Since they are not the legal representatives of insurers, brokers, (2) Notice of the meeting shall be sent to each person individually and shall be advertised in the local official Gazette and in at least two newspapers circulatingin the State in which the society is situated. (8) If, after the expiry of three years or of such further period as may be allowed to any person under sub-section (7), the total paid up holding of any such person has not been reduced to the limits specified in that sub-section, any shares in excess of the limits specified in that sub-section shall vest in the Administrator-General of the State in which the registered office of the company concerned is situate and the Administrator-General shall take such steps as may be necessary for taking charge of any property which has so vested in him and shall dispose of the said shares and the proceeds thereof in such manner as may be prescribed. Power to make rules in respect of matters in this part. 64. Executive Committee of Life Insurance Council may advise in controlling expenses. (6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the court may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section. (7) There shall also be paid simple interest at the rate of three per cent per annum on the amount of the compensation for the period from the appointed day to the date on which payment of the compensation becomes due. (a)     any loans or temporary advances either on hypothecation of property or on personal security or               otherwise, except such loans as are specified in sub-section (1) of Section 27A; (b)     temporary advances to any chief, special or insurance agentto facilitate the carrying out of his               functions as such except in cases wheresuch advances do not exceed in the aggregate—. an insurer fails to comply with the provisions of section 32C, he shall be liable to a penalty not exceeding twenty-five lakh rupees for each such failure and in the case of subsequent and continuing failure, the registration granted to such insurer under section 3 shall be cancelled by the Authority. (3) The Administrator shall receive such remuneration as the CentralGovernment may direct and the Central Government may at any time cancel the appointment and appoint some other person as Administrator. (2) Without prejudice to the provisions contained in this Act, the Authority may, by the regulations made in this behalf, specify the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary. commencement begin to carry on insurance business in India, and, if the Central Government, by notification in the official Gazette, so declares all provident societies carrying on insurance business in India on the date of such notification and all provident societies which may begin to carry on insurance business in India after such date are hereby constituted a body corporate by the name of the Insurance Association of India. Directors of insurers being companies, 48A. 27. Issue of license to intermediary or insurance intermediary, 44. Power of Authority to order closure of foreign branches, 35. 4 of 1993, Act No. No risk to be assumed unless premium is received in advance, 64VC. (4) All rules made by a Local Government under the provisions of Section 24 of the Provident Insurance Societies Act, 1912 (5 of 1912), and in force at the commencement of this Act shall, so. Clients include individuals and families as well as businesses. to apply to general insurance business of the Life Insurance Corporation of. (5) If any question arises whether any person or body of persons is or is not a provident society within the meaning of this section, the Authority shall decide the question and his decision shall be final. (7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant. (3) The Insurance Association of India shall have perpetual successionand a common seal and shall have power to acquire, hold and dispose of all property both moveable, and immoveable and shall by the said name sue and be sued. (3) The Authority shall be entitled at any time to take such steps as he may consider necessary for the inspection or verification of the assets and liabilities of any insurer. (6) The assets required by this section to be held invested by an insurer incorporated or domiciled outside India shall, except to the extent of any part thereof which consists of foreign assets held outside India, be held in India and all such assets shall be held in trust for the discharge of the liabilitiesof the nature referred to in sub-section (1) and shall be vested in trustees resident in India and approved by the Authority, and the instrument of trust under this sub-section shall be executed by the insurer withthe approval of the Authority and shall define the manner in which alone thesubject-matter of the trust shall be dealt with. 87A (1) The insurance business of a provident society may be transferred to any person or transferred to or amalgamated with the insurance business of any other provident societyin accordance with a scheme prepared under this section and sanctioned by the Authority. (ii) certified copies of any other reports on which the scheme of amalgamation or transfer was founded. (1) Every insurer, in the case of an insurerspecified in sub-clause (. (1A) Every Insurer shall, at all times, on or after the commencement of the Insurance Regulatory and Development of Authority Act, 1999, maintain an excess of the value of his assets over the amount of his liabilities of not less than the amount arrived at as follows (hereinafter referred to in this section referred to as the “required solvency margin”), namely:-, in the case of an insurer carrying on life insurance business, the required solvency margin shall be the higher of the following amounts-, fifty crores of rupees (one hundred crores of rupees in case of reinsurers); or, the aggregate sums of the results arrived at in items (I) and (II) stated below:-. Duty of person having custody or control of property to deliver such property to the Advisory Committee, (1) Where any property of the TariffCommittee, or the Regional Councils (appertaining to its or their statutory duties) has been transferred to, and vested in, the Advisory Committee, then,­. (3) An order made by the Administrator under sub-section (1) shall, subject to any order made by the Central Government on appeal, be in force for a period of three months from the date of the order unless, before the expiry of the said period, an application is made under sub-section (1) of Sec. 115. (7) Where the total paid-up holding of any person in the shares of a company referred to sub-section (1) on the date of the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), exceeds five per cent of its paid-up capital where that person is a banking company or an investment company, or ten per cent of its paid-up capital in any other case, he shall dispose of the excess holding of shares within three years from such commencement or such further period not exceeding two years as may be allowed to him by the Central Government. (2) The Authority on being satisfied that the proposed amendment is not contrary to the provisions of this Act shall, unless he is of opinion that the amendment unfairly affects the rights of existing members or policy-holders of the society, issue to the society an acknowledgment of the registration of the amended rule. The Life Insurance Council may, with the approval