Search Results on regulation for query: "SU Regulation 2"
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board 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 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 or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). (1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)(1) This Act may be called the Prasar Bharati
(Broadcasting Corporation of India) Act, 1990.
(2) It extends to the whole of India. (3) It shall come into force on such date 1 as the Central Government may, by notification, appoint.
1 15th September, 1997, vide notification No. S.O. 509(E), dated 22nd July, 1997, see Gazette of India, Extraordinary, Part II,
sec. 3(ii).
(1) Subject to such control, restrictions and
conditions as may be prescribed, the Corporation may appoint, after consultation with the Recruitment
Board, the Director-General (Akashvani), the Director-General (Doordarshan) and such other officers and
other employees as may be necessary.
(2) The method of recruitment of such officers and employees and all other matters connected therewith and the conditions of service of such officers and other employees shall be such as may be provided by regulations. (1) The Corporation may, by notification, make regulations not
inconsistent with this Act and the rules made thereunder for enabling it to perform its functions under this
Act.
(2) Without prejudice to the generality of the foregoing power such regulations may provide for all or any of the following matters, namely:-- (a) the manner in which and the purposes for which the Corporation may associate with itself any person under sub-section (7) of section 3; (b) the times and places at which meetings of the Board shall be held and, the procedure to be followed thereat, and the quorum necessary for the transaction of the business at a meeting of the Board under sub-section (1) of section 8; (c) the methods of recruitment and conditions of service of officers and other employees of the Corporation under sub-section (2) of section 9; 1[(d) the conditions of service of officers and employees under sub-section (5) of section 11;] 2* * * * * (f) the services which may be provided by the Corporation under clause (f) of sub-section (3) of section 12; (g) the determination and levy of fees and other service charges in respect of advertisements and other programmes under sub-section (7) of section 12; (h) the manner in which and the period within which complaints may be made under sub-section (2) of section 15; (i) any other matter in respect of which provision is, in the opinion of the Corporation, necessary for the performance of its functions under this Act: Provided that the regulations under clause (c) or clause (d) shall be made only with the prior approval of the Central Government.
1. Subs. by Act 6 of 2012, s. 4, for clause (d) (w.e.f. 8-3-2012).
2. Clause (e) omitted by s. 4, ibid. (w.e.f. 8-3-2012). | ||||||||||||||||
Related Section(s)1[(1) Notwithstanding anything contained in the Indian Telegraph Act,
1885 (13 of 1885), the functions of the Authority shall be to--
(a) make recommendations, either suo motu or on a request from the licensor, on the following matters, namely:-- (i) need and timing for introduction of new service provider; (ii) terms and conditions of licence to a service provider; (iii) revocation of license for non-compliance of terms and conditions of licence; (iv) measures to facilitate competition and promote efficiency in the operation of telecommunication services so as to facilitate growth in such services; (v) technological improvements in the services provided by the service providers; (vi) type of equipment to be used by the service providers after inspection of equipment used in the network; (vii) measures for the development of telecommunication technology and any other matter relatable to telecommunication industry in general; (viii) efficient management of available spectrum; (b) discharge the following functions, namely:-- (i) ensure compliance of terms and conditions of licence; (ii) notwithstanding anything contained in the terms and conditions of the licence granted before the commencement of the Telecom Regulatory Authority of India (Amendment) Act, 2000 (2 of 2000), fix the terms and conditions of inter-connectivity between the service providers; (iii) ensure technical compatibility and effective inter-connection between different service providers; (iv) regulate arrangement amongst service providers of sharing their revenue derived from providing telecommunication services; (v) lay-down the standards of quality of service to be provided by the service providers and ensure the quality of service and conduct the periodical survey of such service provided by the service providers so as to protect interest of the consumers of telecommunication service; (vi) lay-down and ensure the time period for providing local and long distance circuits of telecommunication between different service providers; (vii) maintain register of inter-connect agreements and of all such other matters as may be provided in the regulations; (viii) keep register maintained under clause (vii) open for inspection to any member of public on payment of such fee and compliance of such other requirement as may be provided in the regulations; (ix) ensure effective compliance of universal service obligations; (c) levy fees and other charges at such rates and in respect of such services as may be determined by regulations; (d) perform such other functions including such administrative and financial functions as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act: Provided that the recommendations of the Authority specified in clause (a) of this sub-section shall not be binding upon the Central Government: Provided further that the Central Government shall seek the recommendations of the Authority in respect of matters specified in sub-clauses (i) and (ii) of clause (a) of this sub-section in respect of new licence to be issued to a service provider and the Authority shall forward its recommendations within a period of sixty days from the date on which that Government sought the recommendations: Provided also that the Authority may request the Central Government to furnish such information or documents as may be necessary for the purpose of making recommendations under sub-clauses (i) and (ii) of clause (a) of this sub-section and that Government shall supply such information within a period of seven days from receipt of such request: Provided also that the Central Government may issue a licence to a service provider if no recommendations are received from the Authority within the period specified in the second proviso or within such period as may be mutually agreed upon between the Central Government and the Authority: Provided also that if the Central Government, having considered that recommendation of the Authority, comes to a prima facie conclusion that such recommendation cannot be accepted or needs modifications, it shall refer the recommendation back to the Authority for its reconsideration, and the Authority may, within fifteen days from the date of receipt of such reference, forward to the Central Government its recommendation after considering the reference made by that Government. After receipt of further recommendation if any, the Central Government shall take a final decision.] (2) Notwithstanding anything contained in the Indian Telegraph Act, 1885 (13 of 1885), the Authority may, from time to time, by order, notify in the Official Gazette the rates at which the telecommunication services within India and outside India shall be provided under this Act including the rates at which messages shall be transmitted to any country outside India: Provided that the Authority may notify different rates for different persons or class of persons for similar telecommunication services and where different rates are fixed as aforesaid the Authority shall record the reasons therefor. (3) While discharging its functions 2[under sub-section (1) or sub-section (2)], the Authority shall not act against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality. (4) The Authority shall ensure transparency while exercising its powers and discharging its functions.
