| 1 |
Short title, extent and commencement. | Read |
| 2 |
Definitions. | Read |
| 2A |
Interpretation of certain words and expressions. | Read |
| 2B |
Appointment of Controller of Insurance. | Read |
| 2C |
Prohibition of transaction of insurance business by certain persons. | Read |
| 2CA |
Power of Central Government to apply provisions of this Act to Special Economic Zones. | Read |
| 2CB |
Properties in India not to be insured with foreign insurers except with the permission of Authority. | Read |
| 2D |
Insurers to be subject to this Act while liabilities remain unsatisfied. | Read |
| 2E |
[Omitted.]. | Read |
| 3 |
Registration. | Read |
| 3A |
Payment of annual fee by insurer. | Read |
| 3B |
Certification of soundness of terms of life insurance business. | Read |
| 4 |
Minimum limits for annuities and other benefits secured by policies of life insurance. | Read |
| 5 |
Restriction on name of insurer. | Read |
| 6 |
Requirements as to capital. | Read |
| 6A |
Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares. | Read |
| 6AA |
[Omitted.]. | Read |
| 6B |
Provision for securing compliance with requirements relating to capital structure. | Read |
| 6C |
[Omitted.]. | Read |
| 7 |
[Omitted.]. | Read |
| 8 |
[Omitted.]. | Read |
| 9 |
[Omitted.]. | Read |
| 10 |
Separation of accounts and funds. | Read |
| 11 |
Accounts and balance-sheet. | Read |
| 12 |
Audit. | Read |
| 13 |
Actuarial report and abstract. | Read |
| 14 |
Record of policies and claims. | Read |
| 15 |
Submission of returns. | Read |
| 16 |
[Omitted.]. | Read |
| 17 |
[Omitted.]. | Read |
| 17A |
[Omitted.]. | Read |
| 18 |
Furnishing reports. | Read |
| 19 |
Abstract of proceedings of general meetings. | Read |
| 20 |
Custody and inspection of documents and supply of copies. | Read |
| 21 |
Powers of Authority regarding returns. | Read |
| 22 |
Powers of Authority to order revaluation. | Read |
| 23 |
Evidence of documents. | Read |
| 24 |
[Omitted.]. | Read |
| 25 |
Returns to be published in statutory forms. | Read |
| 26 |
Alterations in the particulars furnished with application for registration to be reported. | Read |
| 27 |
Investment of assets. | Read |
| 27A |
Further provisions regarding investments. | Read |
| 27B |
Provisions regarding investments of assets of insurer carrying general insurance business. | Read |
| 27C |
Investment by insurer in certain cases. | Read |
| 27D |
Manner and conditions of investment. | Read |
| 27E |
Prohibition for investment of funds outside India. | Read |
| 28 |
Statement and return of investment of assets. | Read |
| 29 |
Prohibition of loans. | Read |
| 30 |
Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29. | Read |
| 31 |
Assets of insurer how to be kept. | Read |
| 31A |
Provisions relating to managers, etc. | Read |
| 31B |
Power to restrict payment of excessive remuneration. | Read |
| 32 |
[Omitted.]. | Read |
| 32A |
Prohibition of common officers and requirement as to whole-time officers. | Read |
| 32B |
Insurance business in rural and social sectors. | Read |
| 32C |
Obligations of insurer in respect of rural or unorganised sector and backward classes. | Read |
| 32D |
Obligation of insurer in respect of insurance business in third party risks of motor vehicles. | Read |
| 33 |
Power of investigation and inspection by Authority. | Read |
| 33A |
Power to appoint staff. | Read |
| 34 |
Power of the Authority to issue directions. | Read |
| 34A |
Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Controller. | Read |
| 34B |
Power of Authority to remove managerial persons from office. | Read |
| 34C |
Power of Authority to appoint additional directors. | Read |
| 34D |
Sections 34B and 34C to override other laws. | Read |
| 34E |
Further powers. | Read |
| 34F |
Power of Authority to issue directions regarding re-insurance treaties, etc. | Read |
| 34G |
Omitted. | Read |
| 34H |
Search and seizure. | Read |
| 35 |
Amalgamation and transfer of insurance business. | Read |
| 36 |
Sanction of amalgamation and transfer by Controller. | Read |
| 37 |
Statements required after amalgamation and transfer. | Read |
| 37A |
Power of Authority to prepare Scheme of Amalgamation. | Read |
| 38 |
Assignment and transfer of insurance policies. | Read |
| 39 |
Nomination by policy-holder. | Read |
| 40 |
