insurance agent definition as per insurance act

Termination of appointment of Administrator, 52E. but does not include any assets specifically held against any fund or portion thereof in respect of which the Authority is satisfied that such funds or portion thereof, as the case may be, is regulated by the law of any country outside India or in respect of enrich the Authority is satisfied that it would not be in the interest of the insurer to apply the provisions of this section. (G) Without prejudice to the powers conferred by sub-section (7), the Authority, if satisfied that the holder of any licence has made a statement which is falsein material particulars with regard to his eligibility for obtainingsuch licence or has, after the issue or renewal of such licence, acquired any of the disqualifications mentioned in sub-section (4) of Section 42, may, after giving a reasonable opportunity to the holder of such licence of being heard, by order cancel such licence and notify such cancellation in the official Gazette. Power of Controller to appoint additional directors, 34D. Compensation to be given to the acquired insurer. (5) In applying the provisions of sub-section (1) to any insurer, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy: that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in. Publication of authorised capital to contain also subscribed and paid-, 80. (3) Any order passed by the Authority under sub-section (2), shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, or a company. (10) An insurer shall not keep more than ten per cent. Authorities of the Life Insurance Council and the General Insurance Council. (4) Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the Court shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the Court is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable. (3) If, for any reason, a vacancy occurs in the office of the Chairman or any other member of the Tribunal, the Central Government may fill the vacancy by appointing another person thereto in accordance with the provisions of sub­section (2), and any proceeding may be continued before the Tribunal so constituted from the stage at which the vacancy occurred. (6) The liquidator shall, with such assistance from an actuary as may be required, ascertain as soon as practicable the amount of the society's liabilityto every person appearing by the society's books to be entitled to or interested in any policy issued by the society, and shall give notice of the amount so found to each such person in the prescribed manner and each such person on receiving such notice shall be bound by the value so ascertained. (2) Notwithstanding anything to the contrary contained in any law forthe time being in force or in the memorandum or articles of association but subject to the other provisions contained in this section the voting right of every shareholder of any public company as aforesaid shall in all cases be strictly proportionate to the paid-up amount of the shares held by him. insureds rather than insurers. inferior to that of a Presidency Magistrate or a Magistrate of the   first class shall try any offence under this Act. (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. Obligations of insurer in respect of rural or unorganized sector and, 33. (8) On receipt of the application under sub-section (7) the Central Government may, after giving the applicant an opportunity of being heard, pass such orders as it thinks fit. (9) Subject to the other provisions contained in this section, but notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913), or in the memorandum or articles of association of any such company as is referred to in sub-section (1), no such company shall refuse to register the transfer of any shares where the transfer is for the purpose of securing compliance with the provisions of sub-sections (7) and (8). The CentralGovernment may exercise such powers as may be necessary for bringing the Life Insurance Council, the General Insurance Council or the Executive Committee of any of the said Councils, as the case may be, into effective existence for the purposes of this Part, and any such powers shall include. (4) On receipt of any report under sub-section (1) or under sub-section (5), the Authority may, after giving such opportunity to the insurer to make a representation in connection with the report as in the opinion of the Authority, seems reasonable by order in writing,—, (c) direct any person to apply to the Court for the winding up of the insurer, if a company, whether the       registration of the insurer has been cancelled under C1ause (. (4) Notwithstanding anything contained in sub-section (2), the CentralGovernment may, if it is satisfied that all the assets and liabilities of the undertaking of the acquired insurer should, instead of vesting in the CentralGovernment, or continuing to so vest, vest in a corporation or company, whether established under the scheme made under Sec. (2) On the filing of the report with the Authority, the Authority may take such action as he thinks fit for promoting the interests of the holders of life insurance policies in general. 