1 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 24-1-2000).
2 Subs. by Act 2 of 2000, s. 9, for "under sub-section (1)" (w.e.f. 24-1-2000). (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). (1) In this Act, unless the context otherwise requires,--
(a) "appointed day" means the date with effect from which the Authority is established under sub-section (1) of section 3; 1[(aa) "Appellate Tribunal" means the Telecom Disputes Settlement and Appellate Tribunal established under section 14;] (b) "Authority" means the Telecom Regulatory Authority of India established under sub-section (1) of section 3; (c) "Chairperson" means the Chairperson of the Authority appointed under sub-section (3) of section 3; (d) "Fund" means the Fund constituted under sub-section (1) of section 22; (e) licensee means any person licensed under sub-section (1) of section 4 of the Indian Telegraph Act, 1885 (13 of 1885) for providing specified public telecommunication services; 1[(ea) "licensor" means the Central Government or the telegraph authority who grants a licence under section 4 of the Indian Telegraph Act, 1885 (13 of 1885);] (f) "member" means a member of the Authority appointed under sub-section (3) of section 3 and includes the Chairperson and the Vice-Chairperson; (g) "notification" means a notification published in the Official Gazette; (h) "prescribed" means prescribed by rules made under this Act; (i) "regulations" means regulations made by the Authority under this Act; (j) "service provider" means the 2[Government as a service provider] and includes a licensee; (k) "telecommunication service" means service of any description (including electronic mail, voice mail, data services, audio tex services, video tex services, radio paging and cellular mobile telephone services) which is made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature, by wire, radio, visual or other electro-magnetic means but shall not include broadcasting services. 3[Provided that the Central Government may notify other service to be telecommunication service including broadcasting services.] (2) Words and expressions used and not defined in this Act but defined in the Indian Telegraph Act, 1885 (13 of 1885) or the Indian Wireless Telegraphy Act, 1933 (17 of 1933), shall have the meanings respectively assigned to them in those Acts. (3) Any reference in this Act to a law which is not in force in the State of Jammu and Kashmir* shall in relation to that State be construed as a reference to the corresponding law, if any, in that State.
1. Ins. by s. 3, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 3, ibid., for "Government" (w.e.f. 24-1-2000). 3. Ins. by Act 2 of 2000, s. 3 (w.e.f. 24-1-2000). *. Vide notification No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh. | ||||||||||||||||
Related Section(s)(1) This Act may be called the Electricity Act, 2003.
(2) It extends to the whole of India 1***. (3) It shall come into force on such date2 as the Central Government may, by notification, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
1. The words except the State of Jammu and Kashmir omitted by Act 34 of 2019, s. 95 and the Fifth Schedule
(w.e.f. 31-10- 2019).
2. 10th June, 2003 (ss. 1 to 120 and ss. 122 to 185), vide notification No. S.O. 669(E), dated 10th June, 2003, see Gazette of India, Extraordinary, Part II, sec. 3(ii). | ||||||||||||||||
Related Section(s)(1) The Commission 1[may, by notification in the Official Gazette,
make regulations] consistent with this Act and the rules made thereunder,--
(a) regulating the meetings of the Commission and the procedure for conducting business thereat; (b) regulating the manner in which and the purposes for which persons may be associated with the Commission under section 9; (c) specifying the terms and conditions of service of the employees appointed by the Commission; (d) specifying the institutions or class of institutions which may be recognised by the Commission under clause (f) of section 2; (e) defining the qualifications that should ordinarily be required of any person to be appointed to the teaching staff of the University, having regard to the branch of education in which he is expected to give instruction; (f) defining the minimum standards of instruction for the grant of any degree by any University; (g) regulating the maintenance of standards and the co-ordination of work or facilities in Universities. 2[(h) regulating the establishment of institutions referred to in clause (ccc) of section 12 and other matters relating to such institutions; (i) specifying the matters in respect of which fees may be charged, and scales of fees in accordance with which fees may be charged, by a college under sub-section (2) of section 12A; (j) specifying the manner in which an inquiry may be conducted under sub-section (4) of section 12A.] (2) No regulation shall be made under clause (a) or clause (b) or clause (c) or clause (d) 2[(orclause (h) or clause (i) or clause (j)]of sub-section (1) except with the previous approval of the Central Government. 2[(3) The power to make regulations conferred by this section [except clause (i) and clause (j) of sub-section (1)] shall include the power to give retrospective effect from a date not earlier than the date of commencement of this Act, to the regulations or any of them but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable.]
1. Subs. by s. 6, ibid., for "may make regulations" (w.e.f. 1-10-1984).
2. Ins. by Act 59 of 1984, s. 6 (w.e.f. 1-10-1984). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)23.(1) The Board may, for carrying out purposes of this Act. Make regulations consistent with the provisions of this Act and the rules framed thereunder and submit the same for approval of the State Government. The State Government may approve, modify or vary the regulations. The regulations, as approved by the State Government, shall be published in the Gazette and shall take effect from the date of publication, but where a date has been specified from that date.
