Penalty for default in complying with or act in contravention of, this Act.
102. If any person, who is required under this Act, or rules or regulations made there under,-
(a) to furnish any document, statement, account, return or report to the Authority fails to furnish the same; or
(b) to comply with the directions, fails to comply with such directions;
(c) to maintain solvency margin, fails to maintain such solvency margin;
(d) to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties,
he shall be liable to a penalty not exceeding five lakh rupees for each such failure and punishable with fine.
Penalty for carrying on insurance business in contravention of sections 3, 7 and 98:
103. If a person makes a statement, or furnishes any document, statement, account, return or report which is false and which he either knows or believes to be false or does not believe to be true,-
(a) he shall be liable to a penalty not exceeding five lakh rupees for each such failure; and
(b) he shall be punishable with imprisonment which may extend to three years or with fine for each such failure.
Penalty for false statement in document
104. If a person fails to comply with the provisions of section 27 or section 27A or section 27B or section 27C or section 27D, he shall be liable to a penalty not exceeding five lakh rupees for each such failure.
Wrongfully obtaining or withholding property.
105. If any director, managing director, manager, or other officer or employees of an insurer wrongfully obtains possession of any property or wrongfully applies to any purpose of the Act, he shall be liable to a penalty not exceeding two lakh rupees for each such failure.
Offences by Companies
105A. (1) Where any offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section(1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or it attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation- For the purposes of this section,-
(a) “company” means any body corporate, and includes-
i. a firm; and
ii. an association of persons or a body of individuals, whether incorporated or not; and
(b) “director” in relation to –
i. a firm, means a partner in the firm;
ii. an association of persons or a body of individuals, means any member controlling the affairs thereof.
Penalty for failure to comply with section 32B
105B. If an insurer fails to comply with the provisions of section 32B, he shall be liable to a penalty not exceeding five lakh rupees for each such failure and shall be punishable with imprisonment which may extend to three years or with fine for each such failure.
Penalty for failure to comply with section 32C
105C. If 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.
Power of Court to order restoration of property of insurer or compensation in certain cases
106. (l) If, on the application of the Authority or an Administrator appointed under Section 52 A or an insurer or any policy holder or any member of an insurance company or the liquidator of an insurance company (in the event of the insurance company being in liquidation), the Court is satisfied—
(a) that any insurer (including in any case where the insurer is an insurance company any person who has taken part in the promotion or formation of the insurance company or any past or present director, managing agent, manager secretary or liquidator) or any officer employee or agent of the insurer,—
i. has misapplied or retained or become liable or become accountable for any money or property of the insurer; or
ii. has been guilty of any misfeasance or breach of trust in relation to the insurer; or
(b) that any person, whether he is or has been in any way connected with the affairs of the insurer or not, is in wrongful possession of any money or property of the insurer or having any such money or property in his possession wrongfully withholds it or has converted it to any use other than that of the insurer; or
(c) that by reason of any contravention of the provisions of this Act, the amount of the life insurance fund has been diminished;
the Court may examine any such insurer, director, managing agent, manager, secretary or liquidator or any such other officer, employee or agent of the insurer or such other person, as the case may be, and may compel him to contribute such sums to the assets of the insurer by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust, as the Court thinks fit, or to pay such sum as may be found due from him in respect of any money or property of the insurer for which he is liable or accountable or to restore any money or property of the insurer or any part thereof, as the case may be; and where the amount of the life insurance fund has been diminished by reason of any contravention of the provisions of this Act, the Court shall have power to assess the sum by which the amount of the fund has been diminished and to order the person guilty of such contravention to contribute to the fund the whole or any part of that sum by way of compensation; and in any of the aforesaid cases the Court shall have power to order interest to be paid at such rate and cases the Court shall have power to order interest to be paid at such rate and from such time as the Court may deem fit.
(2) Without prejudice to the provisions contained in sub section (1) or sub¬section (3), where it is proved that any money or property of an insurer has disappeared or has been lost' the Court shall presume that every person in charge of, or having a disposing power over, such money or property at the relevant time (whether a director, manager, principal officer or any other officer) has become accountable for such money or property within the meaning of sub clause (i) of Clause (a) to sub section (1), and the provisions of that sub-section shall apply accordingly, unless such person proves that the money or property has been utilised or disposed of in the ordinary course of the business of the insurer and for the purpose of that business or that he took all reasonable steps to prevent the disappearance or loss of such money or property or otherwise satisfactorily accounts for such disappearance or loss.
