Insurance Act, 1938
Bare Act · 1938
In the syllabus of: J&K Civil Judge · West Bengal Civil Judge
- Act number
- 4 of 1938
- Enacted
- 26 February 1938
- Contents
- 263 sections · 8 chapters
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Contents
Part I — Preliminary
- 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
Part II — Provisions Applicable To Insurers
- 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 (preview)
- Section 2CB – Properties in India not to be insured with foreign insurers except with the permission of Authority (preview)
- Section 2D – Insurers to be subject to this Act while liabilities remain unsatisfied (preview)
- Section 2E – [Omitted.] (preview)
- Section 3 – Registration (preview)
- Section 3A – Payment of annual fee by insurer (preview)
- Section 3AA – Foreign investment in equity (preview)
- Section 3B – Certification of soundness of terms of life insurance business (preview)
- Section 4 – Minimum limits for annuities and other benefits secured by policies of life insurance (preview)
- Section 5 – Restriction on name of insurer (preview)
- Section 6 – Requirements as to capital (preview)
- Section 6A – Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares (preview)
- Section 6AA – [Omitted.] (preview)
- Section 6B – Provision for securing compliance with requirements relating to capital structure (preview)
- Section 6C – [Omitted.] (preview)
- Section 7 – [Omitted.] (preview)
- Section 8 – [Omitted.] (preview)
- Section 9 – [Omitted.] (preview)
- Section 10 – Separation of accounts and funds (preview)
- Section 11 – Accounts and balance-sheet (preview)
- Section 12 – Audit (preview)
- Section 12A – Appointment of Actuary by insurer (preview)
- Section 13 – Actuary Report (preview)
- Section 14 – Record of policies and claims (preview)
- Section 14A – Processing of information of policyholders by insurers or other regulated entities of Authority (preview)
- Section 14B – Accuracy and security of information of policyholders (preview)
- Section 14C – Confidentiality of information of policyholders (preview)
- Section 15 – Submission of returns (preview)
- Section 16 – [Omitted.] (preview)
- Section 17 – [Omitted.] (preview)
- Section 17A – [Omitted.] (preview)
- Section 18 – Furnishing reports (preview)
- Section 19 – Abstract of proceedings of general meetings (preview)
- Section 20 – Custody and inspection of documents and supply of copies (preview)
- Section 21 – Powers of Authority regarding returns (preview)
- Section 22 – Powers of Authority to order revaluation (preview)
- Section 23 – Evidence of documents (preview)
- Section 24 – [Omitted.] (preview)
- Section 25 – Returns to be published in statutory forms (preview)
- Section 26 – Alterations in the particulars furnished with application for registration to be reported (preview)
- Section 27 – Investment of assets (preview)
- Section 27A – Omitted (preview)
- Section 27B – Omitted (preview)
- Section 27C – Omitted (preview)
- Section 27D – Omitted (preview)
- Section 27E – Prohibition for investment of funds outside India (preview)
- Section 28 – Statement and return of investment of assets (preview)
- Section 29 – Prohibition of loans (preview)
- Section 30 – Liability of directors, etc., for loss due to contravention of section 27, or section 29 (preview)
- Section 31 – Assets of insurer how to be kept (preview)
- Section 31A – Provisions relating to managers, etc (preview)
- Section 31B – Power to restrict payment of excessive remuneration (preview)
- Section 32 – [Omitted.] (preview)
- Section 32A – Prohibition of common officers and requirement as to whole-time officers (preview)
- Section 32B – Insurance business in rural and social sectors (preview)
- Section 32C – Obligations of insurer in respect of rural or unorganised sector and backward classes (preview)
- Section 32D – Obligation of insurer in respect of insurance business in third party risks of motor vehicles (preview)