/hr2 (2) Without prejudice to the generality of the foregoing powers, the regulations may provide for- /hr2 (a) the appointment, constitution, powers and duties of the Committees and subcommittees constituted under this Act; /hr2 (b) the manner and conditions of conferment of certificates and diplomas; /hr2 (c) the conditions for affiliations of institutions; /hr2 (d) the courses of study to be prescribed for certificated and diploma examinations; /hr2 (e) the conditions under which candidates shall be admitted to be examination of the Board and shall be eligible for certificates and diplomas; /hr2 (f) the fees for admission to the examination of the Board and the manner of their realisation; /hr2 (g) the conduct of examinations; /hr2 (h) the appointment of examiners, moderators, collators, scrutinizers, tabulators, centre inspectors, superintendent of centers and invigilators and their duties and powers in relation to the Boards Examinations, and the rates of their remuneration; /hr2 (i) standards for buildings including land appurtenant thereto, the equipment and apparatus necessary for institutions seeking affiliation; /hr2 1dbqt1dbqt[(j) the qualifications, conditions of service, scales of pay and strength of teaching and non-teaching staff of affiliated institutions;]1 /hr2 (k) publication of results of examinations conducted by the Board; /hr2 (l) the minimum educational and other qualifications for admission of students to an affiliated institution; /hr2 (m) admission of students to affiliated institutions; /hr2 (n) the inspection of affiliated institutions with a view to ensure due observance of the prescribe courses of study and that facilities for instructions are duly provided and availed of; /hr2 (o) the conditions under which a candidate may be disallowed admission to the examination of the Board of courses of study in an affiliated institution; /hr2 (p) withholding or cancelling results of an examination conducted by the Board and cancelling an examination conducted by it in respect of any candidate; /hr2 (q) the circumstances under which affiliation of an institution may be withdrawn or refused; /hr2 (r) inspection of a Centre; [* * *]2 /hr2 dbqt3"[(ra) the powers, duties and functions of Principal and Committee of Management; /hr2 the particulars to be forwarded to the Director under (rb) the principles under which approval to a Scheme of Administration may be accorded; /hr2 (rc) the period of time during which a representation may be made to the Director under sub-section (2) of section 22-C; /hr2 (rd) the period of time on the expiry of which a draft Scheme of Administration shall be deemed to have been approved by the Director under the provision to sub-section (2) of section 22-C; /hr2 (re) the period of time during which a representation may be made by an affiliated institution under the provision to sub-section (3) of section 22-C; /hr2 (rf) the constitution of the selection committee referred to in sub-section (2) and sub-section(3) of section 22-E; the conduct of business at their meetings, and the preparation of regional panels; /hr2 (rg) the particulars to be forwarded to the Director under subsection (2) of Section 22-F; /hr2 (rh) all matters relating to the appointment and conditions of service of Principals and teachers of affiliated Institutions;and]3 /hr2 (s) any other matter which under this Act or rules made thereunder is to be or may be prescribed by regulations.
subs. and be deemed always to have been substituted by section 5 (i) of U.P. Act No. 35 of 1974./hr1
2. Del. by section 5 (ii) of U.P. Act No. 35 of 1974./hr1
3. inserted by sec. 5 (ii) ibid.
| ||||||||||||||||
Related Section(s)(1) The Reserve Bank may, by notification, make regulations to
carry out the provisions of this Act and the rules made thereunder.
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for, 1[(a) the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6;] (b) the manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7; (c) the period within which and the manner of repatriation of foreign exchange under section 8; (d) the limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9; (e) the class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9; (f) the limit up to which foreign exchange acquired may be exempted under clause (d) of section 9; (g) the limit up to which foreign exchange acquired may be retained under clause (e) of section 9; 2[(ga) export, import or holding of currency or currency notes;] (h) any other matter which is required to be, or may be, specified. 3[(3) All regulations made by the Reserve Bank before the date on which the provisions of this section are notified under section 6 and section 47 of this Act on capital account transactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.]
