Section 31:
Assets of insurer how to be kept.
1 [(1) None of the assets in India of any insurer shall, except
in so far as assets are required to be vested in trustees under sub-section (7) of section 27, be kept
otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the
undertaking, if a company or an insurance co-operative society, as the case may be.]
2[(2) Nothing contained in this section shall be deemed to prohibit the endorsement in favour of a
banking company of any security or other document solely for the purpose of collection or for realisation
of interest, bonus or dividend.]
Notes:
1 Subs. by s. 30, ibid., for sub-section (1) (w.e.f. 26-12-2014).
2 Subs. by Act 47 of 1950, s. 22, for sub-section (2) (w.e.f. 1-6-1950). Earlier ins. by Act 6 of 1946, s. 18 (w.e.f. 20-3-1946).