Prohibition of payment by way of commission or otherwise for procuring business. | Read |
| 40A |
[Omitted.]. | Read |
| 40B |
Limitation of expenses of management in life insurance business. | Read |
| 40C |
Limitation of expenses of management in general insurance business. | Read |
| 41 |
Prohibition of rebates. | Read |
| 42 |
Appointment of insurance agents. | Read |
| 42A |
Prohibition of insurance business through principal agent, special agent and multilevel marketing. | Read |
| 42D |
Issue of registration to intermediary or insurance intermediary. | Read |
| 42E |
Commission, brokerage or fee payable to intermediary or insurance intermediary. | Read |
| 43 |
Register of insurance agents. | Read |
| 44 |
[Omitted.]. | Read |
| 44A |
Power to call for information. | Read |
| 45 |
Policy not to be called in question on ground of mis-statement after two years. | Read |
| 46 |
Application of the law in force in India to policies issued in India. | Read |
| 47 |
Payment of money into Court. | Read |
| 47A |
[Omitted.]. | Read |
| 48 |
[Omitted.]. | Read |
| 48A |
. Insurance agent or intermediary or insurance intermediary not to be director in insurance company. | Read |
| 48B |
Further provision regarding directors. | Read |
| 48C |
[Omitted.]. | Read |
| 49 |
Restriction On dividends and bonuses. | Read |
| 50 |
Notice of options available to the assured on the lapsing of a policy. | Read |
| 51 |
Supply of copies of proposals and medical reports. | Read |
| 52 |
Prohibition of business of dividing principle. | Read |
| 52A |
When Administrator for management of insurance business may be appointed. | Read |
| 52B |
Powers and duties of the Administrator. | Read |
| 52BB |
Powers of Administrator respecting property liable to attachment under section 106. | Read |
| 52C |
Cancellation of contracts and agreements. | Read |
| 52D |
Termination of appointment of Administrator. | Read |
| 52E |
Finality of decision appointing Administrator. | Read |
| 52F |
Penalty for withholding documents or property from Administrator. | Read |
| 52G |
Protection of action taken under sections 52A to 52D. | Read |
| 52H |
[Omitted.]. | Read |
| 52-I |
Omitted.. | Read |
| 52J |
[Omitted.]. | Read |
| 52K |
[Omitted.]. | Read |
| 52L |
[Omitted.]. | Read |
| 52M |
[Omitted.]. | Read |
| 52N |
[Omitted.]. | Read |
| 53 |
Winding up by the Court. | Read |
| 53A |
Unpaid-up share capital. | Read |
| 54 |
Voluntary winding up. | Read |
| 55 |
Valuation of liabilities. | Read |
| 56 |
Application of surplus assets of life insurance fund in liquidation or insolvency. | Read |
| 57 |
Winding up of secondary companies. | Read |
| 58 |
Schemes for partial winding up of insurance companies. | Read |
| 59 |
[Omitted.]. | Read |
| 60 |
Notice of policy values. | Read |
| 61 |
Power of Court to reduce contracts of insurance. | Read |
| 61A |
Appeal to National Company Law Appellate Tribunal. | Read |
| 62 |
Power of Central Government to impose reciprocal disabilities on non-Indian companies. | Read |
| 63 |
Particulars to be filed by insurers established outside India. | Read |
| 64 |
Books to be kept by insurers established outside India. | Read |
| 64A |
[Omitted.]. | Read |
| 64B |
[Omitted.]. | Read |
| 64C |
Councils of Life Insurance and General Insurance. | Read |
| 64D |
Authorisation to represent in Councils. | Read |
| 64E |
Authorities of the Life Insurance Council and the General Insurance Council. | Read |
| 64F |
Executive Committees of the Life Insurance Council and the General Insurance Council. | Read |
| 64G |
Resignation and filling up of casual vacancies. | Read |
| 64H |
Duration and dissolution of Executive Committees. | Read |
| 64-I |
Omitted.. | Read |
| 64J |
Omitted. | Read |
| 64K |
Omitted. | Read |
| 64L |
Functions of Executive Committee of General Insurance Council. | Read |
| 64M |
Executive Committee of General Insurance Council may advise in controlling expenses. | Read |
| 64N |
Power of the Executive Committees to act together in certain cases. | Read |
| 64-O |
Omitted.. | Read |
| 64P |
[Omitted.]. | Read |
| 64Q |
[Omitted.]. | Read |
| 64R |
General power of Life Insurance Council and General Insurance Council. | Read |
| 64S |
[Omitted.]. | Read |
| 64T |
[Omitted.]. | Read |
| 64U |
Omitted. | Read |
| 64UA |
Omitted. | Read |
| 64UB |
