Insurance Act Insurance Agents Regulations Section 6 c t Updated August 1, 2005 Page 5 (a) passing the qualifying examination referred to in clause 2(1)(a), 2(2)(a) or 3(a), whichever is applicable; or (b) the individual’s last held certificate of authority expires or is revoked or suspended. (a) appoint such officers and servants as may be necessary and fix the conditions of              their service; (b) determine the manner in which any prescribed fee may be collected; (c) keep and maintain up to date a copy of the list of all insurers who are members             or associate members of the Insurance Association of India; (d) with the previous approval of the Authority, make regulations for­. (12) So far as is not otherwise provided herein or is not otherwise prescribed under this Act, the liquidator shall so far as practicable follow the procedureto be followed by an official liquidator appointed by the Court for the windingup of a company under the Indian Companies Act, 1913 (7 of 1913). to any trade union registered under the Indian Trade Unions Act 1926 (16 of 1926); or, to any provident fund to which the provisions of the Provident Funds Act, 1925  (19 of 1925), apply;              or, 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, 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—, any approved superannuation fund as defined in Clause (a) of Section 58-N of the Indian Income-tax Act, 1922 (11 of 1922); or, 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, 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. (14) Nothing contained in this section shall be deemed to affect in any way the manner in which any moneys relating to the provident fund of any employee or to any security taken from any employee or over moneys of a like nature are required -to be held by or under any Central Act, or Act of a State Legislature. addition of bonuses that attach to the policies or for reduced amounts); (d)  such other course as he deems advisable. (6) Any person appointed as director or chief executive officer under this section shall-­. It contains model specifications for 24 commonly purchased types of commercial lines insurance, allowing you to quickly prepare detailed and accurate specifications tailored to any organization's needs. (3) The insurer shall furnish to the policy-holder a written acknowledgment of having registered a nomination or a cancellation change thereof, and may charge a fee not exceeding one rupee for registering such cancellation or change. (a)  in a case referred to in clause (a) of sub-section (1), one-half per cent of the premium, (b)  in a case referred to in clause (b) of sub-section (1), two per cent of the first year's premium payable on the policy and. (5) Copies of every scheme made under this section shall be laid before each House of Parliament as soon as may be after it is made. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed by statutory law enacted by the state legislatures. (6) The Authority may, in like-manner, add to, amend or vary any scheme made under this section. (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. it is necessary so to do, he may prepare a scheme for the amalgamation of thatinsurer with any other insurer (hereinafter referred to in this section as the transferee insurer): (2) The scheme aforesaid may contain provisions for all or any of the following matters, namely: (a) the constitution, name and registered office, the capital, assets, powers, rights, interests, authorities and privileges, and the liabilities, duties and obligations of the transferee insurer; (b)the transfer to the transferee insurer the business, properties, assets and liabilities of the insurer on such terms and conditions as may be specified in the scheme; (c) any change in the Board of Directors, or the appointment of a new Board of directors of the transferee-insurer and the authority by whom, the manner in which, and the other terms and conditions on which such change or appointment shall be made, and in the case of appointment of a new Board of Director or of any director, the period for which such appointment shall be made; (d) the alteration of the memorandum and articles of association of the transferee insurer for the purpose of altering the capital thereof or for such other purposes as may be necessary to give effect to the amalgamation. (2)Notwithstanding the dissolution of the Executive Committee of the Life Insurance Council or the General Insurance Council, the out-going members thereof shall continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new Executive Committee of the Life Insurance Council or the General Insurance Council, as the case may be, shall have been constituted. 34G. (2) Every provident societyshall at the expiry of. No transferee or assignee of a policy issued by an insurer to whom this Part applies shall become a member of a mutual insurance company or a cooperative lifeinsurance society merely by reason of any such transfer or assignment. Application of surplus assets of life insurance fund in liquidation or insolvency. (3) [Repealed 2001-31-2.] (7) The Authority may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority. -, Power of the Advisory Committee to require Information, etc, (1) The Advisory Committee may require, by notice in writing, any insurer to supply to it such information or statements, periodical or. (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. Insurance agents are employed by the companies and the company gives necessary training to the agents. (2) The Authority may give specific directions for the time, manner and other conditions subject to which the funds of policy-holders shall be invested in the infrastructure and social sector as may be specified by regulations made by the Authority and such regulations shall apply uniformly to all the insurers carrying on the business of life insurance, general insurance, or re-insurance in India on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999. However, compulsory insurance requirements are … Vernon, and Scottsdale Policies Analyzed in D&O MAPS, November 2020 Auto ID Requirements in Commercial Auto Insurance, COVID-19 Litigation Wins and 976 Cases Tracked in COVID Coverage Issues. In any proceedings, civil or criminal, it. 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