(3) Where the insurer is an insurance company and any of the acts referred to in Clauses (a), (b) and (c) of sub section (1 ) has been committed by any person, every person who was at the relevant time a director, managing agent, manager, liquidator, secretary or other officer of the insurance company shall, for the purposes of that sub section, be deemed to be liable for that act in the same manner and to the same extent as the person who has committed the act, unless she proves that the act was committed without his consent or connivance and was not facilitated by any neglect or omission on his part.
(4) Where at any stage of the proceedings against any person under this section (hereinafter referred to as the delinquent), the Court is satisfied by affidavit or otherwise—
(a) that a prima facie case has been made out against the delinquent; and
(b) that it is just and proper so to do in the interests of the policy¬holders of an insurer or of the members of an insurance company, the Court may direct the attachment of
i. any property of the insurer in the possession of the delinquent;
ii. any property of the delinquent which belongs to him or is deemed to belong to him with the meaning of sub section (5);
iii. any property transferred by the delinquent within two years before the commencement of proceedings under sub section (1) or during the pendency of such proceedings/ if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration.
(5) For the purposes of sub section (4), the following classes of property shall be deemed to belong to a delinquent:
(a) any property standing in the name of any person which by reason of the person being connected with the delinquent, whether by way of relationship or otherwise, or on account of any other relevant circumstances appears to belong to the delinquent;
(b) the property of a private company in respect of the affairs of which the delinquent, by himself or through his nominees, relatives, partners or persons interested in any shares of the company is able to exercise or is entitled to acquire control, whether direct or indirect.
Explanation.—For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs.
(6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the Court, and it shall be for the claimant or object or to adduce evidence to show that the property is not liable to attachment under this section, and the Court shall proceed to investigate the claim or objection in a summary manner.
(7) When disposing of an application under sub section (1), the Court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section.
(8) In any proceedings under this section the Court shall have full power and exclusive jurisdiction to decide all questions of any nature whatsoever arising there under and, in particular, with respect to any property attached under this section, and no other court shall have jurisdiction to decide any such question in any suit or other legal proceeding.
(9) In making any order with respect to the disposal of the property of any private company referred to in C1ause (b) of sub section (5), the Court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause.
(10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable.
(11) In proceedings under this section the Court shall have all the powers which a court has under Section 237 of the Indian Companies Act, 1913 (7 of 1913).
(12) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
(13) On and from the commencement of the Insurance (Second Amendment) Act, 1955 (54 of 1955), the Court entitled to exercise jurisdiction under this section shall be the High Court within whose jurisdiction the registered office of the insurer is situate (hereinafter referred to as the High Court) and any proceedings under this section pending at such commencement in any Court other than the High Court shall, on such commencement, stand transferred to the High Court.
(14) The High Court may make rules providing for¬
(a) the manner in which enquiries and proceedings may be held under this section,
(b) any other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section.
Notice to and hearing of Authority.
106A. (1) When application is made to the Court for the making of any order to which this section applies the Court shall, unless the Authority has himself made the application or has been made a party thereto, send a copy of the application together with intimation of the date fixed for the hearing thereof to the Authority, and shall give him an opportunity of being heard.
(2) The orders to which this section applies are the following namely:
(a) an order for the attachment in execution of a decree of any deposit made under Section 7 or Section 98;
(b) an order under Section 9 or Section 59 for the return of any such deposit;
(c) an order under Section 36 sanctioning any arrangement for the transfer or amalgamation of life insurance business or any order consequential thereon;
(d) an order for the winding up of an insurance company or a provident society;
(e) an order under Section 58 confirming a scheme for the partial winding up of an insurance company;
(f) an order under Section 89 reducing the amount of the insurance contracts of a provident society.
Previous sanction of Advocate General for institution of proceedings
107. (1) Except where proceedings are instituted by the Authority or an Administrator appointed under Section 52A, no proceedings under this Act against an insurer or any director, managing agent, manager, secretary or other Officer of an insurer or any liquidator or any employee or agent of an insurer or any person who is liable under sub section (2) of Sec. 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:
Provided that where the principal place of business of such insurer is situated in a Union territory references in this section to the Advocate¬ General of the Province shall be construed as references to the Attorney¬ General for India.
(2) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.
