The INSURANCE ACT, 1938

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the Insurance Act, 1938. (2) It extends to the whole of India [Omitted .]

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf.

Browse all 174 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions.
  3. 2A.Interpretation of certain words and expressions.
  4. 2B.Appointment of Controller of Insurance.
  5. 2C.Prohibition of transaction of insurance business by certain persons.
  6. 2CA.Power of Central Government to apply provisions of this Act to Special Economic Zones.
  7. 2CB.Properties in India not to be insured with foreign insurers except with the permission of Authority.
  8. 2D.Insurers to be subject to this Act while liabilities remain unsatisfied.
  9. 2E.[Omitted.].
  10. 3.Registration.
  11. 3A.Payment of annual fee by insurer.
  12. 3B.Certification of soundness of terms of life insurance business.
  13. 4.Minimum limits for annuities and other benefits secured by policies of life insurance.
  14. 5.Restriction on name of insurer.
  15. 6.Requirements as to capital.
  16. 6A.Requirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares.
  17. 6AA.[Omitted.].
  18. 6B.Provision for securing compliance with requirements relating to capital structure.
  19. 6C.[Omitted.].
  20. 7.[Omitted.].
  21. 8.[Omitted.].
  22. 9.[Omitted.].
  23. 10.Separation of accounts and funds.
  24. 11.Accounts and balance-sheet.
  25. 12.Audit.
  26. 13.Actuarial report and abstract.
  27. 14.Record of policies and claims.
  28. 15.Submission of returns.
  29. 16.[Omitted.].
  30. 17.[Omitted.].
  31. 17A.[Omitted.].
  32. 18.Furnishing reports.
  33. 19.Abstract of proceedings of general meetings.
  34. 20.Custody and inspection of documents and supply of copies.
  35. 21.Powers of Authority regarding returns.
  36. 22.Powers of Authority to order revaluation.
  37. 23.Evidence of documents.
  38. 24.[Omitted.].
  39. 25.Returns to be published in statutory forms.
  40. 26.Alterations in the particulars furnished with application for registration to be reported.
  41. 64A.[Omitted.].
  42. 64B.[Omitted.].
  43. 64C.Councils of Life Insurance and General Insurance.
  44. 64D.Authorisation to represent in Councils.
  45. 64E.Authorities of the Life Insurance Council and the General Insurance Council.
  46. 64F.Executive Committees of the Life Insurance Council and the General Insurance Council.
  47. 64G.Resignation and filling up of casual vacancies.
  48. 64H.Duration and dissolution of Executive Committees.
  49. 64-I.[Omitted.].
  50. 64J.Functions of Executive Committee of Life Insurance Council.
  51. 64K.Executive Committee of Life Insurance Council may advise in controlling expenses.
  52. 64L.Functions of Executive Committee of General Insurance Council.
  53. 64M.Executive Committee of General Insurance Council may advise in controlling expenses.
  54. 64N.Power of the Executive Committees to act together in certain cases.
  55. 64-O.[Omitted.].
  56. 64P.[Omitted.].
  57. 64Q.[Omitted.].
  58. 64R.General power of Life Insurance Council and General Insurance Council.
  59. 64S.[Omitted.].
  60. 64T.[Omitted.].
  61. 64U.Establishment of Tariff Advisory Committee.
  62. 64UA.Composition of the Advisory Committee.
  63. 64UB.Power to make rules in respect of matters in this Part.
  64. 64UC.Power of the Advisory Committee to regulate rates, advantages, etc.
  65. 64UD.Transitional provisions.
  66. 64UE.Power of the Advisory Committee require information, etc.
  67. 64UF.Assets and liabilities of the General Insurance Council to vest in the Advisory Committee.
  68. 64UG.Contracts, etc., to be effective by or against the Advisory Committee.
  69. 64UH.Employees, etc., to continue.
  70. 64UI.Duty of person having custody or control of property to deliver such property to the Advisory Committee.
  71. 64UJ.Power of the Advisory Committee to constitute Regional Committees.
  72. 64UK.Levy of fees by the Advisory Committee.
