(1) where all the employees of an insurer whose controlled business is transferred to and vested in the Corporation under section 7 do not become employees of the Corporation under section 11, all the moneys and other assets belonging to the provident fund or superannuation fund or any other like fund referred to in sub-section
(1) of section 8 shall be apportioned between the trustees of the fund and the Corporation in the following manner, namely;-
(i) the moneys and other assets of any provident fund shall be apportioned in the proportion which the total of the amounts lying to the credit of the persons becoming employees of the Corporation bears to the total of the amounts lying to the credit of the persons who do not become employees of the Corporation;
(ii) the moneys and other assets of any superannuation fund shall be apportioned in the proportion which the liability of the fund in respect of the persons becoming employees of the Corporation bears to a similar liability in respect of the persons who do not become employees of the Corporation, such liability to be ascertained on such basis as may be determined by the Corporation and approved by the Central Government; and
(iii) the moneys and other assets of any other like fund shall be apportioned in accordance with the principles set out in clause
(i) or clause (ii), as the case may be.
(2) The provisions of sub-rule (1) shall, so far as may be, apply in relation to the valuation and apportionment of moneys and other assets belonging to any provident fund or superannuation fund or any other like fund referred to in clause (f) of sub-section (2) of section 10, as they apply in relation to the apportionment and valuation of moneys and other assets belonging to a provident fund, superannuation fund or any other like fund referred to in sub-section
(1) of section 8.
5
Explanation – For the purposes of this rule the assets of a provident fund, superannuation fund or any other like fund shall be valued at the market rate as on the appointed day.
11. Transfer of service of existing employees of chief agents-The provisions of section 12 shall apply only in respect of the employees of a chief agent of an insurer who was, under the terms of his contract with the insurer, required to render the following services to the policyholders, namely:-
(a) collection of premiums from the policyholders in respect of policies secured through his insurance agents in the area for which he was appointed chief agent; and
(b) issuing of final (pucka) receipts for the premiums so collected.
10 [12. Reference to the Tribunal, etc.-
(1) where the amount of compensation offered under subsection (2) of section 16 is not acceptable to an insurer, or where the compensation offered under section 36 is not acceptable to a chief agent or a special agent, the insurer, the chief agent or the special agent, as the case may be, for the purpose of having the matter referred to the Tribunal, apply to the Corporation along with the documents specified, if any, in this behalf by the Tribunal in regulations made by it under section 17 (in this rule referred to as the regulations)-
(a) In cases where the compensation was offered before the 1 st day of November, 1964, not later than the 31 st day of January, 1965 or, if the applicant is an insurer to whom compensation is payable under Part B of the First Schedule to the Act, not later than the 31 st day of April, 1965;
(b) In all other cases within three months from the date on which the compensation is offered, or, if the applicant is an insurer to whom compensation is payable under Part B of the First 10 Sub. By G.S.R. 1568 dated 31st October, 1964 6 Schedule to the Act, within six months form the date on which the compensation is offered.
(2) The Corporation shall within three months of the date of receipt of an application under sub-rule (1) refer the matter to the Tribunal for decision along with a written statement and other documents specified, if any, by the Tribunal in the regulations.
(3) (i) Where an application under sub-rule (1) is made after the expiry of the period specified therefore in that sub-rule, the Corporation shall, notwithstanding the expiration of the said period, refer the matter within three months of the date of receipt of the application to the Tribunal for decision along with a written statement and other documents specified, if any, in the regulations.
(ii)The Tribunal may admit a reference made under clause (i) if the applicant satisfies the Tribunal that he had sufficient cause for not making the application to the Corporation within the period specified therefor in sub-rule (1).
(4) An application to the Tribunal under section 15, or a reference to the Tribunal, other than a reference referred to in sub-rule (2) or sub-rule (3), may be made-
(a) in cases, where the cause of action arose before the 1 st day of November, 1964, not later than 31 st day of January, 1965,
(b) in all cases, within a period of three months from the date on which the cause of action arose:
Provided that the Tribunal may admit an application or a reference other than a reference referred to in sub-rule (2) or sub-rule (3) after the expiry of the relevant period referred to in clause (a) or clause (b) if the person making the application or reference satisfies the Tribunal that there was sufficient cause for not making in within that period.]
7 11 [12A. Jurisdiction of Tribunal:- The Tribunal may exercise jurisdiction in the whole of India and shall have power to decide or determine all or any of the following matters, namely-
(i) any question whether of title or of liability or of any nature whatsoever in relation to the assets and liabilities pertaining to the controlled business of an insurer transferred to and vested in the Corporation;
(ii) any question under section 10 or under any rules made there under whether any property is or was held or used by a composite insurer for the purposes of his controlled business;
(iii) every application made under section 15 and all claims outstanding in respect of any transaction which may be the subject matter of any such application determined in favour of the Corporation;
(iv) all claims for compensation payable under the Act to insurers whose controlled business has been transferred to and vested in the Corporation; and all matters connected with the determination, payment and distribution of such compensation;
(v) all claims for compensation payable under the Act to chief agents or special agents for contracts terminated under section 36; and all matters connected with the determination, payment and distribution of such compensation;
(vi) such supplemental, incidental or consequential matters which the Tribunal may deem it expedient or necessary to decide or determine for the purpose of securing that the jurisdiction vested in it under the Act and in respect of matters referred to above is fully and effectively exercised.]