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TheInsuranceAct1938er126042004

TheInsuranceAct1938er126042004

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CONTENTSTHS INSURANCE ACT, 1938
 Arrangement of Sections PART I 
P
RELIMINARY
1. Short title, extent and commencement
3.13
2
. Definitions
3.13
 
2A
. Interpretation of certain words and expressions
3.18
 
2B
 
A
 ppointment of 
Au
thority of 
 
Ins
u
rance
3.18
 PART II 
P
ROVISIONS A
PP
LICABIJE TO INSURERS
2C
. Prohibition of transaction of ins
u
rance b
u
siness by certain persons
3.18
 
2
D. Ins
u
rers to be s
u
 bject to this
A
ct while liabilities Main
u
nsatisfied
3.19
 
2E
. This
A
ct not to apply to
 
certain ins
u
rers, ceasing to enter into new
C
ontracts before commencement of 
A
ct
3.19
 3. Registration
3.19
 3
A
. Renewal of registration
3.24
 3
B
.
C
ertification of so
u
ndness of terms of life ins
u
rance b
u
siness
3.25
 4. Minim
u
m limits for ann
u
ities and other benefits sec
u
red by policies of life ins
u
rance
3.25
 5. Restriction on name of ins
u
rer 
3.26 
 6. Req
u
irement as to capital
3.27 
 6
A
. Req
u
irements as to capital str 
u
ct
u
re and voting rights and maintenanceof registers of beneficial owners of shares
3.27 
 6
AA
. Manner of divesting excess shareholding by promoter in certain cases
3.30
 6
B
. Provision for sec
u
ring compliance with req
u
irements relating to
C
apitalstr 
u
ct
u
re
3.31
 6
C
.
C
onversion of company limited by shares into company limited byg
u
arantee
3.32
 7. Deposits
3.32
 8. Reservation of deposits
3.37 
 9. Ref 
u
nd of deposit
3.38
10. Separation of acco
u
nts and f 
u
nds
3.38
11
A
cco
u
nts and balance sheet
3.39
 1
2
.
Au
dit
3.40
 13
A
ct
u
arial report and abstract
3.40
14. Register of policies and register of claims
3.42
 15. S
u
 bmission of ret
u
rns
3.43
 16. Ret
u
rns by ins
u
rers established o
u
tside India
3.43
 17.
E
xemption from certain provisions of the Indian
C
ompanies
A
ct, 1913
3.44
 17
A
. This
A
ct not to apply to preparation
 
of acco
u
nts, etc., for periods prior to this
A
ct coming into force
3.44
 18. F
u
rnishing reports
3.45
 19.
A
 bstract of proceedings of general meetings
3.45
 
2
0.
Cu
stody and inspection of doc
u
ments and s
u
 pply of copies
3.45
 
2
1. Powers of 
Au
thority regarding ret
u
rns
3.45
 
22
. Powers of 
Au
thority to order reval
u
ation
3.46 
 
2
3.
E
vidence of doc
u
ments
3.46 
 
2
4. [
 Repealed 
]
3.46 
 
2
5. Ret
u
rns to be p
u
 blished in stat
u
tory forms
3.46 
 
2
6.
A
lterations in the partic
u
lars f 
u
rnished with application for registrationto be reported
3.47 
 
 
  Investment, Loans and Management 
2
7. Investment of assets
3.47 
 
2
7
A
. F
u
rther provisions regarding investments
3.49
 
2
7
B
. F
u
rther provisions regarding investments
3.53
 
2
7
C
. Prohibition for investment of
u
nds o
u
tside India
3.57 
 
2
7D. Manner and conditions of investment
3.57 
 
2
8. Statement of investments of assets
3.57 
 
2
8
A
. Ret
u
rn of investments relating to controlled f 
u
nd and changes therein
3.59
 
2
8
B
. Ret
u
rns of investments relating to the assets and changes therein
3.59
 
2
9. Prohibition of loans
3.59
 30. Liability of directors, etc., for loss d
u
e to contravention of sections
2
7,
2
7
A
and
2
9
3.61
 31.
A
ssets of ins
u
rer how to be kept
3.61
 31
A
. Provisions relation to managers, etc.
3.61
 3I
B
. Power to restrict payment of excessive rem
u
neration
3.63
 3
2
. Limitation on employment of managing agents and on therem
u
neration payable to them
3.64
 3
2A
. Prohibition of common officers and req
u
irement as to whole timeofficers
3.64
 3
2B
. Ins
u
rance b
u
siness in r 
u
ral or social sector 
3.65
 3
2C
. Obligations of ins
u
rer in respect of r 
u
ral or 
u
norganized sector and backward classes
3.65
 
 Investigation
33. Power of investigation and inspection by a
u
thority
3.65
 
 Appointment of Staff 
33
A
Power to appoint staff 
3.68
 34. Power of the
Au
thority to iss
u
e directions
3.68Control over Management 
34
A
.
A
mendment of provisions relating to appointments of managingdirectors, etc., to be s
u
 bject to previo
u
s approval of the
Au
thority
3.68
 34
B
. Power of 
Au
thority to remove managerial persons from office
 
