Omission of section 2E.
Amendment of section 3.
"(2) Every application for registration shall be made in such manner and shall be accompanied by such documents as 6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— may be specified by the regulations.";
(if) in sub-section (2A), in clause (d), for the figures, letter and word "'5, 31A and 32", the figures, word and letter "5 and 31 A" shall be substituted;
(Hi) for sub-section (2Q, the following sub-section shall be substituted, namely:— "(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.";
(iv) sub-section (2D) shall be omitted;
(v) for sub-sections (3), (4), (5) and (5A), the following sub sections shall be substituted, namely:— "(3) In the case of any insurer having joint venture with a person having its principal place of business domiciled outside India orany insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied that in the country in which such person has been debarred by law or practice of that country to carry on insurance business.
(4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,—
(a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or
(b) if the insurer is in liquidation or is adjudged as an insolvent, or
(c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer without the approval of the Authority, or
(d) if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or any regulation or order made or, any direction SHC. I ] THE GAZETTE OF INDIA EXTRAORDINARY 7 issued thereunder, or
(e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular court of law, or (/) if the insurer carries on any business other than insurance business or any prescribed business, or
(g) if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and 41 of 1999. Development Authority Act, 1999, or
(h) if the insurer makes a default in complying with, or acts in contravention of, any requirement of the 18 of 2013. Companies Act, 2013 or the General Insurance Business 51°[\V2: (Nationalisation) Act, 1972 or the Foreign Exchange Management Act, 1999 or the Prevention of Money Laundering Act, 2002, or 42 of 1999 15 of 2002 (/) if the insurer fails to pay the annual fee required under section 3 A, or (/) if the insurer is convicted for an offence under'any law for the time being in force, or
(k) if the insurer being a co-operative society set up under the relevant State laws or, as the case may be, the 39 of 2002. Multi-State Co-operative Societies Act, 2002, contravenes the provisions of law as may be applicable to the insurer.
(5) When the Authority suspends or cancels any registration under clause (a), clause (d), clause (e), clause (/), clause (g) or clause (i) of sub-section (4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in that behalf in the notice, such date not being less than one month nor more than two months from the date of the receipt of the notice in the ordinary course of transmission.
(5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the case may be, shall take effect on the date on which notice of the order of suspension or cancellation is served on the insurer/'.
THE GAZETTE OF INDIA EXTRAORDINARY [PART II— 41 of 1999.
(yi) for sub-section (5C), the following sub-section shall be substituted, namely:— "(5C) Where a registration is suspended or cancelled under clause (a), clause '(d), clause (e), clause (/), clause (g) or clause (;) of sub-section (4), the Authority may at its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancellation took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application under sub-section (4) of section 3A accepted, or satisfies the Authority that no claim upon him such as is referred to in clause (e) of sub-section (4) remains unpaid or that he has complied with any requirement of this Act or the Insurance Regulatory and Development Authority Act, 1999, or of any rule or any regulation, or any order made thereunder or any direction issued under those Acts, or that he has ceased to carry on any business other than insurance business or any prescribed business, as the case may be, and complies with any directions which may be giveri to him by the Authority.".
7. For section 3A of the Insurance Act, the following section Substitution shall be substituted, namely:— of new section for section
3A.
"3 A. (7) An insurer who has been granted a certificate of Payment of registration under section 3 shall pay such annual fee to the f™11^ fee hV Authority in such manner as may be specified by the insurerregulations.
(2) Any failure to deposit the annual fee shall render the certificate of registration liable to be cancelled.".