1. Subs. by s. 144, ibid., for clause (a) (w.e.f. 15-10-2019).
2. Ins. by Act 20 of 2015, s. 144 (w.e.f. 15-10-2019). 3. Ins. by s. 144. ibid. (w.e.f. 15-10-2019). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[(1) Notwithstanding anything contained in the Indian Telegraph Act,
1885 (13 of 1885), the functions of the Authority shall be to--
(a) make recommendations, either suo motu or on a request from the licensor, on the following matters, namely:-- (i) need and timing for introduction of new service provider; (ii) terms and conditions of licence to a service provider; (iii) revocation of license for non-compliance of terms and conditions of licence; (iv) measures to facilitate competition and promote efficiency in the operation of telecommunication services so as to facilitate growth in such services; (v) technological improvements in the services provided by the service providers; (vi) type of equipment to be used by the service providers after inspection of equipment used in the network; (vii) measures for the development of telecommunication technology and any other matter relatable to telecommunication industry in general; (viii) efficient management of available spectrum; (b) discharge the following functions, namely:-- (i) ensure compliance of terms and conditions of licence; (ii) notwithstanding anything contained in the terms and conditions of the licence granted before the commencement of the Telecom Regulatory Authority of India (Amendment) Act, 2000 (2 of 2000), fix the terms and conditions of inter-connectivity between the service providers; (iii) ensure technical compatibility and effective inter-connection between different service providers; (iv) regulate arrangement amongst service providers of sharing their revenue derived from providing telecommunication services; (v) lay-down the standards of quality of service to be provided by the service providers and ensure the quality of service and conduct the periodical survey of such service provided by the service providers so as to protect interest of the consumers of telecommunication service; (vi) lay-down and ensure the time period for providing local and long distance circuits of telecommunication between different service providers; (vii) maintain register of inter-connect agreements and of all such other matters as may be provided in the regulations; (viii) keep register maintained under clause (vii) open for inspection to any member of public on payment of such fee and compliance of such other requirement as may be provided in the regulations; (ix) ensure effective compliance of universal service obligations; (c) levy fees and other charges at such rates and in respect of such services as may be determined by regulations; (d) perform such other functions including such administrative and financial functions as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act: Provided that the recommendations of the Authority specified in clause (a) of this sub-section shall not be binding upon the Central Government: Provided further that the Central Government shall seek the recommendations of the Authority in respect of matters specified in sub-clauses (i) and (ii) of clause (a) of this sub-section in respect of new licence to be issued to a service provider and the Authority shall forward its recommendations within a period of sixty days from the date on which that Government sought the recommendations: Provided also that the Authority may request the Central Government to furnish such information or documents as may be necessary for the purpose of making recommendations under sub-clauses (i) and (ii) of clause (a) of this sub-section and that Government shall supply such information within a period of seven days from receipt of such request: Provided also that the Central Government may issue a licence to a service provider if no recommendations are received from the Authority within the period specified in the second proviso or within such period as may be mutually agreed upon between the Central Government and the Authority: Provided also that if the Central Government, having considered that recommendation of the Authority, comes to a prima facie conclusion that such recommendation cannot be accepted or needs modifications, it shall refer the recommendation back to the Authority for its reconsideration, and the Authority may, within fifteen days from the date of receipt of such reference, forward to the Central Government its recommendation after considering the reference made by that Government. After receipt of further recommendation if any, the Central Government shall take a final decision.] (2) Notwithstanding anything contained in the Indian Telegraph Act, 1885 (13 of 1885), the Authority may, from time to time, by order, notify in the Official Gazette the rates at which the telecommunication services within India and outside India shall be provided under this Act including the rates at which messages shall be transmitted to any country outside India: Provided that the Authority may notify different rates for different persons or class of persons for similar telecommunication services and where different rates are fixed as aforesaid the Authority shall record the reasons therefor. (3) While discharging its functions 2[under sub-section (1) or sub-section (2)], the Authority shall not act against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality. (4) The Authority shall ensure transparency while exercising its powers and discharging its functions.
1 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 24-1-2000).
2 Subs. by Act 2 of 2000, s. 9, for "under sub-section (1)" (w.e.f. 24-1-2000). (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[38. Assignment and transfer of insurance policies. --(1) A transfer or assignment of a policy of
insurance, wholly or in part, whether with or without consideration, may be made only by an endorsement
upon the policy itself or by a separate instrument, signed in either case by the transferor or by the assignor
or his duly authorised agent and attested by at least one witness, specifically setting forth the fact of
transfer or assignment and the reasons thereof, the antecedents of the assignee and the terms on which the
assignment is made.
(2) An insurer may, accept the transfer or assignment, or decline to act upon any endorsement made under sub-section (1), where it has sufficient reason to believe that such transfer or assignment is not bona fide or is not in the interest of the policyholder or in public interest or is for the purpose of trading of insurance policy. (3) The insurer shall, before refusing to act upon the endorsement, record in writing the reasons for such refusal and communicate the same to the policyholder not later than thirty days from the date of the policyholder giving notice of such transfer or assignment. (4) Any person aggrieved by the decision of an insurer to decline to act upon such transfer or assignment may within a period of thirty days from the date of receipt of the communication from the insurer containing reasons for such refusal, prefer a claim to the Authority. (5) Subject to the provisions in sub-section (2), the transfer or assignment shall be complete and effectual upon the execution of such endorsement or instrument duly attested but except, where the transfer or assignment is in favour of the insurer, shall not be operative as against an insurer, and shall not confer upon the transferee or assignee, or his legal representative, any right to sue for the amount of such policy or the moneys secured thereby until a notice in writing of the transfer or assignment and either the said endorsement or instrument itself or a copy thereof certified to be correct by both transferor and transferee or their duly authorised agents have been delivered to the insurer: Provided that where the insurer maintains one or more places of business in India, such notice shall be delivered only at the place where the policy is being serviced. (6) The date on which the notice referred to in sub-section (5) is delivered to the insurer shall regulate the priority of all claims under a transfer or assignment as between persons interested in the policy; and where there is more than one instrument of transfer or assignment the priority of the claims under such instruments shall be governed by the order in which the notices referred to in sub-section (5) are delivered: Provided that if any dispute as to priority of payment arises as between assignees, the dispute shall be referred to the Authority. (7) Upon the receipt of the notice referred to in sub-section (5), the insurer shall record the fact of such transfer or assignment together with the date thereof and the name of the transferee or the assignee and shall, on the request of the person by whom the notice was given, or of the transferee or assignee, on payment of such fee as may be specified by the regulations, grant a written acknowledgement of the receipt of such notice; and any such acknowledgement shall be conclusive evidence against the insurer that he has duly received the notice to which such acknowledgement relates. (8) Subject to the terms and conditions of the transfer or assignment, the insurer shall, from the date of the receipt of the notice referred to in sub-section (5), recognise the transferee or assignee named in the notice as the absolute transferee or assignee entitled to benefit under the policy, and such person shall be subject to all liabilities and equities to which the transferor or assignor was subject at the date of the transfer or assignment and may institute any proceedings in relation to the policy, obtain a loan under the policy or surrender the policy without obtaining the consent of the transferor or assignor or making him a party to such proceedings. Explanation.-- Except where the endorsement referred to in sub-section (1) expressly indicates that the assignment or transfer is conditional in terms of sub-section (10) hereunder, every assignment or transfer shall be deemed to be an absolute assignment or transfer and the assignee or transferee, as the case may be, shall be deemed to be the absolute assignee or transferee respectively. (9) Any rights and remedies of an assignee or transferee of a policy of life insurance under an assignment or transfer effected prior to the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall not be affected by the provisions of this section. (10) Notwithstanding any law or custom having the force of law to the contrary, an assignment in favour of a person made upon the condition that-- (a) the proceeds under the policy shall become payable to the policyholder or the nominee or nominees in the event of either the assignee or transferee predeceasing the insured; or (b) the insured surviving the term of the policy, shall be valid: Provided that a conditional assignee shall not be entitled to obtain a loan on the policy or surrender a policy. (11) In the case of the partial assignment or transfer of a policy of insurance under sub-section (1), the liability of the insurer shall be limited to the amount secured by partial assignment or transfer and such policyholder shall not be entitled to further assign or transfer the residual amount payable under the same policy.]