Chairman, etc. to be public servant
107A. Every whole time Chairman, whole time director, auditor, liquidator, manager and any other employee of an insurer shall be deemed to be a public servant for the purposes of Chapter IX of the Indian Penal Code (45 of 1860).
Power of Court to grant relief
108. In any proceedings, civil or criminal, it. appears to the Court hearing the case that a person is or may be liable in respect of negligence, default, breach of duty or breach of trust but that he has acted honestly and reasonably and that having regard to all the circumstances of the case he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, the Court may relieve him either wholly or partly from his liability on such terms as it may think fit.
Cognizance of offences
109. (1) No Court inferior to that of a Presidency Magistrate or a Magistrate of the first class shall try any offence under this Act.
(2) No Court shall take cognizance of any offence punishable under sub section (4) of Section 34B or sub section (1A) of Section 102 except upon complaint in writing made by an officer of the Central Government generally or specially authorised in writing, in this behalf by the Authority, and no Court inferior to that of a Presidency Magistrate or a Magistrate of the first class shall try any such offence.
110. (1) An appeal shall lie to the Court having jurisdiction from any of the following orders, namely:
(a) an order under Section 3 cancelling the registration of an insurer;
(b) an order under Section 5 directing the insurer to change his name;
(c) an order under Section 42 cancelling the licence issued to an agent;
(d) an order under Section 75 refusing to register an amendment of rules;
(e) an order under Section 87 or Section 87A;
(f) an order made in the course of the winding up or insolvency of an insurer or a provident society.
(2) The Court having jurisdiction for the purposes of sub section (1) shall be the principal Court of civil jurisdiction within whose local limits the principal place of business of the insurer concerned is situate.
(3) An appeal shall lie from any order made under stub section (1) to the authority authorised to hear appeals from the decisions of the Court making the same and the decision on such appeal shall be final.
(4) No appeal under this section shall be entertained unless it is made before the expiration of four months from the date on which the order appealed against was communicated to the appellant.
Delegation of powers and duties of Chairperson of the Authority
110A. The Chairperson of the Authority may by general or special order delegate any of his powers or duties under this act to any person subordinate to him. The exercise or discharge of any of the powers or duties so delegated shall be subject to such restrictions, limitations and conditions, if any as the Chairperson of the Authority may impose, and shall be subject to his control and revision.
Signature of documents
110B. Every document which is required by Act or by any rule made there under to be signed by the Chairperson of the Authority or by any person subordinate to him or by any officer authorised by him under sub section (1) of Section 42 shall be deemed to be properly signed, if it bears a facsimile of the signature of such Chairperson of the Authority, person or officer printed, engraved, lithographed or impressed by any of other mechanical process approved by the Central Government.
Power to call for information
110C. (1) The Chairperson of the Authority may, by notice in writing, require any insurer to supply him with any information relating to his insurance business, and the insurer shall comply with such requirement within such period after receipt of the notice as may be specified therein.
(2) Any information supplied under this section shall be certified by a principal officer of the insurer and if the notice so requires also by an auditor.
Certain claims for compensation barred
110D. No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred by reason of the operation of any of the provisions contained in Section 34 or Section 34A or Section 34E or Section 37A car by reason of the compliance by an insurer with any order or direction given to him under this Act.
Sections 3A, 27B, 28B, 33, etc. to apply to general insurance business of the Life Insurance Corporation of India
110E. Notwithstanding anything contained in the Life Insurance Corporation Act, 1956 (31 of 1956), the provisions of Sections 3A, 27B, 28B, 33, 34. Clause (a) of Section 34E, 34F, 40C, 44A, 64U to 64UM (both inclusive), 64V, 64VA, 64VB, 64VC, l0lA, 101C, 110 D, 110G and 110H, shall also apply, so far as may be to and in relation to the general insurance business carried on by the Life Insurance Corporation of India and the provisions of Section 37A shall also apply to that Corporation if it becomes an acquiring insurer.
Provisions applicable to State Governments, etc
110F. The provisions of Section 3, 3A, 27B, 28B,33, 34, Clause (a) of Section 34E; 34F, 40A, 40C, 44A, 64¬U to 64 UM (both inclusive), 64V, 64VA, 64VB, 64VC and 101A, 101C, 110 D, 110 G and 110 H shall, notwithstanding any exemption granted under Section 118, also apply, so far as may be, and in relation to the general insurance business carried on by a State Government or a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956).
