The Insurance Act, 1938
Central Act ยท Act 4 of 1938162 provisions20 citing judgments
The enactment
| Long title | An Act to consolidate and amend the law relating to the business of insurance. |
|---|---|
| Type | Act |
| Citation | Act 4 of 1938 |
| Year | 1938 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 162 |
| Subjects | financial |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.
- Section 2 Definitions.3 citing judgments
- 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.1 citing judgment
- Section 6B Provision for securing compliance with requirements relating to capital structure.
- 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 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 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 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.2 citing judgments
- Section 39 Nomination by policy-holder.1 citing judgment
- Section 40 Prohibition of payment by way of commission or otherwise for procuring business.
- 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 44A Power to call for information.
- Section 45 Policy not to be called in question on ground of mis-statement after two years.3 citing judgments
- Section 46 Application of the law in force in India to policies issued in India.
- Section 47 Payment of money into Court.
- Section 48A . Insurance agent or intermediary or insurance intermediary not to be director in insurance company.
- Section 48B Further provision regarding directors.
- 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 52J [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 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.3 citing judgments
- Section 64C Councils of Life Insurance and General Insurance.1 citing judgment
- 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 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 64R General power of Life Insurance Council and General Insurance Council.
- Section 64ULA Omitted.
- Section 64UM Surveyors and loss assessors.2 citing judgments
- 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.2 citing judgments
- Section 64VC Restrictions on the opening of a new place of business.
- Section 65A [Omitted.].
- Section 94A Omitted.
- Section 98 [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 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 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.1 citing judgment
- Section 114A Power of Authority to make regulations.1 citing judgment
- 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.
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