1. Subs. by Act 5 of 2015, s. 45, for sections 38, 39 and 40 (w.e.f. 26-12-2014).
1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions 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 time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. (1) The Authority shall establish
a fund to be called the Subscriber Education and Protection Fund.
(2) There shall be credited to the Subscriber Education and Protection Fund the following amounts, namely:— (a) grants and donations given to the Subscriber Education and Protection Fund by the Central Government, State Governments, companies or any other institutions for the purposes of the Subscriber Education and Protection Fund; (b) the interest or other income received out of the investments made from the Subscriber Education and Protection Fund; (c) the sums realised by way of penalties by the Authority under section 28. (3) The Subscriber Education and Protection Fund shall be administered and utilised by the Authority for protection of the interests of subscribers in accordance with regulations made for the purpose. | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Appropriate
Government may, by notification, appoint duly qualified persons to be Chief Electrical Inspector or
Electrical Inspectors and every such Inspector so appointed shall exercise the powers and perform the
functions of a Chief Electrical Inspector or an Electrical Inspector under this Act and exercise such other
powers and perform such other functions as may be prescribed within such areas or in respect of such
class of works and electric installations and subject to such restrictions as the Appropriate Government
may direct.
(2) In the absence of express provision to the contrary in this Act, or any rule made thereunder, an appeal shall lie from the decision of a Chief Electrical Inspector or an Electrical Inspector to the Appropriate Government or if the Appropriate Government, by general or special order so directs, to an Appropriate Commission. STATE AMENDMENT Karnataka Amendment of section 162.--In section 162 of the Principal Act, after sub-section (2), the following shall be inserted, namely:-- "(3) where no provision is made by Central Government or the Authority in respect of powers and functions and qualifications of Chief Electrical Inspector and Electrical Inspectors, the State Government may by rules prescribe the same". [Vide Karnataka Act 39 of 2014, s. 3] (1) This Act may be called the Electricity Act, 2003.
(2) It extends to the whole of India 1***. (3) It shall come into force on such date2 as the Central Government may, by notification, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
1. The words except the State of Jammu and Kashmir omitted by Act 34 of 2019, s. 95 and the Fifth Schedule
(w.e.f. 31-10- 2019).
2. 10th June, 2003 (ss. 1 to 120 and ss. 122 to 185), vide notification No. S.O. 669(E), dated 10th June, 2003, see Gazette of India, Extraordinary, Part II, sec. 3(ii). The Authority may, in consultation with the
State Government, specify suitable measures for--
(a) protecting the public (including the persons engaged in the generation, transmission or distribution or trading) from dangers arising from the generation, transmission or distribution or trading of electricity, or use of electricity supplied or installation, maintenance or use of any electric line or electrical plant; (b) eliminating or reducing the risks of personal injury to any person, or damage to property of any person or interference with use of such property; (c) prohibiting the supply or transmission of electricity except by means of a system which conforms to the specifications as may be specified; (d) giving notice in the specified form to the Appropriate Commission and the Electrical Inspector, of accidents and failures of supplies or transmissions of electricity; (e) keeping by a generating company or licensee the maps, plans and sections relating to supply or transmission of electricity; (f) inspection of maps, plans and sections by any person authorised by it or by Electrical Inspector or by any person on payment of specified fee; (g) specifying action to be taken in relation to any electric line or electrical plant, or any electrical appliance under the control of a consumer for the purpose of eliminating or reducing the risk of personal injury or damage to property or interference with its use. STATE AMENDMENT Karnataka Insertion of sections 53A.--In the Electricity Act, 2003 (Central Act 36 of 2003) (herein after referred to as Principal Act), after section 53, the following shall be inserted, namely:-- 53-A. Powers of State Government relating to Safety and Electricity supply.--Where Central Government or the Authority has made no provision relating to following Safety measures and electricity supply the State Government may by rules provide for,-- (a) terms and Conditions and manner of Inspection by the Chief Electrical Inspector and Electrical Inspectors; (b) manner of Issue of Licence to electrical contractors, Permits to Supervisors and wiremen and competency certificates; (c) manner of Scrutiny and approval of Electrical Installation drawings, (d) levy of fee for the Inspection or other services rendered by the Chief Electrical Inspector or the Electrical Inspectors; and (e) the rate and manner of collection of fee. If not remitted within the stipulated time, to recover the same as an arrears of Land revenue. [Vide Karnataka Act 39 of 2014, s. 2] (1) The Authority may, by notification, make
regulations consistent with this Act and the rules generally to carry out the provisions of this Act.
