The Insurance Act, 1938

• S. 1Short title, extent and commencement.
• S. 2Definitions.
• S. 2AInterpretation of certain words and expressions.
• S. 2BAppointment of Controller of Insurance.
• S. 2CProhibition of transaction of insurance business by certain persons.
• S. 2CAPower of Central Government to apply provisions of this Act to Special Economic Zones and International Financial Services Centres set up in Special Economic Zones.
• S. 2CBProperties in India not to be insured with foreign insurers except with the permission of Authority.
• S. 2DInsurers to be subject to this Act while liabilities remain unsatisfied.
• S. 2E[Omitted.].
• S. 3Registration.
• S. 3APayment of annual fee by insurer.
• S. 3AAForeign investment in equity.
• S. 3BCertification of soundness of terms of life insurance business.
• S. 4Minimum limits for annuities and other benefits secured by policies of life insurance.
• S. 5Restriction on name of insurer.
• S. 6Requirements as to capital.
• S. 6ARequirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares.
• S. 6AA[Omitted.].
• S. 6BProvision for securing compliance with requirements relating to capital structure.
• S. 6C[Omitted.].
• S. 7[Omitted.].
• S. 8[Omitted.].
• S. 9[Omitted.].
• S. 10Separation of accounts and funds.
• S. 10BAPenalty for Contravention of section 42D.
• S. 11Accounts and balance-sheet.
• S. 12Audit.
• S. 12AAppointment of Actuary by insurer.
• S. 13Actuary Report.
• S. 14Record of policies and claims.

Chapter PART II

• S. 14AProcessing of information of policyholders by insurers or other regulated entities of Authority.
• S. 14BAccuracy and security of information of policyholders.
• S. 14CConfidentiality of information of policyholders.

• S. 15Submission of returns.
• S. 16[Omitted.].
• S. 17[Omitted.].
• S. 17A[Omitted.].
• S. 18Furnishing reports.
• S. 19Abstract of proceedings of general meetings.
• S. 20Custody and inspection of documents and supply of copies.
• S. 21Powers of Authority regarding returns.
• S. 22Powers of Authority to order revaluation.
• S. 23Evidence of documents.
• S. 24[Omitted.].
• S. 25Returns to be published in statutory forms.
• S. 26Alterations in the particulars furnished with application for registration to be reported.
• S. 27Investment of assets.
• S. 27AOmitted.
• S. 27BOmitted.
• S. 27COmitted.
• S. 27DOmitted.
• S. 27EProhibition for investment of funds outside India.
• S. 28Statement and return of investment of assets.
• S. 29Prohibition of loans.
• S. 30Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29.
• S. 31Assets of insurer how to be kept.
• S. 31AProvisions relating to managers, etc.
• S. 31BPower to restrict payment of excessive remuneration.
• S. 32[Omitted.].
• S. 32AProhibition of common officers and requirement as to whole-time officers.
• S. 32BInsurance business in rural and social sectors.
• S. 32CObligations of insurer in respect of rural or unorganised sector and backward classes.
• S. 32DObligation of insurer in respect of insurance business in third party risks of motor vehicles.
• S. 33Power of investigation and inspection by Authority.
• S. 33APower to appoint staff.
• S. 34Power of the Authority to issue directions.
• S. 34AAmendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Controller.
• S. 34BPower of Authority to remove managerial persons from office.
• S. 34CPower of Authority to appoint additional directors.
• S. 34DSections 34B and 34C to override other laws.
• S. 34EFurther powers.
• S. 34FPower of Authority to issue directions regarding re-insurance treaties, etc.
• S. 34GOmitted.
• S. 34HSearch and seizure.
• S. 35Amalgamation and transfer of insurance business.
• S. 36Sanction of amalgamation and transfer by Controller.
• S. 37Statements required after amalgamation and transfer.
• S. 37APower of Authority to prepare Scheme of Amalgamation.
• S. 38Assignment and transfer of insurance policies.
• S. 39Nomination by policy-holder.
• S. 40Prohibition of payment by way of commission or otherwise for procuring business.
• S. 40A[Omitted.].
• S. 40BLimitation of expenses of management in life insurance business.
• S. 40CLimitation of expenses of management in general insurance business.
• S. 41Prohibition of rebates.
• S. 42Appointment of insurance agents.
• S. 42AProhibition of insurance business through principal agent, special agent and multilevel marketing.
• S. 42DIssue of registration to intermediary or insurance intermediary.
• S. 42ECommission, brokerage or fee payable to intermediary or insurance intermediary.
• S. 43Register of insurance agents.
• S. 44[Omitted.].
• S. 44APower to call for information.
• S. 45Policy not to be called in question on ground of mis-statement after two years.
• S. 46Application of the law in force in India to policies issued in India.
• S. 47Payment of money into Court.
• S. 47A[Omitted.].
• S. 48[Omitted.].
• S. 48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company.
• S. 48BFurther provision regarding directors.
• S. 48C[Omitted.].
• S. 49Restriction On dividends and bonuses.
• S. 50Notice of options available to the assured on the lapsing of a policy.
• S. 51Supply of copies of proposals and medical reports.
• S. 52Prohibition of business of dividing principle.