Omitted. | Read |
| 64UC |
Omitted. | Read |
| 64UD |
Omitted. | Read |
| 64UE |
Omitted. | Read |
| 64UF |
Omitted. | Read |
| 64UG |
Omitted. | Read |
| 64UH |
Omitted. | Read |
| 64U-I |
Omitted. | Read |
| 64UJ |
Omitted. | Read |
| 64UK |
Omitted. | Read |
| 64UL |
Omitted. | Read |
| 64ULA |
Omitted. | Read |
| 64UM |
Surveyors and loss assessors. | Read |
| 64V |
Assets and liabilities how to be valued. | Read |
| 64VA |
Sufficiency of assets. | Read |
| 64VB |
No risk to be assumed unless premium is received in advance. | Read |
| 64VC |
Restrictions on the opening of a new place of business. | Read |
| 65 |
[Omitted.]. | Read |
| 65A |
[Omitted.]. | Read |
| 66 |
[Omitted.]. | Read |
| 67 |
[Omitted.]. | Read |
| 68 |
[Omitted.]. | Read |
| 69 |
[Omitted.]. | Read |
| 70 |
[Omitted.]. | Read |
| 70A |
[Omitted.]. | Read |
| 70B |
[Omitted.]. | Read |
| 71 |
[Omitted.]. | Read |
| 72 |
[Omitted.]. | Read |
| 73 |
[Omitted.]. | Read |
| 73A |
[Omitted.]. | Read |
| 74 |
[Omitted.]. | Read |
| 75 |
[Omitted.]. | Read |
| 76 |
[Omitted.]. | Read |
| 77 |
[Omitted.]. | Read |
| 78 |
[Omitted.]. | Read |
| 79 |
[Omitted.]. | Read |
| 80 |
[Omitted.]. | Read |
| 81 |
[Omitted.]. | Read |
| 82 |
[Omitted.]. | Read |
| 83 |
[Omitted.]. | Read |
| 84 |
[Omitted.]. | Read |
| 85 |
[Omitted.]. | Read |
| 86 |
[Omitted.]. | Read |
| 87 |
[Omitted.]. | Read |
| 87A |
[Omitted.]. | Read |
| 88 |
[Omitted.]. | Read |
| 89 |
[Omitted.]. | Read |
| 90 |
[Omitted.]. | Read |
| 90A |
[Omitted.]. | Read |
| 91 |
[Omitted.]. | Read |
| 92 |
[Omitted.]. | Read |
| 93 |
[Omitted.]. | Read |
| 94 |
[Omitted.]. | Read |
| 94A |
Omitted. | Read |
| 95 |
[Omitted.]. | Read |
| 96 |
[Omitted.]. | Read |
| 97 |
[Omitted.]. | Read |
| 98 |
[Omitted.]. | Read |
| 98A |
[Omitted.]. | Read |
| 99 |
[Omitted.]. | Read |
| 100 |
[Omitted.]. | Read |
| 101 |
[Omitted.]. | Read |
| 101A |
Re-insurance with Indian re-insurers. | Read |
| 101B |
Advisory Committee. | Read |
| 101C |
Examination of re-insurance treaties. | Read |
| 102 |
Penalty for default in complying with, or act in contravention of this Act. | Read |
| 103 |
Penalty for carrying on insurance business in contravention of sections 3. | Read |
| 104 |
Penalty for contravention of sections 27, 27A, 27B, 27D and 27E. | Read |
| 105 |
Wrongfully obtaining or withholding property. | Read |
| 105A |
Offences by companies. | Read |
| 105B |
Penalty for failure to comply with sections 32B, 32C and 32D. | Read |
| 105C |
Power to adjudicate. | Read |
| 105D |
Factors to be taken into account by the adjudicating officer. | Read |
| 106 |
Power of Court to order restoration of property of insurer or compensation in certain cases. | Read |
| 106A |
Notice to and hearing of Authority. | Read |
| 107 |
[Omitted.]. | Read |
| 107A |
Chairman, etc., to be public servants. | Read |
| 108 |
Power of Court to grant relief. | Read |
| 109 |
Cognizance of offences. | Read |
| 110 |
Appeal to Securities Appellate Tribunal. | Read |
| 110A |
Delegation of powers and duties of Chairperson of the Authority. | Read |
| 110B |
Signature of documents. | Read |
| 110C |
Power to call for information. | Read |
| 110D |
Certain claims for compensation barred. | Read |
| 110E |
[Omitted.]. | Read |
| 110F |
Provisions applicable to state Governments, etc. | Read |
| 110G |
[Omitted.]. | Read |
| 110H |
[Omitted.]. | Read |
| 110HA |
Penalty to be recoverable as arrear of land revenue. | Read |
| 111 |
Service of notices. | Read |
| 112 |
Declaration of interium bonuses. | Read |
| 113 |
Acquisition of surrender value by policy. | Read |
| 114 |
Power of Central Government to make rules. | Read |
| 114A |
Power of Authority to make regulations. | Read |
| 115 |
Alteration of forms. | Read |
| 116 |
Power to exempt from certain requirements. | Read |
| 116A |
Summary of returns to be published. | Read |
| 117 |
Saving of provisions of Indian Companies Act, 2013. | Read |
| 118 |
Exemptions | Read |
| 118A |
Powers of Authority not to apply to International Financial Services Centre. | Read |
| 119 |
Inspection and supply of copies of published prospectus, etc. | Read |
| 120 |
Determination of market value of securities deposited under this Act. | Read |
| 121 |
Repealed. | Read |
| 122 |
Repealed. | Read |
| 123 |
Repealed. | Read |
