notwithstanding anything to the contrary contained in this Act an insurer carrying on the business of life insurance shall be at liberty to declare an interim bonus or bonuses to policy ¬holders whose policies mature for payment by reason of death or otherwise during the inter valuation period on the recommendation of the investigating actuary made at the last preceding valuation.
Acquisition of surrender values by policy.
113.(1) A policy of life insurance under which the whole of the benefits become payable either on the occurrence, or at a fixed interval or fixed intervals after the occurrence, of a contingency which is bound to happen, shall, if all premiums have been paid for at least three consecutive years in the case of a policy issued by an insurer, or five years in the case of a policy issued by a provident society defined in Part III, acquire a guaranteed surrender value, to which shall be added the surrender value of any subsisting bonus already attached to the policy, and every such policy issued by insurer shall show the guaranteed surrender value of the policy at the close of each year after the second year of its currency or at the close of each period of three years throughout the currency of the policy:
Provided that the requirements of this sub section as to the addition of the surrender value of the bonus attaching to the policy at surrender shall be deemed to have been complied with where the method of calculation of the guaranteed surrender value of the policy makes provision for the surrender value of the bonus attaching to the policy:
Provided further that the requirements of this sub section as to the showing of the guaranteed surrender value on a policy shall be deemed to have been complied with where the insurer shows on the policy the guaranteed surrender value of the policy by means of a formula accepted in this behalf by the Authority as satisfying the said requirements:
Provided further that the provisions of this sub section as to the showing of the guaranteed surrender value on a policy shall not take effect until after the expiry of six months from such date as the Authority may, by notification in the official Gazette, appoint in this behalf
(2) Notwithstanding any contract to the contrary, a policy which has acquired a surrender value shall not lapse by reason of the non payment of further premiums but shall be kept alive to the extent of the paid up sum insured, and the paid up sum insured shall for the proposes of this sub section include in full all subsisting reversionary bonuses that have already attached to the policy, and shall, where the policy is one on which the maximum number of annual premiums payable is fixed and the premiums are of uniform amount, be before the inclusion of such bonuses not less than the amount bearing to the total sum insured by the policy exclusive of bonuses the same proportion as the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable.
(3) A policy kept alive to the extent of the paid up sum insured under sub section (2) shall not be entitled by virtue of that sub section to participate in any profits declared distributable after the conversion of the policy into a paid up policy.
(4) Sub-section (2) and sub-section (3) shall not apply -
(a) where the paid up sum insured by a policy being a policy issued by an insurer, is less than one hundred rupees inclusive of any attached bonus or takes the form of an annuity of less than twenty five rupees, or where the paid up sum insured by a policy, being a policy issued by a provident society as defined in Part III, is less than fifty rupees inclusive of any attached bonus or take the form of an annuity of less than twenty five rupees, or
(b) where the parties after the default has occurred in the payment of the premium agree in writing to some other arrangement, or
(c) to policies in which the surrender value is automatically applied under the terms of the contract to maintaining the policy in force after its lapse through non payment of premium.
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