of the Authority authorise its Executive Committee to hold examinations for individuals wishing to qualify themselves as insurance agents for the purpose of procuring life insurance business, and if the Authority, by notification in the official Gazette, so declares, then, not withstanding anything contained in Sec. (3) Every insurer shall value his assets and liabilities in the manner required by this section and in accordance with the regulations which may be made by the Authority in this behalf. (1) Every insurer shall re ­insurewith Indian re-insurers such percentage of the sum assured on each policy as may be specified by the Authority with the previous approval of the Central Government under sub-section (2). (2) The corporation consists of at least 3 members appointed by the Lieutenant Governor in Council. Offences by companies                                                                                                 3.169, 105B. Executive Committee of General Insurance Council may advise in, 64N. actuarial reports and abstracts in respect of the insurance business of each of the provident societies so concerned. (a)  the transfer of the business of the insurer to some other insurer: (b)  the carrying on of its business by the insurer (whether with the, policies of the business continued for the original sum insured with the. (4) The report of the actuary shall state in respect of each scheme whether the advantages, terms and conditions are workable and sound and, where no actuarial report such as is referred to in Section 81 has been made within the two years preceding the examination the report shall also state whether the assets of the society are sufficient to meet its liabilities under the existing schemes, and, if not how in the opinion of the actuary the existing contracts should be modified. insureds rather than insurers. (1) Every provident society, registered after the commencement of this Act, shall cause every scheme of insurance whichit proposes to put into operation, and every provident society registered before thecommencement of this Act under the provisions of theProvident Insurance Societies Act, 1912 (5 of 1912), shall cause any scheme which it proposes to put into operation for the first time, after such commencement to be examined by an actuary, and shall not receive any premium or contribution in connection with the scheme until the actuary has certified that the rates, advantages, terms and conditions of the scheme are workable and sound and such certificate has been forwarded to the Authority. Every insurer shall, on application by a policy-holder and on payment of a fee not exceedingone rupee, supply to the policy-holder certified copies of the questions put to him and his answers thereto contained in his proposal for insurance and in the medical report supplied in connection therewith. "policy" means a policy issued or renewed on or after the 1st day of April, 1961, in Respect. (3A) Any loan prohibited under sub-section (3), made before and outstanding at the commencement of the Insurance (Amendment) Act, 1940 (2 of 1940) shall be repaid before the 1st day of January, 1941, and in case of defaultthe director, manager managing agent, auditor, actuary, officer or partner who has received the loan or is connected with the concern which has received the loan, as the case may be, shall cease to hold office in or be a partner of the society and shall be ineligible to hold office in or to be a partner of the society until the loan is repaid. (i) that the company has failed to deposit or to keep deposited with the Reserve Bank of India the amounts required by Section 7 or Section 98; (ii) that the company having failed to comply with any requirement of this Act has continued such failure Nor having contravenedany provision of this Act has continued such contravention for a period of three months after notice ofsuchfailureNorcontravention has been conveyed to the company by the Authority. 20 of 1989, Act No. (1) The Tribunal shall have power to regulate its own procedure. (7) The Authority may, after giving reasonable notice to the insurer publish the report submitted by the Investigating Authority under sub-section (5) or such portion thereof as may appear to it to be necessary. 101B. (4) The Advisory Committee may, at any time, on the application of an insurer, make arrangements for the inspection of an organization which is concerned with the inspection of risks, adjustment of losses or fire-fighting appliances, and may, whenever necessary, advise insurers about the adequacy ofthearrangements for the inspection of risks and adjustment of losses or the suitability of such appliances: that no such inspection shall be made without the written permission of the concerned organization, Assets and liabilities of the General Insurance Council to vest in the Advisory Committee. (3) No public company as aforesaid which carries on life insurance business shall, after the commencement of the Insurance (Amendment) Act, 1950(47 of 1950), issue any shares other than ordinary shares of the nature specified in sub-section (l). (2B) An insurer who has submitted a plan under sub-section (2A) to the Authority shall propose modifications to the plan if the Authority considers it inadequate, and shall give effect to any plan accepted by the Authority as adequate. 119. (2) All insurers and provident societies incorporated or domiciled in, shall be known as members of the Insurance Association of India, and all insurers and provident societies incorporated or domiciled elsewhere than in, shall be known as associate members of that Association.­. An insurance agent is a licensee who “transacts insurance” on behalf of the insurer (Cal. (2) Every provident society registered under the provisions of the Provident Insurance Societies Act, 1912. Motor third-party insurance or the ‘act only’ cover, is a statutory requirement under the Motor Vehicles Act. 41 or any other person shall be instituted by any person unless he has previous thereto obtained the sanction of the Advocate-General of the State where the principal place of business in India of such insurer is situate to the institution of such proceedings: that where the principal place of business of such insurer is situated in a Union territory references in this section to the Advocate­ Generalof the Province shall be construed as references to the Attorney­ Generalfor. (2) Unless the insurer is a company, as defined in clause (2) of sub-section (1) of Section 2 of the Indian Companies Act, 1913 (7 of 1913), the accounts and statements referred to in sub-section (1) shall be signed by the insurer, or in the case of a company by the chairman, if any, and two directors and the principal officer of the company, or in the case of a firm by two partners of the firm, and shall be accompanied by a statement containing the names, descriptions and occupations of, and the directorships held by, the persons in charge of the management of business during the period to which such accounts and statements refer and by a report on the affairs of the business during that period. Extension of the Authority may, from time to time, 32B societies so concerned to ensure that you connected... Insurers to be directors of Life insurance societies common officers and requirement to... Than the insurer, in like-manner, add to, amend or vary any regulations... 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