Chapter PART II

• S. 52-I—

• S. 52AWhen Administrator for management of insurance business may be appointed.
• S. 52BPowers and duties of the Administrator.
• S. 52BBPowers of Administrator respecting property liable to attachment under section 106.
• S. 52CCancellation of contracts and agreements.
• S. 52DTermination of appointment of Administrator.
• S. 52EFinality of decision appointing Administrator.
• S. 52FPenalty for withholding documents or property from Administrator.
• S. 52GProtection of action taken under sections 52A to 52D.
• S. 52H[Omitted.].
• S. 52J[Omitted.].
• S. 52K[Omitted.].
• S. 52L[Omitted.].
• S. 52M[Omitted.].
• S. 52N[Omitted.].
• S. 53Winding up by the Court.
• S. 53AUnpaid-up share capital.
• S. 54Voluntary winding up.
• S. 55Valuation of liabilities.
• S. 56Application of surplus assets of life insurance fund in liquidation or insolvency.
• S. 57Winding up of secondary companies.
• S. 58Schemes for partial winding up of insurance companies.
• S. 59[Omitted.].
• S. 60Notice of policy values.
• S. 61Power of Court to reduce contracts of insurance.
• S. 61AAppeal to National Company Law Appellate Tribunal.
• S. 62Power of Central Government to impose reciprocal disabilities on non-Indian companies.
• S. 63Particulars to be filed by insurers established outside India.
• S. 64Books to be kept by insurers established outside India.

Chapter PART II A

• S. 64-I—
• S. 64-OPower of General Insurance Council to regulate rates of insurance, etc.

• S. 64A[Omitted.].
• S. 64B[Omitted.].
• S. 64CCouncils of Life Insurance and General Insurance.
• S. 64DAuthorisation to represent in Councils.
• S. 64EAuthorities of the Life Insurance Council and the General Insurance Council.
• S. 64FExecutive Committees of the Life Insurance Council and the General Insurance Council.
• S. 64GResignation and filling up of casual vacancies.
• S. 64HDuration and dissolution of Executive Committees.
• S. 64JOmitted.
• S. 64KOmitted.
• S. 64LFunctions of Executive Committee of General Insurance Council.
• S. 64MExecutive Committee of General Insurance Council may advise in controlling expenses.
• S. 64NPower of the Executive Committees to act together in certain cases.
• S. 64P[Omitted.].
• S. 64Q[Omitted.].
• S. 64RGeneral power of Life Insurance Council and General Insurance Council.
• S. 64S[Omitted.].
• S. 64T[Omitted.].
• S. 64UOmitted.
• S. 64UAOmitted.
• S. 64UBOmitted.
• S. 64UCOmitted.
• S. 64UDOmitted.
• S. 64UEOmitted.
• S. 64UFOmitted.
• S. 64UGOmitted.
• S. 64UHOmitted.

