| Sections |
Insurance Act, 1938 |
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Preamble |
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PART I: PARAMILITARY |
| 1. |
Short title, extent and commencement |
| 2. |
Definitions |
| 2A. |
Interpretation of certain words and expressions |
| 2B. |
Appointment of Authority ofInsurance |
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PART II: PROVISIONS APPLICABIJE TO INSURERS |
| 2C. |
Prohibition of transaction of insurance business by certain persons |
| 2D. |
Insurers to be subject to this Act while liabilities Main unsatisfied |
| 2E. |
This Act not to apply tocertain insurers, ceasing to enter into new Contracts before commencement of Act |
| 3. |
Registration |
| 3A. |
Renewal of registration |
| 3B. |
Certification of soundness of terms of life insurance business |
| 4. |
Minimum limits for annuities and other benefits secured by policies of life insurance |
| 5. |
Restriction on name of insurer |
| 6. |
Requirement as to capital |
| 6A. |
Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares |
| 6AA. |
Manner of divesting excess shareholding by promoter in certain cases |
| 6B. |
Provision for securing compliance with requirements relating to Capital structure |
| 6C. |
Conversion of company limited by shares into company limited by guarantee |
| 7. |
Deposits |
| 8. |
Reservation of deposits |
| 9. |
Refund of deposit |
| 10. |
Separation of accounts and funds |
| 11. |
Accounts and balance sheet |
| 12. |
Audit |
| 13. |
Actuarial report and abstract |
| 14. |
Register of policies and register of claims |
| 15. |
Submission of returns |
| 16. |
Returns by insurers established outside India |
| 17. |
Exemption from certain provisions of the Indian Companies Act, 1913 |
| 17A. |
This Act not to apply to preparation of accounts, etc., for periods prior to this Act coming into force |
| 18. |
Furnishing reports |
| 19. |
Abstract of proceedings of general meetings |
| 20. |
Custody and inspection of documents and supply of copies |
| 21. |
Powers of Authority regarding returns |
| 22. |
Powers of Authority to order revaluation |
| 23. |
Evidence of documents |
| 24. |
Repealed |
| 25. |
Returns to be published in statutory forms |
| 26. |
Alterations in the particulars furnished with application for registration to be reported |
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Investment, Loans and Management |
| 27. |
Investment of assets |
| 27A. |
Further provisions regarding investments |
| 27B. |
Further provisions regarding investments |
| 27C. |
Prohibition for investment of funds outside India |
| 28. |
Statement of investments of assets |
| 28A. |
Return of investments relating to controlled fund and changes therein |
| 28B. |
Returns of investments relating to the assets and changes therein |
| 29. |
Prohibition of loans |
| 30. |
Liability of directors, etc., for loss due to contravention of sections 27, 27A and 29 |
| 31. |
Assets of insurer how to be kept |
| 31A. |
Provisions relation to managers, etc. |
| 31B. |
Power to restrict payment of excessive remuneration |
| 32. |
Limitation on employment of managing agents and on the remuneration payable to them |
| 32A. |
Prohibition of common officers and requirement as to whole time officers |
| 32B. |
Insurance business in rural or social sector |
| 32C. |
Obligations of insurer in respect of rural or unorganized sector and backward classes |
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Investigation |
| 33. |
Power of investigation and inspection by authority |
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Appointment of Staff |
| 33A. |
Power to appoint staff |
| 34. |
Power of the Authority to issue directions |
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Control over Management |
| 34A. |
Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority |
| 34B. |
Power of Authority to remove managerial persons from office |
| 34C. |
Power of Controller to appoint additional directors |
| 34D. |
Sections 34B and 34C to override other laws |
| 34E. |
Further powers |
| 34F. |
Power of Authority to issue directions regarding re‑insurance treaties, etc. |
| 34G. |
Power of Authority to order closure of foreign branches |
| 34H. |
Search and seizure |
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Amalgamation and Transfer of Insurance Business |
| 35. |
Amalgamation and transfer of insurance business |
| 36. |
Sanction of amalgamation and transfer by Authority |
| 37. |
Statements required after amalgamation and transfer |
| 37A. |
Power of Authority to prepare scheme of amalgamation |
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Assignment or Transfer of Policies and Nominations |
| 38. |
Assignment and transfer of insurance policies |
| 39. |
Nomination by policy holder |
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Commission and Rebates and Licensing of Agents |
| 40. |
Prohibition of payment by way of commission or otherwise for procuring business |
| 40A. |
Limitation of expenditure on commission |
| 40B. |
Limitation of expenses of management in life insurance business |
| 40C. |
Limitation of expenses of management in general insurance business |
| 41. |
Prohibition rebates |
| 42. |
Licensing of insurance agents |
| 42A. |
Registration of principal agents, chief agents and special agents |
| 42B. |
Regulation of employment of principal agents |
| 42C. |
Regulation of employment of chief agents and special agents |
| 42D. |
Issue of license to intermediary or insurance intermediary |
| 42E. |
Commission, brokerage or fee payable to intermediary or insurance intermediary |
| 43. |
Register of insurance agents |
| 44. |
Prohibition of cessation of payments of commission |
| 44A. |
Power to call far information |
