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Framework for Operating Insurance Companies In India Under The Insurance Act Of 1938

Framework for Operating Insurance Companies In India Under The Insurance Act Of 1938

The Insurance Act, 1938, broadly provides the ground rules for the operating insurance companies in India. The Act provides for the following:

The Insurance Act is the parent legislation which aimed at consolidating and amending the law relating to the business of insurance in February 1938, when, during the British Rule in India, there were many insurance companies which were operating. The Insurance Act, 1938, broadly provides the ground rules for the operating insurance companies in India.

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The Insurance Act, 1938 has been segregated into five parts:

1. Part I: (Section 1 to Section 2B)

Part I of Insurance Act, 1938 deals with Definitions, interpretation of Certain Words and expressions and Appointment of Authority in India

2. Part II: (Section 2C to Section 64)

Part II of Insurance Act contains provisions relating to:

(a) Insurers (Section 2 C to Section 26)

(b) Investment, Loans and Management(Section 27 to Section 32C)

(c) Investigation (Section 33)

(d) Appointment of Staff (Section 33A to Section 34)

(e) Control over Management(Section 34A to Section 34H)

(f) Amalgamation and Transfer of Insurance Business(Section 35 to Section 37A)

(g) Assignment or Transfer of Policies and Nominations (Section 38 to Section 39)

(h) Commission and Rebates and Licensing of Agents(Section 40 to Section 44A)

(i) Special Provisions of Law(Section 45 to Section 52)

(j) Management by Administrator(Section 52 A to Section 52G)

(k) Acquisition of the Undertakings of Insurers in certain cases(Section 52H to Section 52N)

(l) Winding up(Section 53 to Section 61)

(m) Special Provisions relating to External Companies(Section 62 to Section 64)

PART II A (Section 64A to Section 64T)

PART II A contains provisions relating to Insurance Association of India, Council of the Association and Committees thereof (Section 64 to Section 64T)

PART IIB (Section 64U to Section 64UM)

PART II B contains provisions relating to TARIFF ADVISORY (Section 64U to Section 64UM)

PART IIC (Section 64 V to Section 64VC)

PART II C contains provisions relating to Solvency Margin, Advance Payment of Premium and Restrictions on the Opening of A New Place of Business

3. PART III (Section 65 to Section 94)

Part III contains provisions relating to Provident Societies

PART IIIA (Section 94A)

Part III A contains provisions relating to Insurance Co-Operative Societies

4. PART IV (Section 95 to Section 101)

Part IV contains provisions relating to Mutual insurance Companies and cooperative life insurance societies

PART IVA (Section 101A to Section 101C)

Part IV A contains provisions relating To Re-Insurance

5. PART V (Section 102 to Section 120)

Part V contains provisions relating to miscellaneous matters

Insurance Law And Practice - ICSI
Framework for Operating Insurance Companies In India Under The Insurance Act Of 1938 Framework for Operating Insurance Companies In India Under The Insurance Act Of 1938 Reviewed by Blog Editor on Thursday, May 04, 2017 Rating: 5

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