The Insurance Act, 1938

254 sections.

Official Hindi (PDF) ↗

• Section 1 — Short title, extent and commencement.
• Section 2 — Definitions.
• Section 2A — Interpretation of certain words and expressions.
• Section 2B — Appointment of Controller of Insurance.
• Section 2C — Prohibition of transaction of insurance business by certain persons.
• Section 2CA — Power of Central Government to apply provisions of this Act to Special Economic Zones and International Financial Services Centres set up in Special Economic Zones.
• Section 2CB — Properties in India not to be insured with foreign insurers except with the permission of Authority.
• Section 2D — Insurers to be subject to this Act while liabilities remain unsatisfied.
• Section 2E — [Omitted.].
• Section 3 — Registration.
• Section 3A — Payment of annual fee by insurer.
• Section 3B — Certification of soundness of terms of life insurance business.
• Section 4 — Minimum limits for annuities and other benefits secured by policies of life insurance.
• Section 5 — Restriction on name of insurer.
• Section 6 — Requirements as to capital.
• Section 6A — Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares.
• Section 6AA — [Omitted.].
• Section 6B — Provision for securing compliance with requirements relating to capital structure.
• Section 6C — [Omitted.].
• Section 7 — [Omitted.].
• Section 8 — [Omitted.].
• Section 9 — [Omitted.].
• Section 10 — Separation of accounts and funds.
• Section 11 — Accounts and balance-sheet.
• Section 12 — Audit.
• Section 13 — Actuary Report.
• Section 14 — Record of policies and claims.
• Section 15 — Submission of returns.
• Section 16 — [Omitted.].
• Section 17 — [Omitted.].
• Section 17A — [Omitted.].
• Section 18 — Furnishing reports.
• Section 19 — Abstract of proceedings of general meetings.
• Section 20 — Custody and inspection of documents and supply of copies.
• Section 21 — Powers of Authority regarding returns.
• Section 22 — Powers of Authority to order revaluation.
• Section 23 — Evidence of documents.
• Section 24 — [Omitted.].
• Section 25 — Returns to be published in statutory forms.
• Section 26 — Alterations in the particulars furnished with application for registration to be reported.
• Section 27 — Investment of assets.
• Section 27A — Omitted.
• Section 27B — Omitted.
• Section 27C — Omitted.
• Section 27D — Omitted.
• Section 27E — Prohibition for investment of funds outside India.
• Section 28 — Statement and return of investment of assets.
• Section 29 — Prohibition of loans.
• Section 30 — Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29.
• Section 31 — Assets of insurer how to be kept.
• Section 31A — Provisions relating to managers, etc.
• Section 31B — Power to restrict payment of excessive remuneration.
• Section 32 — [Omitted.].
• Section 32A — Prohibition of common officers and requirement as to whole-time officers.
• Section 32B — Insurance business in rural and social sectors.
• Section 32C — Obligations of insurer in respect of rural or unorganised sector and backward classes.
• Section 32D — Obligation of insurer in respect of insurance business in third party risks of motor vehicles.
• Section 33 — Power of investigation and inspection by Authority.
• Section 33A — Power to appoint staff.
• Section 34 — Power of the Authority to issue directions.
• Section 34A — Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Controller.
• Section 34B — Power of Authority to remove managerial persons from office.
• Section 34C — Power of Authority to appoint additional directors.
• Section 34D — Sections 34B and 34C to override other laws.
• Section 34E — Further powers.
• Section 34F — Power of Authority to issue directions regarding re-insurance treaties, etc.
• Section 34G — Omitted.
• Section 34H — Search and seizure.
• Section 35 — Amalgamation and transfer of insurance business.
• Section 36 — Sanction of amalgamation and transfer by Controller.
• Section 37 — Statements required after amalgamation and transfer.
• Section 37A — Power of Authority to prepare Scheme of Amalgamation.
• Section 38 — Assignment and transfer of insurance policies.
• Section 39 — Nomination by policy-holder.
• Section 40 — Prohibition of payment by way of commission or otherwise for procuring business.
• Section 40A — [Omitted.].
• Section 40B — Limitation of expenses of management in life insurance business.
• Section 40C — Limitation of expenses of management in general insurance business.
