Section 41: Prohibition of rebates.

The Insurance Act, 1938Central Act · Act 4 of 1938

(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to [take out or renew or continue] an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing [or continuing] a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:

[Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.]

[(2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.]

Where this provision sits

Act	The Insurance Act, 1938
Section	41
Marginal note	Prohibition of rebates.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Act 13 of 1941. . Subs. by Act 13 of 1941, s. 27, for effect or renew (w.e.f. 8-4-1941).
inserted. . Ins. by s. 27, ibid, (w.e.f. 8-4-1941).
substituted, Act 5 of 2015. . Subs. by Act 5 of 2015, s. 48, for sub-section (2) (w.e.f. 26-12-2014).

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