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THS INSURANCE ACT, 1938 Arrangement of Sections



1. Short title, extent and commencement 3.13
2. Definitions 3.13
2A. Interpretation of certain words and expressions 3.18
2B Appointment of Authority of Insurance 3.18



2C. Prohibition of transaction of insurance business by certain persons 3.18
2D. Insurers to be subject to this Act while liabilities Main unsatisfied 3.19
2E. This Act not to apply to certain insurers, ceasing to enter into new
Contracts before commencement of Act 3.19
3. Registration 3.19
3A. Renewal of registration 3.24
3B. Certification of soundness of terms of life insurance business 3.25
4. Minimum limits for annuities and other benefits secured by policies of
life insurance 3.25
5. Restriction on name of insurer 3.26
6. Requirement as to capital 3.27
6A. Requirements as to capital structure and voting rights and maintenance
of registers of beneficial owners of shares 3.27
6AA. Manner of divesting excess shareholding by promoter in certain cases 3.30
6B. Provision for securing compliance with requirements relating to Capital
structure 3.31
6C. Conversion of company limited by shares into company limited by
guarantee 3.32
7. Deposits 3.32
8. Reservation of deposits 3.37
9. Refund of deposit 3.38
10. Separation of accounts and funds 3.38
11 Accounts and balance sheet 3.39
12. Audit 3.40
13 Actuarial report and abstract 3.40
14. Register of policies and register of claims 3.42
15. Submission of returns 3.43
16. Returns by insurers established outside India 3.43
17. Exemption from certain provisions of the Indian Companies Act, 1913 3.44
17A. This Act not to apply to preparation of accounts, etc., for periods prior
to this Act coming into force 3.44
18. Furnishing reports 3.45
19. Abstract of proceedings of general meetings 3.45
20. Custody and inspection of documents and supply of copies 3.45
21. Powers of Authority regarding returns 3.45
22. Powers of Authority to order revaluation 3.46
23. Evidence of documents 3.46
24. [Repealed] 3.46
25. Returns to be published in statutory forms 3.46
26. Alterations in the particulars furnished with application for registration
to be reported 3.47

Investment, Loans and Management

27. Investment of assets 3.47
27A. Further provisions regarding investments 3.49
27B. Further provisions regarding investments 3.53
27C. Prohibition for investment of funds outside India 3.57
27D. Manner and conditions of investment 3.57
28. Statement of investments of assets 3.57
28A. Return of investments relating to controlled fund and changes therein 3.59
28B. Returns of investments relating to the assets and changes therein 3.59
29. Prohibition of loans 3.59
30. Liability of directors, etc., for loss due to contravention of sections
27, 27A and 29 3.61
31. Assets of insurer how to be kept 3.61
31A. Provisions relation to managers, etc. 3.61
3IB. Power to restrict payment of excessive remuneration 3.63
32. Limitation on employment of managing agents and on the
remuneration payable to them 3.64
32A. Prohibition of common officers and requirement as to whole time
officers 3.64
32B. Insurance business in rural or social sector 3.65
32C. Obligations of insurer in respect of rural or unorganized sector and
backward classes 3.65


33. Power of investigation and inspection by authority 3.65

Appointment of Staff

33A Power to appoint staff 3.68
34. Power of the Authority to issue directions 3.68

Control over Management

34A. Amendment of provisions relating to appointments of managing
directors, etc., to be subject to previous approval of the Authority 3.68
34B. Power of Authority to remove managerial persons from office 3.69
34C. Power of Controller to appoint additional directors 3.70
34D. Sections 34B and 34C to override other laws 3.70
34E. Further powers 3.71
34F. Power of Authority to issue directions regarding re insurance treaties, etc. 3.71
34G. Power of Authority to order closure of foreign branches 3.72
34H. Search and seizure 3.72

Amalgamation and Transfer of Insurance Business

35. Amalgamation and transfer of insurance business 3.74
36. Sanction of amalgamation and transfer by Authority 3.75
37. Statements required after amalgamation and transfer 3.76
37A. Power of Authority to prepare scheme of amalgamation 3.77

Assignment or Transfer of Policies and Nominations

38. Assignment and transfer of insurance policies 3.80
39. Nomination by policy holder 3.81

Commission and Rebates and Licensing of Agents

40. Prohibition of payment by way of commission or otherwise for
procuring business 3.82
40A. Limitation of expenditure on commission 3.83
40B. Limitation of expenses of management in life insurance business 3.85
4OC. Limitation of expenses of management in general insurance business 3.86
41. Prohibition rebates 3.87
42. Licensing of insurance agents 3.88
42A. Registration of principal agents, chief agents and special agents 3.91
42B. Regulation of employment of principal agents 3.92
42C. Regulation of employment of chief agents and special agents 3.93
42D. Issue of license to intermediary or insurance intermediary 3.95
42E. Commission, brokerage or fee payable to intermediary or insurance
intermediary 3.97
43. Register of insurance agents 3.97
44. Prohibition of cessation of payments of commission 3.97
44A. Power to call far information 3.98