• Section 41 — Prohibition of rebates.
• Section 42 — Appointment of insurance agents.
• Section 42A — Prohibition of insurance business through principal agent, special agent and multilevel marketing.
• Section 42D — Issue of registration to intermediary or insurance intermediary.
• Section 42E — Commission, brokerage or fee payable to intermediary or insurance intermediary.
• Section 43 — Register of insurance agents.
• Section 44 — [Omitted.].
• Section 44A — Power to call for information.
• Section 45 — Policy not to be called in question on ground of mis-statement after two years.
• Section 46 — Application of the law in force in India to policies issued in India.
• Section 47 — Payment of money into Court.
• Section 47A — [Omitted.].
• Section 48 — [Omitted.].
• Section 48A — . Insurance agent or intermediary or insurance intermediary not to be director in insurance company.
• Section 48B — Further provision regarding directors.
• Section 48C — [Omitted.].
• Section 49 — Restriction On dividends and bonuses.
• Section 50 — Notice of options available to the assured on the lapsing of a policy.
• Section 51 — Supply of copies of proposals and medical reports.
• Section 52 — Prohibition of business of dividing principle.
• Section 52A — When Administrator for management of insurance business may be appointed.
• Section 52B — Powers and duties of the Administrator.
• Section 52BB — Powers of Administrator respecting property liable to attachment under section 106.
• Section 52C — Cancellation of contracts and agreements.
• Section 52D — Termination of appointment of Administrator.
• Section 52E — Finality of decision appointing Administrator.
• Section 52F — Penalty for withholding documents or property from Administrator.
• Section 52G — Protection of action taken under sections 52A to 52D.
• Section 52H — [Omitted.].
• Section 52-I — Omitted..
• Section 52J — [Omitted.].
• Section 52K — [Omitted.].
• Section 52L — [Omitted.].
• Section 52M — [Omitted.].
• Section 52N — [Omitted.].
• Section 53 — Winding up by the Court.
• Section 53A — Unpaid-up share capital.
• Section 54 — Voluntary winding up.
• Section 55 — Valuation of liabilities.
• Section 56 — Application of surplus assets of life insurance fund in liquidation or insolvency.
• Section 57 — Winding up of secondary companies.
• Section 58 — Schemes for partial winding up of insurance companies.
• Section 59 — [Omitted.].
• Section 60 — Notice of policy values.
• Section 61 — Power of Court to reduce contracts of insurance.
• Section 61A — Appeal to National Company Law Appellate Tribunal.
• Section 62 — Power of Central Government to impose reciprocal disabilities on non-Indian companies.
• Section 63 — Particulars to be filed by insurers established outside India.
• Section 64 — Books to be kept by insurers established outside India.
• Section 64A — [Omitted.].
• Section 64B — [Omitted.].
• Section 64C — Councils of Life Insurance and General Insurance.
• Section 64D — Authorisation to represent in Councils.
• Section 64E — Authorities of the Life Insurance Council and the General Insurance Council.
• Section 64F — Executive Committees of the Life Insurance Council and the General Insurance Council.
• Section 64G — Resignation and filling up of casual vacancies.
• Section 64H — Duration and dissolution of Executive Committees.
• Section 64-I — Omitted..
• Section 64J — Omitted.
• Section 64K — Omitted.
• Section 64L — Functions of Executive Committee of General Insurance Council.
• Section 64M — Executive Committee of General Insurance Council may advise in controlling expenses.
• Section 64N — Power of the Executive Committees to act together in certain cases.
• Section 64-O — Omitted..
• Section 64P — [Omitted.].
• Section 64Q — [Omitted.].
• Section 64R — General power of Life Insurance Council and General Insurance Council.
• Section 64S — [Omitted.].
• Section 64T — [Omitted.].
• Section 64U — Omitted.
• Section 64UA — Omitted.
• Section 64UB — Omitted.
• Section 64UC — Omitted.
• Section 64UD — Omitted.
• Section 64UE — Omitted.
• Section 64UF — Omitted.
• Section 64UG — Omitted.
• Section 64UH — Omitted.
• Section 64U-I — Omitted.
• Section 64UJ — Omitted.
• Section 64UK — Omitted.
• Section 64UL — Omitted.
• Section 64ULA — Omitted.