Chapter PART II B

• S. 64UI—

• S. 64UJOmitted.
• S. 64UKOmitted.
• S. 64ULOmitted.
• S. 64ULAOmitted.
• S. 64UMSurveyors and loss assessors.
• S. 64VAssets and liabilities how to be valued.
• S. 64VASufficiency of assets.
• S. 64VBNo risk to be assumed unless premium is received in advance.
• S. 64VCRestrictions on the opening of a new place of business.
• S. 65[Omitted.].
• S. 65A[Omitted.].
• S. 66[Omitted.].
• S. 67[Omitted.].
• S. 68[Omitted.].
• S. 69[Omitted.].
• S. 70[Omitted.].
• S. 70A[Omitted.].
• S. 70B[Omitted.].
• S. 71[Omitted.].
• S. 72[Omitted.].
• S. 73[Omitted.].
• S. 73A[Omitted.].
• S. 74[Omitted.].
• S. 75[Omitted.].
• S. 76[Omitted.].
• S. 77[Omitted.].
• S. 78[Omitted.].
• S. 79[Omitted.].
• S. 80[Omitted.].
• S. 81[Omitted.].
• S. 82[Omitted.].
• S. 83[Omitted.].
• S. 84[Omitted.].
• S. 85[Omitted.].
• S. 86[Omitted.].
• S. 87[Omitted.].
• S. 87A[Omitted.].
• S. 88[Omitted.].
• S. 89[Omitted.].
• S. 90[Omitted.].
• S. 90A[Omitted.].
• S. 91[Omitted.].
• S. 92[Omitted.].
• S. 93[Omitted.].
• S. 94[Omitted.].
• S. 94AOmitted.
• S. 95[Omitted.].
• S. 96[Omitted.].
• S. 97[Omitted.].
• S. 98[Omitted.].
• S. 98A[Omitted.].
• S. 99[Omitted.].
• S. 100[Omitted.].
• S. 101[Omitted.].
• S. 101ARe-insurance with Indian re-insurers.
• S. 101BAdvisory Committee.
• S. 101CExamination of re-insurance treaties.
• S. 102Penalty for default in complying with, or act in contravention of this Act.
• S. 103Penalty for carrying on insurance business in contravention of sections 3.
• S. 104Penalty for contravention of sections 27, 27A, 27B, 27D and 27E.
• S. 105Wrongfully obtaining or withholding property.
• S. 105AOffences by companies.
• S. 105BPenalty for failure to comply with sections 32B, 32C and 32D.

Chapter PART V

• S. 105BAPenalty for contravention of section 42D.

• S. 105CPower to adjudicate.
• S. 105DFactors to be taken into account by the adjudicating officer.
• S. 105EFactors to be taken into account before imposing penalty.
• S. 106Power of Court to order restoration of property of insurer or compensation in certain cases.
• S. 106ANotice to and hearing of Authority.
• S. 107[Omitted.].
• S. 107AChairman, etc., to be public servants.
• S. 108Power of Court to grant relief.
• S. 109Cognizance of offences.
• S. 110Appeal to Securities Appellate Tribunal.
• S. 110ADelegation of powers and duties of Chairperson of the Authority.
• S. 110BSignature of documents.
• S. 110CPower to call for information.
• S. 110DCertain claims for compensation barred.
• S. 110E[Omitted.].
• S. 110FProvisions applicable to state Governments, etc.
• S. 110G[Omitted.].
• S. 110H[Omitted.].
• S. 110HAPenalty to be recoverable as arrear of land revenue.
• S. 111Service of notices.
• S. 112Declaration of interium bonuses.
• S. 113Acquisition of surrender value by policy.
• S. 114Power of Central Government to make rules.
• S. 114APower of Authority to make regulations.
• S. 114BSubsidiary instructions.
• S. 114CConsultative Committee.
• S. 115Omitted.
• S. 116Power to exempt from certain requirements.
• S. 116ASummary of returns to be published.
• S. 117Saving of provisions of Indian Companies Act, 2013.
• S. 118Exemptions
• S. 118APowers of Authority not to apply to International Financial Services Centre.
• S. 119Inspection and supply of copies of published prospectus, etc.
• S. 120Omitted.
• S. 121Repealed.
• S. 122Repealed.
• S. 123Repealed.