Special Provisions of Law

45. Policy not to be called in question on ground of mis statement after
two years 3.98
46. Application of the law in force in India to policies issued in India 3.99
47. Payment of money into court 3.99
47A. Claims on small life insurance Policies 3.100
48. Directors of insurers being companies 3.100
48A. Life insurance agents not to be directors of life insurance companies 3.101
48B. Further provision regarding directors 3.101
48C. [Repealed] 3.102
49. Restriction on dividends and bonus 3.102
50. Notice of options available to the assured on the lapsing of a policy 3.103
51. Supply of copies of proposals and medical reports 3.103
52. Prohibition of business on dividing principle 3.103

Management by Administrator

52A. When Administrator for management of insurance business may be
appointed 3.104
52B. Powers and duties of the Administrator 3.104
52BB. Powers of Administrator respecting property liable to attachment
under section 106 3.105
52C. Cancellation of contracts and agreements 3.106
52D. Termination of appointment of Administrator 3.107
52E. Finality of decision appointing Administrator 3.107
52F. Penalty for withholding documents of property from Administrator 3.107
52G. Protection of action taken under sections 52A to 52D 3.107

Acquisition of the Undertakings of Insurers in certain cases

52H. Power of Central Government to acquire undertakings of insurers in
certain cases 3.107
52I. Power of Central Government to make scheme 3.109
52J. Compensation to be given to the acquired insurer 3.110
52K. Constitution of the Tribunal 3.111
52L. Tribunal to have powers of Civil Court 3.111
52M. Procedure of the Tribunal 3.112
52N. Special provisions for the dissolution of acquired insurers 3.112

Winding up
53. Winding up by the court 3.112
53A. Unpaid-up share capital 3.113
54. Voluntary winding up 3.113
55. Valuation of liabilities 3.113
56. Application of surplus assets of life insurance fund in liquidation or
insolvency 3.113
57. Winding up of secondary companies 3.114
58. Scheme for partial winding up of insurance companies 3.115
59. Return of deposits 3.116
60. Notice of policy values 3.116
61. Power of Court to reduce contracts of insurance 3.116

Special Provisions relating to External Companies

62. Power of Central Government to impose reciprocal disabilities on Non-
Indian companies 3.116
63. Particulars to be filled by insurers established outside India 3.117
64. Books to be kept by insurers established outside India 3.117



64A. Incorporation of the Insurance Association of India 3.118
64B. Entry of names of members in the register 3.118
64C. Councils of the Insurance Association of India 3.118
64D. Authority of members of association to act through agents 3.118
64E. Authorities of the Life Insurance Council and the General Insurance
Council 3.119
64F. Executive Committees of the Life Insurance Council and the General
Insurance Council 3.119
64G. Resignation and filling up of casual vacancies 3.120
64H. Duration and dissolution of Executive Committees 3.120
64 I. Power of Executive Committee of Life Insurance Council to hold
examinations for insurance agents 3.121
64J. Functions of executive committee of Life Insurance Council 3.121
64K. Executive Committee of Life Insurance Council may advise in
controlling expenses 3.121
64L. Functions of the executive committee of General Insurance Council 3.122
64M. Executive Committee of General Insurance Council may advise in
controlling expenses 3.123
64N. Powers of the Executive Committees to act together in certain cases 3.123
64O. [Repealed] 3.123
64P. [Repealed] 3.123
64Q. [Repealed] 3.123
64R. General powers of Life Insurance Council and General Insurance
Council 3.124
64S. Power of Central Government to remove difficulties 3.124
64T. Power to exempt 3.125


64U. Establishment of Tariff Advisory Committee 3.125
64UA. Composition of the Advisory Committee 3.125
64UB. Power to make rules in respect of matters in this Part 3.125
64UC. Power of the Advisory Committee to regulate rates, advantages, etc. 3.126
64UD. Transitional provisions 3.128
64UE. Power of the Advisory Committee to require information, etc. 3.128
64UF. Assets and liabilities of the General Insurance Council to vest in the
Advisory Committee 3.129
64UG. Contracts, etc., to be effective by or against the Advisory Committee 3.130
64UH. Employees, etc., to continue 3.130
64UI. Duty of person having custody or control of property to deliver such
property to the Advisory Committee 3.132
64UJ. Power of the Advisory Committee to constitute Regional Committees 3.132
64UK. Levy of fees by the Advisory Committee 3.133
64UL. Power to rename difficulties 3.133
64UM. Licensing of surveyors and loss assessors 3.133



