Section 37:
Statements required after amalgamation and transfer.
Where an amalgamation takes place
between any two or more insurers, or 2[where any business of an insurer is transferred], whether in
accordance with a scheme confirmed by the 1[Authority] or otherwise, the insurer carrying on the
amalgamated business or 3[the person to whom the business is transferred], as the case may be, shall,
within three months from the date of the completion of the amalgamation or transfer, 4[furnish in
duplicate to the 1[Authority]] --
(a) a certified copy of the scheme, agreement or deed under which the amalgamation or transfer has
been effected, and
(b) 5[ a declaration signed by every party concerned] or in the case of a company by the chairman and
the principal officer that to the best of their belief every payment made or to be made to any person
whatsoever on account of the amalgamation or transfer is therein fully set forth and that no other
payments beyond those set forth have been made or are to be made either in money, policies, bonds,
valuable securities or other property by or with the knowledge of any parties to the amalgamation or
transfer, and
6[(c) where the amalgamation or transfer has not been made in accordance with a 7[scheme approved]
by the 8[Authority] under section 36--
(i) balance-sheets in respect of the insurance business of each of the insurers concerned in such
amalgamation or transfer, prepared in the Form set forth in Part II of the First Schedule and in
accordance with the regulations contained in Part I of that Schedule, and
(ii) certified copies of any other reports on which the scheme of amalgamation or transfer was
founded.]
Notes:
1. Subs. by s. 30 and the First Schedule, ibid., for "Controller" (w.e.f. 19-4-2000). Earlier subs. by Act 47 of 1950, s. 26, for
"Court" (w.e.f. 1-6-1950).
2. Subs. by Act 13 of 1941, s. 24, for "where any business of one insurer is transferred to another" (w.e.f. 8-4-1941).
3. Subs. by s. 24, ibid., for "the insurer to whom the business is transferred" (w.e.f. 8-4-1941).
4. Subs. by s. 24, ibid., for "furnish to the Central Government" (w.e.f. 8-4-1941).
5. Subs. by Act 13 of 1941, s. 21, for "a declaration signed by every insurer concerned" (w.e.f. 8-4-1941).
6. Subs. s. 24, ibid., for clause (c) (w.e.f. 8-4-1941).
7. Subs. by Act 41 of 1999, s. 30 the First Schedule, for "scheme sanctioned" (w.e.f. 19-4-2000).
8. Subs. by s. 30, and the First Schedule, ibid., for "Controller" (w.e.f. 19-4-2000).