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29636582

29636582

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Published by Susheel Thakur

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Published by: Susheel Thakur on Feb 02, 2011
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(c) Copyright 2011, vLex. © Copyright 2007, vLex. All Rights Reserved.Copy for personal use only. Distribution or reproduction is not allowed.
The Insurance (Amendment) Act, 2002
9/08/2002, Measure 42/2002
Central Acts of Indian Parliament - Amendment Act (August 2002)
Id. vLex: VLEX-29636582http://vlex.com/vid/29636582
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THE INSURANCE (AMENDMENT) ACT, 2002ACT NO. 42 OF 2002[9th August, 2002]An Act further to amend the Insurance Act,1938.BE it enacted by Parliament in the Fifty-thirdYear of the Republic of India as follows:-1.Short title and commencement.1. Short title and commencement.-(1) This Actmay be called the Insurance (Amendment) Act,2002.(2) It shall come into force on such date as theCentral Government may, by notification in theOfficial Gazette, appoint:Provided that different dates may be appointedfor different provisions of this Act and anyreference in any such provision to thecommencement of this Act shall be construedas a reference to the coming into force of thatprovision.2.Amendment of section 2.2. Amendment of section 2.-In section 2 of theInsurance Act, 1938 (4 of 1938) (hereinafterreferred to as the principal Act),-(a) in clause (1), for the words "qualificationsas may be prescribed", the words"qualifications as may be specified by theregulations made by the Authority" shall besubstituted;(b) in clause (3), sub-clause (v) shall beomitted;(c) after clause (8), the following clause shallbe inserted, namely:-
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'(8A) "insurance co-operative society" meansany insurer being a co-operative society,-(a) which is registered on or after thecommencement of the Insurance (Amendment)Act, 2002, as a co-operative society under theCo-operative Societies Act, 1912 (2 of 1912) orunder any other law societies or under theMulti-State Co-operative Societies Act, 1984(51 pf 1984); for the time being in force in anyState relating to co-o erative (b) having aminimum paid-up capital (excluding thedeposits required to be made under section 7)of rupees one hundred crores;(c) in which no body corporate, whetherincorporated or not, formed or registeredoutside India, either by itself or through itssubsidiaries or nominees, at any time, holdsmore than twenty-six per cent. of the capital ofsuch co-operative society;(d) whose sole purpose is to carry on lifeinsurance business or general insurancebusiness in India;';(d) after clause (10A), the following clauseshall be inserted, namely:-'(10B) "intermediary or insurance intermediary"shall have the meaning assigned to it in clause(f) of sub-section (1) of section 2 of theInsurance Regulatory and DevelopmentAuthority Act, 1999 (41 of 1999).'.3.Amendment of section 2C.3. Amendment of section 2C.-In section 2C ofthe principal Act, after sub-section (2), thefollowing sub-section shall be inserted at theend, namely:-"(3) Notwithstanding anything contained in sub-section (1), an insurance co-operative societymay carry on any class of insurance businessin India under this Act on or after thecommencement of the Insurance (Amendment)Act, 2002.".4.Amendment of section 15.4. Amendment of section 15.-In section 15 ofthe principal Act, in sub-section (1), for theportion beginning with the words "to theAuthority in the case of the accounts andstatements" and ending with the words "fromthe end of the period to which they refer", thewords"to the Authority within six months from the endof the period to which they refer" shall besubstituted.5.Amendment of section 28A.5. Amendment of section 28A.-In section 28Aof the principal Act, for the words "in theprescribed form" at both the places where theyoccur, the words ", in the form specified by theregulations made by the Authority," shall besubstituted.6.Amendment of section 28B.6. Amendment of section 28B.-In section 28Bof the principal Act, for the words "in theprescribed form" at both the places where theyoccur, the words ", in the form specified by theregulations made by the Authority," shall besubstituted.7.
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The Insurance (Amendment) Act, 2002
 
Amendment of section 31B.7. Amendment of section 31B.-In section 31Bof the principal Act, in sub-section (2), for thewords "the sum of five thousand rupees in thatyear", the words "such sum as may bespecified by the regulations made by theAuthority" shall be substituted.8.Amendment of section 40.8. Amendment of section 40.-In section 40 ofthe principal Act,-(a) in sub-section (1), for the words "except aninsurance agent or a principal, chief or specialagent", the words "except an insurance agentor an intermediary or insurance intermediary"shall be substituted;(b) in sub-section (2A), for the words "noinsurance agent", the words"no insurance agent or intermediary orinsurance intermediary" shall be substituted.9.Amendment of section 42.9. Amendment of section 42.-In section 42 ofthe principal Act,-(a) in sub-section (3), for the brackets andletter "(e)", the brackets and letters "(e), (ea)"shall be substituted;(b) in sub-section (4),-(i) in clause (e), for the words "that he does notpossess", the words"that in the case of an individual, he does notpossess" shall be substituted;(ii) after clause (e), the following clause shallbe inserted, namely:-"(ea) that in the case of a company or firmmaking an application under sub-section (1) orsub-section (3), a director or a partner or oneor more of its officers or other employees sodesignated by it and in the case of any otherperson, the chief execu ive, by whatever namecalled, or one or more of his employeesdesignated by him, do not possess therequisite qualifications and practical trainingand have not passed such an examination asrequired under clauses (e) and (f);".10.Amendment of section 42A.10. Amendment of section 42A.-In section 42Aof the principal Act, after sub-section (8), thefollowing sub-section shall be inserted at theend, namely:-"(9) No insurer shall, on or after thecommencement of the Insurance (Amendment)Act, 2002, appoint or transact any insurancebusiness in India through any principal agent,chief agent or special agent.".11.Insertion of new section 42E.11. Insertion of new section 42E.-After section42D of the principal Act, the following sectionshall be inserted, namely:-"42E. Commission, brokerage or fee payableto intermediary or insurance intermediary.-(1)No intermediary or insurance intermediaryshall be paid or contract to be paid by way of
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The Insurance (Amendment) Act, 2002

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