64V. Assets and liabilities how to be valued 3.137
64VA. Sufficiency of assets 3.138
64VB. No risk to be assumed unless premium is received in advance 3.143
64VC. Restrictions on the opening of a new place of business 3.143



65. Definition of "provident society" 3.144
65A. Prohibition of transaction of insurance business by provident
societies other than public companies or co operative societies 3.145
66. Restrictions on provident societies 3.145
67. Name 3.145
68. [Repealed] 3.145
69. Dividing business 3.145
70. Registration 3.146
70A. Renewal of registration 3.148
70B. Supplementary information and reports of alterations in particulars
furnished with application for registration 3.148
71. Certain provisions of Part II to apply to provident societies 3.149
72. Working capital 3.149
73. Deposits 3.149
73A. Restriction on name of provident society 3.150
74. Rules 3.150
75. Amendment of rules 3.151
76. Supply of copy of rules 3.151
77. Registered office 3.151
78. Publication of authorised capital to contain also subscribed and paid-
up capital 3.151
79. Registers and books 3.151
80. Revenue account, balance sheet and annual statements 3.152
81. Actuarial report and abstract 3.152
82. Submission of returns to Authority 3.153
83. Actuarial examination of schemes 3.153
84. Separation of accounts and funds 3.154
85. Investment funds 3.155
86. Inspection of books 3.155
87. Inquiry by or on behalf of Authority 3.156
87A. Amalgamation and transfer of insurance business 3.156
88. Winding up by court and voluntary winding up 3.158
89. Reduction of insurance contracts 3.159
90. Appointment of liquidator 3.159
90A. Application of Act to liquidators 3.159
91. Powers of liquidator 3.159
92. Procedure at liquidation 3.160
93. Dissolution of provident society 3.161
94. Nominations and assignments 3.162



94A. Insurance co-operative society to be an insurer 3.162



95. Definitions 3.163
96. Application of Act to Mutual Insurance Companies and Co-operative
Life Insurance Societies 3.164
97. Working capital of Mutual Insurance Companies and Co operative
Life Insurance Societies 3.164
98. Deposits to be made by Mutual Insurance Companies and Co operative
Life Insurance Societies 3.164
98A. Prohibition of loans 3.164
99. Transferees and assignees of policies not to become members 3.165
100. Publication of notices and documents of Mutual Insurance Companies
and Co operative Life Insurance Societies 3.165
101. Supply of documents to members 3.165



101A. Re insurance with Indian re insurers 3.165
101B. Advisory Committee 3.167
101C. Examination of re insurance treaties 3.167



102. Penalty for default in complying with, or act in contravention of, this Act 3.167
103. Penalty for carrying on insurance business in contravention of
sections 3, 7 and 98 3.169
104. Penalty for false statement in document 3.169
105. Wrongfully obtaining or withholding property 3.169
105A. Offences by companies 3.169
105B. Penalty for failure to comply with section 32B 3.170
105C. Penalty for failure to comply with section 32C 3.170
106. Power of court to order restoration of property of insurer or
compensation in certain cases 3.170
106A. Notice to and hearing of Authority 3.173
107. Previous sanction of Advocate-General for institution of proceedings 3.173
107A. Chairman, etc. to be public servants 3.174
108. Power of court to grant relief 3.174
109. Cognizance of offences 3.174
110. Appeals 3.174
110A. Delegation of powers and duties of Chairperson of the Authority 3.175
110B. Signature of documents 3.175
110C. Power to call for information 3.175
110D. Certain claims for compensation barred 3.175
110E. Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of
the Life Insurance Corporation of India 3.175
110F. Provisions applicable to State Governments, etc. 3.176
110G. Constitution of Consultative Committee 3.176
110H. Appeals 3.176
111. Service of notices 3.176
112. Declaration of interim bonuses 3.177
113. Acquisition of surrender values by policy 3.177
114. Power of Central Government to make rules 3.178
114A. Power of authority to make regulation 3.179
115. Alteration of forms 3.182
116. Power to exempt from certain requirements 3.182
116A. Summary of returns to be published 3.183
117. Saving of provisions of Indian Companies Act, 1913 3.183
118. Exemptions 3.183
119. Inspection and supply of copies of published prospectus, etc. 3.184
120. Determination of market value of securities deposited under this Act 3.184

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