3.69
 34
C
. Power of 
C
ontroller to appoint additional directors
3.70
 34D. Sections 34
B
and 34
C
to override other laws
3.70
 34
E
. F
u
rther powers
3.71
 34F. Power of 
Au
thority to iss
u
e directions regarding re-ins
u
rance treaties, etc.
3.71
 34G. Power of 
Au
thority to order clos
u
re of foreign branches
3.72
 34H. Search and seiz
u
re
3.72
 
 Amalgamation and Transfer of Insurance Business
 35.
A
malgamation and transfer of ins
u
rance b
u
siness
3.74
 36. Sanction of amalgamation and transfer by
Au
thority
3.75
 37. Statements req
u
ired after amalgamation and transfer 
3.76 
 37
A
. Power of 
Au
thority to prepare scheme of amalgamation
3.77 
 
 Assignment or Transfer of Policies and Nominations
38.
A
ssignment and transfer of ins
u
rance policies
3.80
 39. Nomination by policy holder 
3.81Commission and Rebates and Licensing of Agents
40. Prohibition of payment by way of commission or otherwise for  proc
u
ring b
u
siness
3.82
 
 
40
A
. Limitation of expendit
u
re on commission
3.83
 40
B
. Limitation of expenses of management in life ins
u
rance b
u
siness
3.85
 4O
C
. Limitation of expenses of management in general ins
u
rance b
u
siness
3.86 
 41. Prohibition rebates
3.87 
4
2
. Licensing of ins
u
rance agents
3.88
 4
2A
. Registration of principal agents, chief agents and special agents
3.91
 4
2B
. Reg
u
lation of employment of principal agents
3.92
 4
2C
. Reg
u
lation of employment of chief agents and special agents
3.93
 4
2
D. Iss
u
e of license to intermediary or ins
u
rance intermediary
3.95
 4
2E
.
Commission, brokerage or fee payable to intermediary or insuranceintermediary 3.97 
 43. Register of ins
u
rance agents
3.97 
44. Prohibition of cessation of payments of commission 3.9744
A
. Power to call far information
3.98Special Provisions of Law
45. Policy not to be called in q
u
estion on gro
u
nd of mis-statement after two years
3.98
46.
A
 pplication of the law in force in India to policies iss
u
ed in India
3.99
47. Payment of money into co
u
rt
3.99
47
A
.
C
laims on small life ins
u
rance Policies
3.100
48. Directors of ins
u
rers being companies
3.100
 48
A
. Life ins
u
rance agents not to be directors of life ins
u
rance companies
3.101
 48
B
. F
u
rther provision regarding directors
3.101
 48
C
.
[Repealed] 3.102
 49. Restriction on dividends and bon
u
s
3.102
 50. Notice of options available to the ass
u
red on the lapsing
of 
a policy
3.103
 51. S
u
 pply of copies of proposals and medical reports
3.103
 5
2
. Prohibition of b
u
siness on dividing principle
3.103
 
 Management by Administrator 
5
2A
. When
A
dministrator for management of ins
u
rance b
u
siness may beappointed
3.104
 5
2B
. Powers and d
u
ties of the
A
dministrator 
3.104
 5
2BB
. Powers of 
A
dministrator respecting property liable to attachment
u
nder section 106
3.105
 5
2C
.
C
ancellation of contracts and agreements
3.106 
 5
2
D. Termination of appointment of 
A
dministrator 
3.107 
 5
2E
. Finality of decision appointing
A
dministrator 
3.107 
 5
2
F. Penalty for withholding doc
u
ments of property from
A
dministrator 
3.107 
 5
2
G. Protection of action taken
u
nder sections 5
2A
to 5
2
D
3.107 
 
 Acquisition of the Undertakings of Insurers in certain cases
5
2
H. Power of 
C
entral Government to acq
u
ire
u
ndertakings of ins
u
rers incertain cases
3.107 
 5
2
I. Power of 
C
entral Government to make scheme
3.109
 5
2J
.
C
ompensation to be given to the acq
u
ired ins
u
rer 
3.110
 5
2K 
.
C
onstit
u
tion of the Trib
u
nal
3.111
 5
2
L. Trib
u
nal to have powers of 
C
ivil
C
o
u
rt
3.111
 5
2
M. Proced
u
re of the Trib
u
nal
3.112
 5
2
 N. Special provisions for the dissol
u
tion of acq
u
ired ins
u
rers
3.112
 
Winding up
53. Winding
u
 p by the co
u
rt
3.112
 53
A
. Unpaid-
u
 p share capital
3.113
 54. Vol
u
ntary winding
u
 p
3.113
 55. Val
u
ation of liabilities
3.113
 56.
A
 pplication of s
u
rpl
u
s assets of life ins
u
rance f 
u
nd in liq
u
idation or insolvency
3.113
 

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