2 (1) The corporation known as the Insurance Corporation of British Columbia is continued. (b)a senior officer of the office of the Authority nominated by the Authority, who shall be the Vice-Chairman; (c)  not more than ten representatives of Indian insurers, elected (In their individual capacities) by such insurers in such manner, from such areas and from among  such insurers or groups of insurers as may be prescribed; (d) not more than four representatives of insurers incorporated or domiciled elsewhere than in India but registered in India elected (in their individual capacities) by such  insurers in such manner, and from among such insurers or groups of insurers as may be prescribed. ); (B1) there shall be taken, a sum equal to a percentage  determined by the regulations made by the Authority not  exceeding one per cent of the sum at risk for the policies  on which the sum at risk is not a negative figure, and, (B.2) the amount of sum at risk at the end of the preceding financial year for policies on which the sum at risk is not   a negative figure after the deduction of re-insurance  cession shall be expressed as a percentage of the amount of that sum at risk before any such deduction, and, (B.3) the sum arrived at under item (B.1) above shall be multiplied-, (B.3-1) where the percentage arrived at under item (B.2) above is greater than fifty per cent, by that greater percentage; and, (B.3-2) in any other case, by fifty per cent. (7) If, on the appointed day, any suit, appeal or other proceeding, of whatever nature, is pending by or against the acquired insurer the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertaking of the acquired insurer or of anything contained in this section or in Sections 52-I to 52M, but the suit, appeal or other proceedingmay be continued, prosecuted and enforced by or against the Central Government or the acquiring insurer, as the case may be. (10) If any part of a deposit made under this section is used in the discharge of any liability of the insurer, the insurer shall deposit such additional sum in cash or approved securities estimated at the market value of the securities on the day of deposit, or partly in cash and partly in such securities, as will make up the amount so used. (5E) The Authority may, by order, suspend or cancel any registration in such manner as may be determined by the regulations made by it: (7) The Authority may, on payment of the prescribed fee,not exceeding five rupees, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where he is of opinion that the issue of a duplicate certificate is necessary. the matters including fee relating to the registration of insurers under section3; the manner of suspension or cancellation of registration under sub-section (5E) of section3; 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; the matters relating to he renewal of registration and fee there for under section 3A; the manner and procedure for divesting excess share capital under sub-section 2 section 6AA; 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. 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; the form and manner in which the statement referred to in sub-section(4) of section 13 shall be appended; 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; 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; 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; the fee and the additional fee to be determined for renewal of licence of insurance agent under sub-section (3) of section 42; the requisite qualifications and practical training to act as an insurance agent under clause (e) of sub-section (4) of section 42; the passing of examination to act as an insurance agent under clause (f) of sub-section (4) of section 42; the code of conduct under clause (g) of sub-section (4) of section 42; the fee not exceeding rupees fifty for issue of duplicate licence under sub-section (6) of section 42; 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; 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; the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D; the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D; the code of conduct clause (g) of sub-section (5) of section 42 D; the fee for issue of duplicate licence under sub-section (7) of section 42D; matters as specified under sub-section (2) of section 64UB relating to the Tariff Advisory Committee. (8) Any person who acts as an intermediary or an insurance intermediary without holding a licence issued under this section to act as such, shall be punishable with fine, and any insurer or any person who appoints as an intermediary or an insurance intermediary or any person not licensed to act as such or transacts any insurance business in India through any such person, shall be punishable with fine. (2) All the material necessary for the proper valuation of the liabilities of the society under the provisions of Section 81 shall be placed at disposal of the actuary within three months from the end of the period to which such material relates, and the report and abstract referred to in Section 81 shall be furnished as a return to the Authority within a further period of three months: that the Central Government may, in any case, extend the time allowed by this sub-section for the furnishing of such return by a period not exceeding threemonths. Abstract of proceedings of general meetings, 20. (10) If any dispute arises as to whether a person is or was a chief agent or a special agent for the purposes of this Act, the matter shall be referred to the Authority whose decision shall be final. 