- Section 33 – Power of investigation and inspection by Authority (preview)
- Section 33A – Power to appoint staff (preview)
- Section 34 – Power of the Authority to issue directions (preview)
- Section 34A – Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority (preview)
- Section 34B – Power of Authority to remove managerial persons from office (preview)
- Section 34C – Power of Authority to appoint additional directors (preview)
- Section 34D – Sections 34B and 34C to override other laws (preview)
- Section 34E – Further powers (preview)
- Section 34F – Power of Authority to issue directions regarding re-insurance treaties, etc (preview)
- Section 34G – Omitted (preview)
- Section 34H – Search and seizure (preview)
- Section 35 – Amalgamation and transfer of insurance business (preview)
- Section 36 – Sanction of amalgamation and transfer by Controller (preview)
- Section 37 – Statements required after amalgamation and transfer (preview)
- Section 37A – Power of Authority to prepare Scheme of Amalgamation (preview)
- Section 38 – Assignment and transfer of insurance policies (preview)
- Section 39 – Nomination by policy-holder (preview)
- Section 40 – Prohibition of payment by way of commission or otherwise for procuring business (preview)
- Section 40A – [Omitted.] (preview)
- Section 40B – Limitation of expenses of management in insurance business (preview)
- Section 40C – Furnishing details of expenses of management by insurer (preview)
- Section 42 – Appointment of insurance agents (preview)
- Section 42A – Prohibition of insurance business through principal agent, special agent and multilevel marketing (preview)
- Section 42D – Issue of registration to insurance intermediary (preview)
- Section 42E – Commission, brokerage or fee payable to intermediary or insurance intermediary (preview)
- Section 43 – Register of insurance agents (preview)
- Section 44 – [Omitted.] (preview)
- Section 44A – Power to call for information (preview)
- Section 45 – Policy not to be called in question on ground of mis-statement after two years (preview)
- Section 46 – Application of the law in force in India to policies issued in India (preview)
- Section 47 – Payment of money into Court (preview)
- Section 47A – [Omitted.] (preview)
- Section 48 – [Omitted.] (preview)
- Section 48A – . Insurance agent or intermediary or insurance intermediary not to be director in insurance company (preview)
- Section 48B – Further provision regarding directors (preview)
- Section 48C – [Omitted.] (preview)
- Section 49 – Restriction On dividends and bonuses (preview)
- Section 50 – Notice of options available to the assured on the lapsing of a policy (preview)
- Section 51 – Supply of copies of proposals and medical reports (preview)
- Section 52 – Prohibition of business of dividing principle (preview)
- Section 52A – When Board of Directors and the like, superseded and Administrator for management of insurance business may be appointed (preview)
- Section 52B – Powers and duties of the Administrator (preview)
- Section 52BB – Powers of Administrator respecting property liable to attachment under section 106 (preview)
- Section 52C – Cancellation of contracts and agreements (preview)
- Section 52D – Termination of appointment of Administrator (preview)
- Section 52E – Finality of decision appointing Administrator (preview)
- Section 52F – Penalty for withholding documents or property from Administrator (preview)
- Section 52G – Protection of action taken under sections 52A to 52D (preview)
- Section 52H – [Omitted.] (preview)
- Section 52J – [Omitted.] (preview)
- Section 52K – [Omitted.] (preview)
- Section 52L – [Omitted.] (preview)
- Section 52M – [Omitted.] (preview)
- Section 52N – [Omitted.] (preview)
- Section 53 – Winding up by the Court (preview)
- Section 53A – Unpaid-up share capital (preview)
- Section 54 – Voluntary winding up (preview)
- Section 55 – Valuation of liabilities (preview)