Constitution of Consultative Committee
110G (1) The Central Government shall constitute a Consultative Committee consisting of the Chairperson of the Authority (who shall be the Chairman thereof) and not more than four other members having special knowledge and experience of the business of insurance.
(2) The term of office of, and the allowance payable to the members of the Consultative Committee, the procedure to be followed by, and the quorum necessary for the transaction of business of, the Consultative Committee and the manner of filling casual vacancies therein shall be such as may be prescribed.
(3) Before making any order under Sections 34, 34A, 34B, 34C, 34E, 34F, 34G, sub sections (4) and (7) of Section 64UM and Section 64VC, the Authority shall consult the Consultative Committee constituted under sub section (1).
110H. (1) any person aggrieved by any order made by the Authority under Sections 27D, 34, 34A, 34B, 34C, 34E, 34F, 34G, sub sections(1), (4), and (7) of Section 64UM or Section 64VC may, within a period of thirty days from the date of such order prefer an appeal against such order to the Central Government and that Government may, by order, confirm, modify or reverse the order made by the Authority and the order so made by the Central Government shall be final.
(2) No claim for compensation shall lie in favour of any person for anything done in pursuance of an order of the Authority so long as such order was effective.
(3) The Central Government may, on the application of an appellant, stay, until the decision of the appeal, the operation of any order made under Section 34 or subsection (5) of Section 34 B or sub clause (v) of C1ause (b) of Section 34E.
Service of notices
111. (1) Any process or notice required to be served on an insurer or provident society shall be sufficiently served if addressed to any person registered with the Authority as a person authorised to accept notices on behalf of the insurer or provident society and left at, or sent by registered post to, the address of such person as registered with Authority.
(2) any notice or other document which is by this Act required to be sent to any policy holder may be addressed and sent to the person to whom notices respecting such policy are usually sent and any notice so addressed and sent shall be deemed to be notice to the holder of such policy:
Provided that, where any person claiming to be interested in a policy as transferee, assignee or nominee has given to an insurer or to a provident society notice in writing of his interest, any notice which is by his Act required to be sent to policy holders shall also be sent to such person at the address specified by him in his notice.
Declaration of interim bonuses
112. Notwithstanding anything to the contrary contained in this Act an insurer carrying on the business of life insurance shall be at liberty to declare an interim bonus or bonuses to policy ¬holders whose policies mature for payment by reason of death or otherwise during the inter valuation period on the recommendation of the investigating actuary made at the last preceding valuation.
Acquisition of surrender values by policy.
113.(1) A policy of life insurance under which the whole of the benefits become payable either on the occurrence, or at a fixed interval or fixed intervals after the occurrence, of a contingency which is bound to happen, shall, if all premiums have been paid for at least three consecutive years in the case of a policy issued by an insurer, or five years in the case of a policy issued by a provident society defined in Part III, acquire a guaranteed surrender value, to which shall be added the surrender value of any subsisting bonus already attached to the policy, and every such policy issued by insurer shall show the guaranteed surrender value of the policy at the close of each year after the second year of its currency or at the close of each period of three years throughout the currency of the policy:
Provided that the requirements of this sub section as to the addition of the surrender value of the bonus attaching to the policy at surrender shall be deemed to have been complied with where the method of calculation of the guaranteed surrender value of the policy makes provision for the surrender value of the bonus attaching to the policy:
Provided further that the requirements of this sub section as to the showing of the guaranteed surrender value on a policy shall be deemed to have been complied with where the insurer shows on the policy the guaranteed surrender value of the policy by means of a formula accepted in this behalf by the Authority as satisfying the said requirements:
Provided further that the provisions of this sub section as to the showing of the guaranteed surrender value on a policy shall not take effect until after the expiry of six months from such date as the Authority may, by notification in the official Gazette, appoint in this behalf
(2) Notwithstanding any contract to the contrary, a policy which has acquired a surrender value shall not lapse by reason of the non payment of further premiums but shall be kept alive to the extent of the paid up sum insured, and the paid up sum insured shall for the proposes of this sub section include in full all subsisting reversionary bonuses that have already attached to the policy, and shall, where the policy is one on which the maximum number of annual premiums payable is fixed and the premiums are of uniform amount, be before the inclusion of such bonuses not less than the amount bearing to the total sum insured by the policy exclusive of bonuses the same proportion as the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable.