  73. 64UL.Power of remove difficulties.
  74. 64ULA.Transitional provisions.
  75. 64UM.Licensing of surveyors and loss assessors.
  76. 64V.Assets and liabilities how to be valued.
  77. 64VA.Sufficiency of assets.
  78. 64VB.No risk to be assumed unless premium is received in advance.
  79. 64VC.Restrictions on the opening of a new place of business.
  80. 65.[Omitted.].
  81. 65A.[Omitted.].
  82. 66.[Omitted.].
  83. 67.[Omitted.].
  84. 68.[Omitted.].
  85. 69.[Omitted.].
  86. 70.[Omitted.].
  87. 70A.[Omitted.].
  88. 70B.[Omitted.].
  89. 71.[Omitted.].
  90. 72.[Omitted.].
  91. 73.[Omitted.].
  92. 73A.[Omitted.].
  93. 74.[Omitted.].
  94. 75.[Omitted.].
  95. 76.[Omitted.].
  96. 77.[Omitted.].
  97. 78.[Omitted.].
  98. 79.[Omitted.].
  99. 80.[Omitted.].
  100. 81.[Omitted.].
  101. 82.[Omitted.].
  102. 83.[Omitted.].
  103. 84.[Omitted.].
  104. 85.[Omitted.].
  105. 86.[Omitted.].
  106. 87.[Omitted.].
  107. 87A.[Omitted.].
  108. 88.[Omitted.].
  109. 89.[Omitted.].
  110. 90.[Omitted.].
  111. 90A.[Omitted.].
  112. 91.[Omitted.].
  113. 92.[Omitted.].
  114. 93.[Omitted.].
  115. 94.[Omitted.].
  116. 94A.[Omitted.].
  117. 95.[Omitted.].
  118. 96.[Omitted.].
  119. 97.[Omitted.].
  120. 98.[Omitted.].
  121. 98A.[Omitted.].
  122. 99.[Omitted.].
  123. 100.[Omitted.].
  124. 101.[Omitted.].
  125. 101A.Re-insurance with Indian re-insurers.
  126. 101B.Advisory Committee.
  127. 101C.Examination of re-insurance treaties.
  128. 102.Penalty for default in complying with, or act in contravention of this Act.
  129. 103.Penalty for carrying on insurance business in contravention of sections 3.
  130. 104.Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.
  131. 105.Wrongfully obtaining or withholding property.
  132. 105A.Offences by companies.
  133. 105B.Penalty for failure to comply with sections 32B, 32C and 32D.
  134. 105C.Power to adjudicate.
  135. 105D.Factors to be taken into account by the adjudicating officer.
  136. 106.Power of Court to order restoration of property of insurer or compensation in certain cases.
  137. 106A.Notice to and hearing of Authority.
  138. 107.[Omitted.].
  139. 107A.Chairman, etc., to be public servants.
  140. 108.Power of Court to grant relief.
  141. 109.Cognizance of offences.
  142. 110.Appeal to Securities Appellate Tribunal.
  143. 110A.Delegation of powers and duties of Chairperson of the Authority.
  144. 110B.Signature of documents.
  145. 110C.Power to call for information.
  146. 110D.Certain claims for compensation barred.
  147. 110E.[Omitted.].
  148. 110F.Provisions applicable to state Governments, etc.
  149. 110G.[Omitted.].
  150. 110H.[Omitted.].
  151. 110HA.Penalty to be recoverable as arrear of land revenue.
  152. 111.Service of notices.
  153. 112.Declaration of interium bonuses.
  154. 113.Acquisition of surrender value by policy.
  155. 114.Power of Central Government to make rules.
  156. 114A.Power of Authority to make regulations.
  157. 115.Alteration of forms.
  158. 116.Power to exempt from certain requirements.
  159. 116A.Summary of returns to be published.
  160. 117.Saving of provisions of Indian Companies Act, 1913.
  161. 118.Exemptions.
  162. 119.Inspection and supply of copies of published prospectus, etc.
  163. 120.Determination of market value of securities deposited under this Act.
  164. 121.[Repealed.].
  165. 122.[Repealed.].
  166. 123.[Repealed.].
  167. SCH-THE FIRST SCHEDULE.—[Omitted.]..THE FIRST SCHEDULE.—[Omitted.].
  168. SCH-THE SECOND SCHEDULE.—[Omitted.]..THE SECOND SCHEDULE.—[Omitted.].
  169. SCH-THE THIRD SCHEDULE.— [Omitted.]..THE THIRD SCHEDULE.— [Omitted.].
  170. SCH-THE FOURTH SCHEDULE.— [Omitted.]..THE FOURTH SCHEDULE.— [Omitted.].
  171. SCH-THE FIFTH SCHEDULE.— [Omitted.]..THE FIFTH SCHEDULE.— [Omitted.].
  172. SCH-THE SIXTH SCHEDULE.THE SIXTH SCHEDULE
  173. SCH-THE SEVENTH SCHEDULE.THE SEVENTH SCHEDULE
  174. SCH-THE EIGHTH SCHEDULE.THE EIGHTH SCHEDULE