- Section 56 – Application of surplus assets of life insurance fund in liquidation or insolvency (preview)
- Section 57 – Winding up of secondary companies (preview)
- Section 58 – Schemes for partial winding up of insurance companies (preview)
- Section 59 – [Omitted.] (preview)
- Section 60 – Notice of policy values (preview)
- Section 61 – Power of Court to reduce contracts of insurance (preview)
- Section 61A – Appeal to National Company Law Appellate Tribunal (preview)
- Section 62 – Power of Central Government to impose reciprocal disabilities on non-Indian companies (preview)
- Section 63 – Particulars to be filed by insurers established outside India (preview)
- Section 64 – Books to be kept by insurers established outside India (preview)
Sections
- Section 41 – Prohibition of rebates (preview)
- Section 52-I – Omitted (preview)
- Section 64-I – Omitted (preview)
- Section 64-O – Omitted (preview)
- Section 64U-I – Omitted (preview)
Part IIA — Life Insurance Council And General Insurance Council And
- Section 64A – [Omitted.] (preview)
- Section 64B – [Omitted.] (preview)
- Section 64C – Councils of Life Insurance and General Insurance (preview)
- Section 64D – Authorisation to represent in Councils (preview)
- Section 64E – Authorities of the Life Insurance Council and the General Insurance Council (preview)
- Section 64F – Executive Committees of the Life Insurance Council and the General Insurance Council (preview)
- Section 64G – Resignation and filling up of casual vacancies (preview)
- Section 64H – Duration and dissolution of Executive Committees (preview)
- Section 64J – Functions of Executive Committee of Life Insurance Council (preview)
- Section 64K – Executive Committee of Life Insurance Council may advise in controlling expenses (preview)
- Section 64L – Functions of Executive Committee of General Insurance Council (preview)
- Section 64M – Executive Committee of General Insurance Council may advise in controlling expenses (preview)
- Section 64N – Power of the Executive Committees to act together in certain cases (preview)
- Section 64P – [Omitted.] (preview)
- Section 64Q – [Omitted.] (preview)
- Section 64R – General power of Life Insurance Council and General Insurance Council (preview)
- Section 64S – [Omitted.] (preview)
- Section 64T – [Omitted.] (preview)
Part IIB — Tariff Advisory Committee And Control Of Tariff Rates
- Section 64U – Omitted (preview)
- Section 64UA – Omitted (preview)
- Section 64UB – Omitted (preview)
- Section 64UC – Omitted (preview)
- Section 64UD – Omitted (preview)
- Section 64UE – Omitted (preview)
- Section 64UF – Omitted (preview)
- Section 64UG – Omitted (preview)
- Section 64UH – Omitted (preview)
- Section 64UJ – Omitted (preview)
- Section 64UK – Omitted (preview)
- Section 64UL – Omitted (preview)
- Section 64ULA – Omitted (preview)
- Section 64UM – Surveyors and loss assessors (preview)
Part IIC — Solvency Margin, Advance Payment Of Premium And Restrictions On The Opening Of A New Place Of Business
- Section 64V – Assets and liabilities how to be valued (preview)
- Section 64VA – Sufficiency of assets (preview)
- Section 64VB – No risk to be assumed unless premium is received in advance (preview)
- Section 64VC – Restrictions on the opening of a new place of business (preview)
- Section 65 – [Omitted.] (preview)
- Section 65A – [Omitted.] (preview)
- Section 66 – [Omitted.] (preview)
- Section 67 – [Omitted.] (preview)
- Section 68 – [Omitted.] (preview)
- Section 69 – [Omitted.] (preview)
- Section 70 – [Omitted.] (preview)
- Section 70A – [Omitted.] (preview)
- Section 70B – [Omitted.] (preview)
- Section 71 – [Omitted.] (preview)
- Section 72 – [Omitted.] (preview)
- Section 73 – [Omitted.] (preview)
- Section 73A – [Omitted.] (preview)
- Section 74 – [Omitted.] (preview)
- Section 75 – [Omitted.] (preview)
- Section 76 – [Omitted.] (preview)
- Section 77 – [Omitted.] (preview)
- Section 78 – [Omitted.] (preview)
- Section 79 – [Omitted.] (preview)
