| Sections | Insurance Act, 1938 |
| | |
| | Preamble |
| | |
| | PART I: PARAMILITARY |
| 1. | Short title, extent and commencement |
| 2. | Definitions |
| 2A. | Interpretation of certain words and expressions |
| 2B. | Appointment of Authority ofInsurance |
| | |
| | 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 | Repealed |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 |
| | |
| | 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 |
| | |
| | Investigation |
| 33. | Power of investigation and inspection by authority |
| | |
| | Appointment of Staff |
| 33A. | Power to appoint staff |
| 34. | Power of the Authority to issue directions |
| | |
| | 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 |
| | |
| | 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 |
| | |
| | Assignment or Transfer of Policies and Nominations |
| 38. | Assignment and transfer of insurance policies |
| 39. | Nomination by policy holder |
| | |
| | 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 |