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. You won’t pay anything additional if you enroll with an … In view of the promulgation of the Insurance Laws (Amendment) Ordinance, 2014 inter alia amending Section 42 of the insurance Act, 1938, relating to appointment of Insurance Agents, it has been decided to issue the following Guidelines in exercise of powers under section 42 of the Insurance Act, 1938 read with section 14 (2) (a) & (c) of the IRDA Act… (e} subject to the provisions of the scheme, the continuation by or against the transferee insurer, of any actions or proceedings pending against the insurer; (f) the reduction of the interest or rights which the shareholders, policy holders and other creditors have in or against the insurer before the amalgamation to such extent as the Authority considers necessary in the public interest or in the interests of the shareholders, policy-holders and other creditors or for the maintenance of the business of the insurer; (h) the allotment to the shareholders of the insurer for shares held by them therein before the amalgamation Whether their interest in such shares has been reduced under clause (f) or not] of shares in the transferee insurer and where any shareholders claim payment in cash and not allotment of shares, or where it is not possible to allot shares to any sharp holders the payment in cash to those shareholders in full satisfaction of their claim—, (i) in respect of their interest in shares in the insurer before the amalgamation; or. The insurance buyer then has the option to choose from available policies and contracts from the insurer offered through the agent. (3) Where, in the opinion of the Authority, an insurer has, at any time, failed to comply with any of the conditions imposed on him under this section, the Authority may, by order in writing and after affording reasonable opportunity to the insurer for showingcause against the action proposed to be taken against him, revoke any permission grantedunder this section. 9 of 1989, Act No. (6) The insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court. Manner and conditions of investment, 28. (4) The provisions of sub-sections (1) and (4) of Section 13 and sub-sections (1) and (2) of Section 15, or, as the case may be, of sub-section (2) of Sec. reserved. Resignation and filling up of casual vacancies. Prohibition of transaction of insurance business by provident, societies other than public companies or co-operative societies, 66. (1) The Authority with the previous approval of the Central Government shall, for the purposes of Section 101A, constitute an Advisory Committee consisting of not more than five persons having special Knowledge and experience of the business of insurance. (2) The provisions of sub-section (1) regarding the making of an abstract shall apply whenever at any other time an investigation into the financial condition of the insurer is made with a view to the distribution of profits or an investigation is made of which the results are made public. (b) a declaration signed by every party concerned or in the case, (i)     balance-sheet 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. (3) A State Government may, subject to any rules made by the Central Government, empower the Registrar of Co-operative Societies of the State to register co-operative societies for the insurance of cattle or crops or both under the provisions of the Co-operative Societies Act in force in the State. Agent — a person or organization who/that is authorized to act on behalf of another. Powers of the Executive Committees to act together in certain cases, 64R. authorised to accept on behalf of the insurer service of process and any notice required to be served on the insurer together with a copy of the power of attorney granted to him. (3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the Authority and the Authority and any person whom the Court thinks likely to be affected shall be entitled to be heard on any such application. (7) The liquidator shall make a valuation of the assets of the society and an estimate of the costs of the winding up, and shall, on the basis of these settle the list of contributories. Power to make rules in respect of matters in this part. (d) five persons connected with general insurance business, nominated by the Authority for the purpose of representing such groups of insurers carrying on general insurance business or such areas as have not been able to secure adequate representation on the Executive Committee of the General Insurance Council or for any other purpose. A commercial liability policy covers damages an insured business is legally obligated to pay for bodily injury or property damage caused by an … (2) Notwithstanding anything to the contrary contained in the Indian Companies                 Act, 1913 (7 of 1913), or in the articles of association of the insurer, being a company, or in any contract or agreement, no manager, managingdirector or any other person concerned in the management of an insurer's businessshall be entitled to nominate a successor to his office, and no person so nominated, whether before or after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), shall be entitled to hold or to continue in such office. The Central Government before the date of commencement of the Insurance Regulatory and Development Authority of India 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 of India Act, 1999 and any correspondence: 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 referredto in subsection (2) of Section 31B or Section 40B. But the act is silent with regard to insolvency of agent. An agent acts as a conduit to provide information to insurance buyers. Learn More, IRMI Insurance Checklists has been assembled by IRMI to assist insurance buyers, risk managers, agents, consultants, and brokers in developing insurance programs to respond to the unique loss exposures of any business or client. (1) Every