114. (1) The Central Government may, subject to the condition of previous publication by notification in the official Gazette, make rules to carry out the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may prescribe
(a) the qualifications to be possessed by actuaries;
(aa)such other percentage of paid-up equity capital in excess of twenty- six percent of the paid-up equity capital and the period within which such excess paid-up equity capital shall be divested under sub-section (1) of section 6AA.
(b) the manner in which it shall be determined which of the transactions of an insurer are to be deemed for the purposes of this Act to be insurance business transacted in India.
(c) the procedure to be followed by the Reserve Bank of India in dealing with deposits made in pursuance of this Act, including the receipt of custody of, withdrawal of, and payment of interest on securities lodged as such deposits, and their inspection and verification by the Authority.
(d) the form referred to in Clause (d) of sub section (2) of Section 16;
(e) the manner in which the prospectuses and tables referred to in sub section (1) of Section 41 shall be published and the form in which they shall be drawn up;
(f) the matters to be prescribed for the purposes of section 48;
(g) (Omitted)
(h) the contingencies other than those specified in Clauses (a) to (f) of Section (2) of Section 65 on the happening of which money may be paid by provident societies;
(i) the matters other than those specified in Clauses (a) to (o) of sub¬section (1) of Section 74 on which a provident society shall make rules;
(j) the form of any account, return or register required by Part III and the manner in which such account, return or register shall be verified;
(k) subject to the provisions of this Act, the fees payable there under and the manner in which they are to be collected;
(l) the conditions and the matters which may be prescribed under sub sections (5), (6),(10) and (12) of Section 92;
(3) Every rule made under this section or Hinder subsection (10) of Section 34H or under sub section (1) of Section 64UB and every regulation made under sub section (3) of Section 64UB and every regulation made under this part shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be so, however, that any such modification of annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.
(4) All rules made by a Local Government under the provisions of Section 24 of the Provident Insurance Societies Act, 1912 (5 of 1912), and in force at the commencement of this Act shall, so far as not inconsistent with the provisions of Part III, continue in force and have effect as if duly made under this section until they are replaced by rules made under this section.
Power of Authority to make regulations
114A (1) The Authority may, by notification in the Official Gazette, make regulations consistent with this Act and the rules made there under, to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-
a) the matters including fee relating to the registration of insurers under section3;
b) the manner of suspension or cancellation of registration under sub-section (5E) of section3;
c) such fee, not exceeding five thousand rupees as may be determined by the regulations for issue of a duplicate certificate of registration under sub-section (7) of section 3;
d) the matters relating to he renewal of registration and fee there for under section 3A;
e) the manner and procedure for divesting excess share capital under sub-section 2 section 6AA;
f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account under sub-section (1A) of section 11.
g) the manner in which abstract of the report of the actuary to be specified under the fourth proviso to sub-section (1) of section 13;
h) the form and manner in which the statement referred to in sub-section(4) of section 13 shall be appended;
i) the time, the manner and other conditions of investment of assets held by an insurer under sub-sections (1), (1A) and (2) of section 27D;
j) the minimum information to be maintained by insurer in their books, the manner in which such information should be maintained, the checks and other verifications to be adopted by insurers in that connection and all other matters incidental thereto under sub-section (8) of section 33;
k) the manner for making an application, the manner and the fee for issue of a licence to act as an insurance agent, under sub-section (1) of section, 42;
l) the fee and the additional fee to be determined for renewal of licence of insurance agent under sub-section (3) of section 42;
m) the requisite qualifications and practical training to act as an insurance agent under clause (e) of sub-section (4) of section 42;
n) the passing of examination to act as an insurance agent under clause (f) of sub-section (4) of section 42;
o) the code of conduct under clause (g) of sub-section (4) of section 42;
p) the fee not exceeding rupees fifty for issue of duplicate licence under sub-section (6) of section 42;
q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section of section 42;
r) the fee and the additional fee to be determined for renewal of licence of intermediaries or insurance intermediaries under sub-section (3) of section 42D;
s) the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D;
t) the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D;
u) the code of conduct clause (g) of sub-section (5) of section 42 D;
v) the fee for issue of duplicate licence under sub-section (7) of section 42D;
w) such matters as specified under sub-section (2) of section 64UB relating to the Tariff Advisory Committee.
x) The matters relating to relating to licensing of surveyors and loss assessors, their duties, responsibilities and other professional requirements under section 64UM;
y) Such other asset or assets as may be specified under clause (h) of sub-section (1) of section 64V for the purposes of ascertaining sufficiency of assets under section 64VA;
z) the valuation of assets and liabilities under sub-section (3) of section 64V;
za) the matters specified under sub-section (1A) of section 64VA relating to sufficiency of assets;
zb) the matters relating to reinsurance under sections 101A and 101B;
zc) the matters relating to redressal of grievances of policy-holders to protect their interest and to regulate, promote and ensure orderly growth of insurance industry; and
zd) any other matter which is to be, or may be, specified by the regulations made by the Authority or in respect of which provision is to be made or may be made by the regulations;
(3) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both houses agree that the regulations should not be made, the regulations shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.
Alteration of forms
115. The Central Government may, on the application or with the consent of an insurer, not being a company, alter the forms contained in the Schedules as respects that insurer, for the purpose of adapting them to the circumstances of that insurer:
Provided that nothing done under this section shall exempt the insurer from supplying all information required under this Act so far as it is possible for the insurer to do so.
Power to exempt from certain requirements
116. (1) The Central Government may, by notification in the official Gazette, exempt any insurer constituted, incorporated or domiciled in any country or State outside India from any of the provisions of this Act which may be specified in the notification either absolutely or subject to such conditions or modifications as may be specified in the notification.
(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.
Žádné komentáře:
Okomentovat