(2) In particular and without prejudice to the generality of the power conferred in sub-section (1), such regulations may provide for all or any of the following matters, namely:-- (a) the Grid Standards under section 34; (b) suitable measures relating to safety and electric supply under section 53; (c) the installation and operation of meters under section 55; (d) the rules of procedure for transaction of business under sub-section (9) of section 70; (e) the technical standards for construction of electrical plants and electric lines and connectivity to the grid under clause (b) of section 73; (f) the form and manner in which and the time at which the State Government and licensees shall furnish statistics, returns or other information under section 74; (g) any other matter which is to be, or may be, specified. (3) All regulations made by the Authority under this Act shall be subject to the conditions of previous publication. The Central Government shall, after consultation with the State Governments, prepare and notify a
national policy, permitting stand alone systems (including those based on renewable sources of energy
and other non-conventional sources of energy) for rural areas.
(1) Save as otherwise exempted under this Act,
no person other than the Central Transmission Utility or a State Transmission Utility, or a licensee shall
transmit or use electricity at a rate exceeding two hundred and fifty watts and one hundred volts--
(a) in any street, or (b) in any place,-- (i) in which one hundred or more persons are ordinarily likely to be assembled; or (ii) which is a factory within the meaning of the Factories Act, 1948 (63 of 1948) or a mine within the meaning of the Mines Act, 1952 (35 of 1952); or (iii) to which the State Government, by general or special order, declares the provisions of this sub-section to apply, without giving, before the commencement of transmission or use of electricity, not less than seven days' notice in writing of his intention to the Electrical Inspector and to the District Magistrate or the Commissioner of Police, as the case may be, containing particulars of the electrical installation and plant, if any, the nature and the purpose of supply and complying with such of the provisions of Part XVII of this Act, as may be applicable: Provided that nothing in this section shall apply to electricity used for the public carriage of passengers, animals or goods, on, or for the lighting or ventilation of the rolling stock of any railway or tramway subject to the provisions of the Railways Act, 1989 (24 of 1989). (2) Where any difference or dispute arises as to whether a place is or is not one in which one hundred or more persons are ordinarily likely to be assembled, the matter shall be referred to the State Government, and the decision of the State Government thereon shall be final. (3) The provisions of this section shall be binding on the Government. (1) A licensee may, from time to time but
subject always to the terms and conditions of his licence, within his area of supply or transmission or
when permitted by the terms of his licence to lay down or place electric supply lines without the area of
supply, without that area carry out works such as--
(a) to open and break up the soil and pavement of any street, railway or tramway; (b) to open and break up any sewer, drain or tunnel in or under any street, railway or tramway; (c) to alter the position of any line or works or pipes, other than a main sewer pipe; (d) to lay down and place electric lines, electrical plant and other works; (e) to repair, alter or remove the same; (f) to do all other acts necessary for transmission or supply of electricity. (2) The Appropriate Government may, by rules made by it in this behalf, specify,-- (a) the cases and circumstances in which the consent in writing of the appropriate Government, local authority, owner or occupier, as the case may be, shall be required for carrying out works; (b) the authority which may grant permission in the circumstances where the owner or occupier objects to the carrying out of works; (c) the nature and period of notice to be given by the licensee before carrying out works; (d) the procedure and manner of consideration of objections and suggestion received in accordance with the notice referred to in clause (c); (e) the determination and payment of compensation or rent to the persons affected by works under this section; (f) the repairs and works to be carried out when emergency exists; (g) the right of the owner or occupier to carry out certain works under this section and the payment of expenses therefor; (h) the procedure for carrying out other works near sewers, pipes or other electric lines or works; (i) the procedure for alteration of the position of pipes, electric lines, electrical plant, telegraph lines, sewer lines, tunnels, drains, etc.; (j) the procedure for fencing, guarding, lighting and other safety measures relating to works on streets, railways, tramways, sewers, drains or tunnels and immediate reinstatement thereof; (k) the avoidance of public nuisance, environmental damage and unnecessary damage to the public and private property by such works; (l) the procedure for undertaking works which are not reparable by the Appropriate Government, licensee or local authority; (m) the manner of deposit of amount required for restoration of any railways, tramways, waterways, etc.; (n) the manner of restoration of property affected by such works and maintenance thereof; (o) the procedure for deposit of compensation payable by the licensee and furnishing of security; and (p) such other matters as are incidental or consequential to the construction and maintenance of works under this section. (3) A licensee shall, in exercise of any of the powers conferred by or under this section and the rules made thereunder, cause as little damage, detriment and inconvenience as may be, and shall make full compensation for any damage, detriment or inconvenience caused by him or by any one employed by him. (4) Where any difference or dispute [including amount of compensation under sub-section (3)] arises under this section, the matter shall be determined by the Appropriate Commission. (5) The Appropriate Commission, while determining any difference or dispute arising under this section in addition to any compensation under sub-section (3), may impose a penalty not exceeding the amount of compensation payable under that sub-section. | ||||||||||||||||
Related Section(s)(1) The Commission 1[may, by notification in the Official Gazette,
make regulations] consistent with this Act and the rules made thereunder,--