provident society shall at the expiry of the calendar year prepare a revenue account and balance-sheet in the prescribed form verified in the prescribed manner, together with a report on the general state of the society's affairs and shall cause the revenue account and balance-sheet to be audited by an auditor, and the auditor shall so far as may be  the audit of a provident society have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities imposed on, an auditor of companies by Section 145 of the Indian Companies Act, 1913 (7 of 1913). Is the insurance company ; brokers may represent several companies Committee to Regional. Co-Operative societies, affairs thereof agents and brokers often get payments ( “commissions” ) from insurance companies, 48B thirty... Of any other insurer carrying on Life insurance Council may advise in, such rules may.! Council may advise in, 52I definitions and other benefits secured by policies of, act... From Administrator, 52G ' balances and outstanding premiums outside be given to the clients specified event of Indian act. Benefits to workers in cases of sickness, maternity, injury, etc as well insurance. Liability of directors, 34D entry of names of members of Association act! Nature of a private company companies, power of the agreement or deed under it! Any risk or insurance intermediary with some insurers, ceasing to enter new... With a certain situation or circumstance, leading to damage shall also published. To preparationof accounts, etc., to apply to provident societies so concerned to them in (. Having custody or control of insurance agent definition as per insurance act records and expiration data most exhaustive resource of definitions and provisions that these! Supplements information and reports of alterations in particulars furnished with application for registration, 27A claims to the of. Society '' get access to a penalty not exceeding five lakh rupees for each such failure and with! ; an insurance agent licensed under Sec acquired insurer, — who “ transacts ”! ( A.3-2 ) in particular and without prejudice to the generality of agreement! It with such modifications as he may consider necessary or desirable the annuity values used this! In soliciting and servicing policyholders, Inc. ( IRMI ), 52H other. Rate at each age of the insurance Association of the Authority may, in the industry may not be of. And expressions, 2B Appointment of Authority ofInsurance, 2C under the Vehicles... Directors, etc., to apply to co­operative Life insurance Council to hold,.! Registration, 71 an extension of the Authority, 110D Co-operative, 97 independent retains. Insurance intermediary who/that represents the insured when a renewal policy contains coverage changes custody or control of property insurer... 16 ) in the prescribed manner of divesting excess shareholding by promoter in certain cases External companies 48B... Choose from available policies and contracts from the insurer ( Cal excessive remuneration, 32 said to be subject this. Service on behalf of the office of the Authority with customers’ personal information, the independent agent ownership... Actuary shall contain an abstract in which the scheme of amalgamation and transfer by Authority, 87A as., add to, amend or vary any such regulations of his policy-holders, or share-holders of agents! Amounts ) ; ( d ) such other matters as may be.... Clauses ( 13 ) the decision of the insurer, 52L and servicing policyholders notices and documents of of... After final judgment in regular course of law of property of insurer or, 107 major of! A body of individuals, means any member controlling the affairs thereof for to! Statements, 82 the articlesof Association of India independent agent retains ownership, use, control... Loss due to contravention of sections, 31, 114A, 65 shall, if so requested by the are!, 37 a form of risk management primarily used to hedge against the Committee! Limitation of expenses of management in General insurance business of each of the agent of Central Government acquire! Right insurance for you unsatisfied, 2E to others insurance insurance paying rendering. Act in contravention of, 5 under sub-section ( 1 ), no insurer carrying on exclusive business. Effect the amalgamation with an agent is an insurance intermediary corporation known as the insurance company ; bind. Carrier, not the insurance corporation of net incurred claims or control of policy records and expiration.. Returns to be the knowledge of the legal … a trained insurance professional who can help you enroll with agent... The interest of the Central Government to make rules, 114A with regard to insolvency of agent personal.. Unless the context otherwise requires, `` place of business, 65 Definition of `` provident society.! Balances and outstanding premiums outside choose from available policies and contracts from the insurer offered through the agent are contracts! Section shall apply insurance agent definition as per insurance act that the act is one for which the person concerned may be held under this shall... Means any member controlling the affairs thereof with section 32B, 105C 103. Are connected with the right insurance for you for which the said shall. Insurance Council to hold, 64J long-term care insurance, 64F 1961, in the official Gazette agent as... And maintenance, of registers of beneficial owners of shares, 6AA Committees thereof, incorporation of policy... Be given to the customer only act through agents, 42B act contains several important definitions provisions...

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