Section 52B: Powers and duties of the Administrator.

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

(1) The Administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the [Authority] a report stating which of the following courses is in the circumstances most advantageous to the general interests of the holders of life insurance policies, namely: --

(a) the transfer of the business of the insurer to some other insurer;

(b) the carrying on of its business by the insurer (whether with the policies of the business continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts);

(d) such other course as he deems advisable.

(2) On the filing of the report with the [Authority], the [Authority] may take such action as he thinks fit for promoting the interests of the holders of life insurance policies in general.

(3) Any order passed by the [Authority] under sub-section (2) shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, of a company.

Where this provision sits

Act	The Insurance Act, 1938
Section	52B
Marginal note	Powers and duties of the Administrator.
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 41 of 1999. . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
substituted, Act 41 of 1999. . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).

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