(a) regulating the meetings of the Commission and the procedure for conducting business thereat; (b) regulating the manner in which and the purposes for which persons may be associated with the Commission under section 9; (c) specifying the terms and conditions of service of the employees appointed by the Commission; (d) specifying the institutions or class of institutions which may be recognised by the Commission under clause (f) of section 2; (e) defining the qualifications that should ordinarily be required of any person to be appointed to the teaching staff of the University, having regard to the branch of education in which he is expected to give instruction; (f) defining the minimum standards of instruction for the grant of any degree by any University; (g) regulating the maintenance of standards and the co-ordination of work or facilities in Universities. 2[(h) regulating the establishment of institutions referred to in clause (ccc) of section 12 and other matters relating to such institutions; (i) specifying the matters in respect of which fees may be charged, and scales of fees in accordance with which fees may be charged, by a college under sub-section (2) of section 12A; (j) specifying the manner in which an inquiry may be conducted under sub-section (4) of section 12A.] (2) No regulation shall be made under clause (a) or clause (b) or clause (c) or clause (d) 2[(orclause (h) or clause (i) or clause (j)]of sub-section (1) except with the previous approval of the Central Government. 2[(3) The power to make regulations conferred by this section [except clause (i) and clause (j) of sub-section (1)] shall include the power to give retrospective effect from a date not earlier than the date of commencement of this Act, to the regulations or any of them but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable.]
1. Subs. by s. 6, ibid., for "may make regulations" (w.e.f. 1-10-1984).
2. Ins. by Act 59 of 1984, s. 6 (w.e.f. 1-10-1984). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board 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 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 or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) Subject to the provisions of this Act and any
other law for the time being in force, the Authority shall have the duty, to regulate, promote and ensure
orderly growth of the National Pension System and pension schemes to which this Act applies and to
protect the interests of subscribers of such System and schemes.
(2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include-- (a) regulating the National Pension System and the pension schemes to which this Act applies; (b) approving the schemes, the terms and conditions thereof and laying down norms for the management of the corpus of the pension funds, including investment guidelines under such schemes; (c) registering and regulating intermediaries; (d) issuing to an intermediary, on application, a certificate of registration and renewing, modifying, withdrawing, suspending or cancelling such registration; (e) protecting the interests of subscribers by-- (i) ensuring safety of the contribution of subscribers to various schemes of pension funds to which this Act applies; (ii) ensuring that the intermediation and other operational costs under the National Pension System are economical and reasonable; (f) establishing mechanism for redressal of grievances of subscribers to be determined by regulations; (g) promoting professional or organisations connected with the pension system; (h) adjudication of disputes between intermediaries and between intermediaries and subscribers; (i) collecting data and requiring the intermediaries to collect such data and undertaking and commissioning studies, research and projects; (j) undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries; (k) standardising dissemination of information about performance of pension funds and performance benchmarks; (l) regulating the regulated assets; (m) levying fees or other charges for carrying out the purposes of this Act; (n) specifying by regulations the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries; (o) calling for information from, undertaking inspection of, conducting inquiries and investigations including audit of, intermediaries and other entities or organisations connected with pension funds; (p) exercising such other powers and functions as may be prescribed. (3) Notwithstanding anything contained in any other law for the time being in force, while exercising the powers under clause (o) of sub-section (2), the Authority shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908) while trying a suit, in respect of the following matters, namely:-- (i) the discovery and production of books of account and other documents, at such place and at such time as may be specified by the Authority; (ii) summoning and enforcing the attendance of persons and examining them on oath; (iii) inspection of any book, register and other document of any person or intermediary referred to in section 26, at any place; (iv) issuing commissions for the examination of witnesses or documents; (v) any other matter which may be prescribed. (4) Without prejudice to the provisions contained in sub-sections (1), (2) and (3) and section 16, the Authority may, by order, for reasons to be recorded in writing, in the interest of subscribers, take any of the following measures, pending investigation or inquiry, namely:-- (i) restrain persons from participating in any scheme; (ii) restrain any office bearer of an intermediary from acting as such; (iii) impound and retain the proceeds under the scheme in respect of any activity which is under investigation; (iv) attach, after passing an order, on an application made for approval, by the Judicial Magistrate of first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the scheme in any manner involved in violation of any of the provisions of this Act or the rules or the regulations made thereunder: Provided that only the bank account or accounts or any transaction entered therein, relating to the proceeds actually involved in the violation of any of the provisions of this Act or the rules or the regulations made thereunder shall be allowed to be attached; (v) direct any intermediary or any person associated with the scheme in any manner not to dispose of or alienate an asset forming part of any activity which is under investigation: Provided that the Authority shall, either before or after, passing such orders, under this section, give to such intermediaries or persons concerned an opportunity of being heard. (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions 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 time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). (1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)(1) This Act may be called the Prasar Bharati
(Broadcasting Corporation of India) Act, 1990.
(2) It extends to the whole of India. (3) It shall come into force on such date 1 as the Central Government may, by notification, appoint.
1 15th September, 1997, vide notification No. S.O. 509(E), dated 22nd July, 1997, see Gazette of India, Extraordinary, Part II,
sec. 3(ii).