- Section 80 – [Omitted.] (preview)
- Section 81 – [Omitted.] (preview)
- Section 82 – [Omitted.] (preview)
- Section 83 – [Omitted.] (preview)
- Section 84 – [Omitted.] (preview)
- Section 85 – [Omitted.] (preview)
- Section 86 – [Omitted.] (preview)
- Section 87 – [Omitted.] (preview)
- Section 87A – [Omitted.] (preview)
- Section 88 – [Omitted.] (preview)
- Section 89 – [Omitted.] (preview)
- Section 90 – [Omitted.] (preview)
- Section 90A – [Omitted.] (preview)
- Section 91 – [Omitted.] (preview)
- Section 92 – [Omitted.] (preview)
- Section 93 – [Omitted.] (preview)
- Section 94 – [Omitted.] (preview)
- Section 94A – Omitted (preview)
- Section 95 – [Omitted.] (preview)
- Section 96 – [Omitted.] (preview)
- Section 97 – [Omitted.] (preview)
- Section 98 – [Omitted.] (preview)
- Section 98A – [Omitted.] (preview)
- Section 99 – [Omitted.] (preview)
- Section 100 – [Omitted.] (preview)
- Section 101 – [Omitted.] (preview)
Part IVA — Re-Insurance
- Section 101A – Re-insurance with Indian re-insurers (preview)
- Section 101B – Advisory Committee (preview)
- Section 101C – Examination of re-insurance treaties (preview)
Part V — Miscellaneous
- Section 102 – Penalty for default in complying with, or act in contravention of, this Act or Insurance Regulatory and Development Authority Act, 1999 (preview)
- Section 103 – Penalty for carrying on insurance business in contravention of sections 3 (preview)
- Section 104 – Penalty for contravention of sections 27 and 27E (preview)
- Section 105 – Wrongfully obtaining or withholding property (preview)
- Section 105A – Offences by companies (preview)
- Section 105B – Penalty for failure to comply with sections 32B, 32C and 32D (preview)
- Section 105BA – Penalty for contravention of section 42D (preview)
- Section 105C – Power to adjudicate (preview)
- Section 105D – Factors to be taken into account by the adjudicating officer (preview)
- Section 105E – Factors to be taken into account before imposing penalty (preview)
- Section 106 – Power of Court to order restoration of property of insurer or compensation in certain cases (preview)
- Section 106A – Notice to and hearing of Authority (preview)
- Section 107 – [Omitted.] (preview)
- Section 107A – Chairman, etc., to be public servants (preview)
- Section 108 – Power of Court to grant relief (preview)
- Section 109 – Cognizance of offences (preview)
- Section 110 – Appeal to Securities Appellate Tribunal (preview)
- Section 110A – Delegation of powers and duties of Chairperson of the Authority (preview)
- Section 110B – Signature of documents (preview)
- Section 110C – Power to call for information (preview)
- Section 110D – Certain claims for compensation barred (preview)
- Section 110E – [Omitted.] (preview)
- Section 110F – Provisions applicable to State Governments, and the like (preview)
- Section 110G – [Omitted.] (preview)
- Section 110H – [Omitted.] (preview)
- Section 110HA – Penalty to be recoverable as arrear of land revenue (preview)
- Section 111 – Service of notices (preview)
- Section 112 – Declaration of interium bonuses (preview)
- Section 113 – Acquisition of surrender value by policy (preview)
- Section 114 – Power of Central Government to make rules (preview)
- Section 114A – Power of Authority to make regulations (preview)
- Section 114B – Subsidiary instructions (preview)
- Section 114C – Consultative Committee (preview)
- Section 115 – Omitted (preview)
- Section 116 – Power to exempt from certain requirements (preview)
- Section 116A – Summary of returns to be published (preview)
- Section 117 – Saving (preview)
- Section 118 – Exemptions (preview)
- Section 118A – Powers of Authority not to apply to International Financial Services Centre (preview)
- Section 119 – Inspection and supply of copies of documents related to registration (preview)
- Section 120 – Omitted (preview)
- Section 121 – Repealed (preview)
- Section 122 – Repealed (preview)
- Section 123 – Repealed (preview)