(3) A policy kept alive to the extent of the paid up sum insured under sub section (2) shall not be entitled by virtue of that sub section to participate in any profits declared distributable after the conversion of the policy into a paid up policy.
(4) Sub-section (2) and sub-section (3) shall not apply -
(a) where the paid up sum insured by a policy being a policy issued by an insurer, is less than one hundred rupees inclusive of any attached bonus or takes the form of an annuity of less than twenty five rupees, or where the paid up sum insured by a policy, being a policy issued by a provident society as defined in Part III, is less than fifty rupees inclusive of any attached bonus or take the form of an annuity of less than twenty five rupees, or
(b) where the parties after the default has occurred in the payment of the premium agree in writing to some other arrangement, or
(c) to policies in which the surrender value is automatically applied under the terms of the contract to maintaining the policy in force after its lapse through non payment of premium.
Power of Central Government to make rules
114. (1) The Central Government may, subject to the condition of previous publication by notification in the official Gazette, make rules to carry out the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may prescribe
(a) the qualifications to be possessed by actuaries;
(aa)such other percentage of paid-up equity capital in excess of twenty- six percent of the paid-up equity capital and the period within which such excess paid-up equity capital shall be divested under sub-section (1) of section 6AA.
(b) the manner in which it shall be determined which of the transactions of an insurer are to be deemed for the purposes of this Act to be insurance business transacted in India.
(c) the procedure to be followed by the Reserve Bank of India in dealing with deposits made in pursuance of this Act, including the receipt of custody of, withdrawal of, and payment of interest on securities lodged as such deposits, and their inspection and verification by the Authority.
(d) the form referred to in Clause (d) of sub section (2) of Section 16;
(e) the manner in which the prospectuses and tables referred to in sub section (1) of Section 41 shall be published and the form in which they shall be drawn up;
(f) the matters to be prescribed for the purposes of section 48;
(h) the contingencies other than those specified in Clauses (a) to (f) of Section (2) of Section 65 on the happening of which money may be paid by provident societies;
(i) the matters other than those specified in Clauses (a) to (o) of sub¬section (1) of Section 74 on which a provident society shall make rules;
(j) the form of any account, return or register required by Part III and the manner in which such account, return or register shall be verified;
(k) subject to the provisions of this Act, the fees payable there under and the manner in which they are to be collected;
(l) the conditions and the matters which may be prescribed under sub sections (5), (6),(10) and (12) of Section 92;
(3) Every rule made under this section or Hinder subsection (10) of Section 34H or under sub section (1) of Section 64UB and every regulation made under sub section (3) of Section 64UB and every regulation made under this part shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be so, however, that any such modification of annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.
(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 far as not inconsistent with the provisions of Part III, continue in force and have effect as if duly made under this section until they are replaced by rules made under this section.
Power of Authority to make regulations
114A (1) The Authority may, by notification in the Official Gazette, make regulations consistent with this Act and the rules made there under, to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-
a) the matters including fee relating to the registration of insurers under section3;
b) the manner of suspension or cancellation of registration under sub-section (5E) of section3;
c) such fee, not exceeding five thousand rupees as may be determined by the regulations for issue of a duplicate certificate of registration under sub-section (7) of section 3;
d) the matters relating to he renewal of registration and fee there for under section 3A;
e) the manner and procedure for divesting excess share capital under sub-section 2 section 6AA;
f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account under sub-section (1A) of section 11.
g) the manner in which abstract of the report of the actuary to be specified under the fourth proviso to sub-section (1) of section 13;
h) the form and manner in which the statement referred to in sub-section(4) of section 13 shall be appended;
i) the time, the manner and other conditions of investment of assets held by an insurer under sub-sections (1), (1A) and (2) of section 27D;
j) the minimum information to be maintained by insurer in their books, the manner in which such information should be maintained, the checks and other verifications to be adopted by insurers in that connection and all other matters incidental thereto under sub-section (8) of section 33;
k) the manner for making an application, the manner and the fee for issue of a licence to act as an insurance agent, under sub-section (1) of section, 42;
l) the fee and the additional fee to be determined for renewal of licence of insurance agent under sub-section (3) of section 42;
m) the requisite qualifications and practical training to act as an insurance agent under clause (e) of sub-section (4) of section 42;
n) the passing of examination to act as an insurance agent under clause (f) of sub-section (4) of section 42;
o) the code of conduct under clause (g) of sub-section (4) of section 42;
p) the fee not exceeding rupees fifty for issue of duplicate licence under sub-section (6) of section 42;
q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section of section 42;
r) the fee and the additional fee to be determined for renewal of licence of intermediaries or insurance intermediaries under sub-section (3) of section 42D;
s) the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D;
t) the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D;
u) the code of conduct clause (g) of sub-section (5) of section 42 D;
v) the fee for issue of duplicate licence under sub-section (7) of section 42D;
w) such matters as specified under sub-section (2) of section 64UB relating to the Tariff Advisory Committee.