• Section 64UM — Surveyors and loss assessors.
• Section 64V — Assets and liabilities how to be valued.
• Section 64VA — Sufficiency of assets.
• Section 64VB — No risk to be assumed unless premium is received in advance.
• Section 64VC — Restrictions on the opening of a new place of business.
• Section 65 — [Omitted.].
• Section 65A — [Omitted.].
• Section 66 — [Omitted.].
• Section 67 — [Omitted.].
• Section 68 — [Omitted.].
• Section 69 — [Omitted.].
• Section 70 — [Omitted.].
• Section 70A — [Omitted.].
• Section 70B — [Omitted.].
• Section 71 — [Omitted.].
• Section 72 — [Omitted.].
• Section 73 — [Omitted.].
• Section 73A — [Omitted.].
• Section 74 — [Omitted.].
• Section 75 — [Omitted.].
• Section 76 — [Omitted.].
• Section 77 — [Omitted.].
• Section 78 — [Omitted.].
• Section 79 — [Omitted.].
• Section 80 — [Omitted.].
• Section 81 — [Omitted.].
• Section 82 — [Omitted.].
• Section 83 — [Omitted.].
• Section 84 — [Omitted.].
• Section 85 — [Omitted.].
• Section 86 — [Omitted.].
• Section 87 — [Omitted.].
• Section 87A — [Omitted.].
• Section 88 — [Omitted.].
• Section 89 — [Omitted.].
• Section 90 — [Omitted.].
• Section 90A — [Omitted.].
• Section 91 — [Omitted.].
• Section 92 — [Omitted.].
• Section 93 — [Omitted.].
• Section 94 — [Omitted.].
• Section 94A — Omitted.
• Section 95 — [Omitted.].
• Section 96 — [Omitted.].
• Section 97 — [Omitted.].
• Section 98 — [Omitted.].
• Section 98A — [Omitted.].
• Section 99 — [Omitted.].
• Section 100 — [Omitted.].
• Section 101 — [Omitted.].
• Section 101A — Re-insurance with Indian re-insurers.
• Section 101B — Advisory Committee.
• Section 101C — Examination of re-insurance treaties.
• Section 102 — Penalty for default in complying with, or act in contravention of this Act.
• Section 103 — Penalty for carrying on insurance business in contravention of sections 3.
• Section 104 — Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.
• Section 105 — Wrongfully obtaining or withholding property.
• Section 105A — Offences by companies.
• Section 105B — Penalty for failure to comply with sections 32B, 32C and 32D.
• Section 105C — Power to adjudicate.
• Section 105D — Factors to be taken into account by the adjudicating officer.
• Section 106 — Power of Court to order restoration of property of insurer or compensation in certain cases.
• Section 106A — Notice to and hearing of Authority.
• Section 107 — [Omitted.].
• Section 107A — Chairman, etc., to be public servants.
• Section 108 — Power of Court to grant relief.
• Section 109 — Cognizance of offences.
• Section 110 — Appeal to Securities Appellate Tribunal.
• Section 110A — Delegation of powers and duties of Chairperson of the Authority.
• Section 110B — Signature of documents.
• Section 110C — Power to call for information.
• Section 110D — Certain claims for compensation barred.
• Section 110E — [Omitted.].
• Section 110F — Provisions applicable to state Governments, etc.
• Section 110G — [Omitted.].
• Section 110H — [Omitted.].
• Section 110HA — Penalty to be recoverable as arrear of land revenue.
• Section 111 — Service of notices.
• Section 112 — Declaration of interium bonuses.
• Section 113 — Acquisition of surrender value by policy.
• Section 114 — Power of Central Government to make rules.
• Section 114A — Power of Authority to make regulations.
• Section 115 — Omitted.
• Section 116 — Power to exempt from certain requirements.
• Section 116A — Summary of returns to be published.
• Section 117 — Saving of provisions of Indian Companies Act, 2013.
• Section 118 — Exemptions
• Section 118A — Powers of Authority not to apply to International Financial Services Centre.
• Section 119 — Inspection and supply of copies of published prospectus, etc.
• Section 120 — Omitted.
• Section 121 — Repealed.
• Section 122 — Repealed.
• Section 123 — Repealed.

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