x) The matters relating to relating to licensing of surveyors and loss assessors, their duties, responsibilities and other professional requirements under section 64UM;
y) Such other asset or assets as may be specified under clause (h) of sub-section (1) of section 64V for the purposes of ascertaining sufficiency of assets under section 64VA;
z) the valuation of assets and liabilities under sub-section (3) of section 64V;
za) the matters specified under sub-section (1A) of section 64VA relating to sufficiency of assets;
zb) the matters relating to reinsurance under sections 101A and 101B;
zc) the matters relating to redressal of grievances of policy-holders to protect their interest and to regulate, promote and ensure orderly growth of insurance industry; and
zd) any other matter which is to be, or may be, specified by the regulations made by the Authority or in respect of which provision is to be made or may be made by the regulations;
(3) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both houses agree that the regulations should not be made, the regulations shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.
Alteration of forms
115. The Central Government may, on the application or with the consent of an insurer, not being a company, alter the forms contained in the Schedules as respects that insurer, for the purpose of adapting them to the circumstances of that insurer:
Provided that nothing done under this section shall exempt the insurer from supplying all information required under this Act so far as it is possible for the insurer to do so.
Power to exempt from certain requirements
116. (1) The Central Government may, by notification in the official Gazette, exempt any insurer constituted, incorporated or domiciled in any country or State outside India from any of the provisions of this Act which may be specified in the notification either absolutely or subject to such conditions or modifications as may be specified in the notification.
(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.
Summary of returns to be published
116A. The Central Government before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999, shall every year cause to be published, in such manner as it may direct, a summary of the accounts, balance sheets, statements, abstracts and other returns under this Act or purporting to be under this Act which have been furnished in pursuance of the provisions of this Act to the Authority during the year preceding the year of publication, and may append to such summary any note of the Authority or of the Central Government before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999 and any correspondence:
Provided that nothing in this section shall require the publication of the statement referred to in sub section (2) of Section 10 of the returns referred to in sub-section (1) of Section 28or Section 28A or Section 28B or the statements referred to in subsection (2) of Section 31B or Section 40B.
Saving of provisions of Indian Companies Act, 1913
117. Nothing in this Act shall affect the liability of an insurer being a company or a provident society as defined in Part III being a company to comply with the provisions of the Indian Companies Act, 1913 (7 of 1913), in matters not otherwise specifically provided for by this Act.
118. Nothing in this Act shall apply—
(a) to any trade union registered under the Indian Trade Unions Act 1926 (16 of 1926); or
(b) to any provident fund to which the provisions of the Provident Funds Act, 1925 (19 of 1925), apply; or
(c) if the Central Government so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to any insurance business carried on by the Central Government or a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956);or
(d) if the Authority so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to—
i. any approved superannuation fund as defined in Clause (a) of Section 58 N of the Indian Income tax Act, 1922 (11 of 1922); or
ii. any fund in existence and officially recognized by the Central Government before the 27th day of January, 1937 maintained by or on behalf of Government servants or Government pensioners for the mutual benefit of contributors to the fund and of their dependents or
iii. any mutual or provident insurance society composed wholly of Government servants or of railway servants which has been exempted from any or all of the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912)
Inspection and supply of copies of published prospectus, etc
119. Any person may, on payment of a fee of five rupees, inspect the documents filed by an insurer with the Authority under Clause (f) of sub section (2) of Section 3, and may obtain a copy of any such document or part thereof on payment in advance at the prescribed rate, for the making of the copy.
Determination of market value of securities deposited under this Act
120. The market value on the day of deposit of securities deposited in pursuance of any of the provisions of this Act with the Reserve Bank of India shall be determined by the Reserve Bank of India whose decision shall be final.