(1) Subject to such control, restrictions and
conditions as may be prescribed, the Corporation may appoint, after consultation with the Recruitment
Board, the Director-General (Akashvani), the Director-General (Doordarshan) and such other officers and
other employees as may be necessary.
(2) The method of recruitment of such officers and employees and all other matters connected therewith and the conditions of service of such officers and other employees shall be such as may be provided by regulations. (1) The Corporation may, by notification, make regulations not
inconsistent with this Act and the rules made thereunder for enabling it to perform its functions under this
Act.
(2) Without prejudice to the generality of the foregoing power such regulations may provide for all or any of the following matters, namely:-- (a) the manner in which and the purposes for which the Corporation may associate with itself any person under sub-section (7) of section 3; (b) the times and places at which meetings of the Board shall be held and, the procedure to be followed thereat, and the quorum necessary for the transaction of the business at a meeting of the Board under sub-section (1) of section 8; (c) the methods of recruitment and conditions of service of officers and other employees of the Corporation under sub-section (2) of section 9; 1[(d) the conditions of service of officers and employees under sub-section (5) of section 11;] 2* * * * * (f) the services which may be provided by the Corporation under clause (f) of sub-section (3) of section 12; (g) the determination and levy of fees and other service charges in respect of advertisements and other programmes under sub-section (7) of section 12; (h) the manner in which and the period within which complaints may be made under sub-section (2) of section 15; (i) any other matter in respect of which provision is, in the opinion of the Corporation, necessary for the performance of its functions under this Act: Provided that the regulations under clause (c) or clause (d) shall be made only with the prior approval of the Central Government.
1. Subs. by Act 6 of 2012, s. 4, for clause (d) (w.e.f. 8-3-2012).
2. Clause (e) omitted by s. 4, ibid. (w.e.f. 8-3-2012). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)1[6A. Requirements as to capital structure and voting rights and maintenance of registers of
beneficial owners of shares. --
2[(1) No public company limited by shares having its registered office in
India, shall carry on life insurance business or general insurance business or health insurance business or
re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations; (ii) that the voting rights of shareholders are restricted to equity shares; (iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new: Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.] (2) Notwithstanding anything to the contrary contained in any law for the 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 3[equity] shares held by him. 4* * * * * 5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business-- (a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration; (b) shall not register any transfer of its shares-- (i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each; (ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer; (iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer. Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).] (5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share: Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section: Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person. 6* * * * * 7* * * * * 8* * * * * 9* * * * * 10* * * * * 11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: -- (i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13*** 14* * * * * 15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include-- (i) the total paid-up holding in such shares held by such person in the name of others; and (ii) if any shares of the company are held-- (a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or (b) by a private limited company, of which such person is a member, or (c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or (d) by a firm in which such person is a partner, or (e) by such person jointly with others, such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be. 17* * * * *
1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014). 3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014). 5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014). 6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014). 7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969). 12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014). 14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000). 16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). 1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[64V. Assets and liabilities how to be valued. --(1) For the purpose of ascertaining compliance
with the provisions of section 64VA, assets shall be valued at value not exceeding their market or
realisable value and certain assets may be excluded by the Authority in the manner as may be specified by
the regulations made in this behalf.
(2) A proper value shall be placed on every item of liability of the insurer in the manner as may be specified by the regulations made in this behalf. (3) Every insurer shall furnish to the Authority along with the returns required to be filed under this Act, a statement, certified by an Auditor, approved by the Authority, in respect of general insurance business or an actuary approved by the Authority in respect of life insurance business, as the case may be, of his assets and liabilities assessed in the manner required by this section as on the 31st day of March of each year within such time as may be specified by the regulations.]
1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014).
1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 1[64VA. Sufficiency of assets. --(1) Every insurer and re-insurer shall at all times maintain an excess
of value of assets over the amount of liabilities of, not less than fifty per cent. of the amount of minimum
capital as stated under section 6 and arrived at in the manner specified by the regulations.
(2) An insurer or re-insurer, as the case may be, who does not comply with sub-section (1), shall be deemed to be insolvent and may be wound-up by the court on an application made by the Authority. (3) The Authority shall by way of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the provisions of sub-section (4) without prejudice to taking of any other remedial measures as deemed fit: Provided that if in respect of any insurer the Authority is satisfied that either by reason of an unfavourable claim experience or because of a sharp increase in the volume of new business, or for any other reason, compliance with the provisions of this sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided that such modifications shall not result in the control level of solvency being less than what is stipulated under sub-section (1). (4) If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by the Authority, submit a financial plan to the Authority, indicating a plan of action to correct the deficiency within a specified period not exceeding six months. (5) An insurer who has submitted a plan, as required under sub-section (4), the Authority shall propose modifications to the plan, if the Authority considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessary, including direction in regard to transacting any new business, or, appointment of an administrator or both. (6) An insurer or re-insurer, as the case may be, who does not comply with the provisions of sub-section (4) shall be deemed to have made default in complying with the requirements of this section. (7) The Authority shall be entitled at any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of any insurer or re-insurer, or for securing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, and in the event of any failure to do so within two months from the receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed to have made default in complying with the requirements of this section. (8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, 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: Provided 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 India shall comply with the requirements of subsection (1) as if he had not been an insurer in a group at any time: Provided further that it shall be sufficient compliance of the provisions of the foregoing proviso if the insurer brings up the excess of the value of his assets over the amount of his liabilities to the required amount within a period of six months from the date of cessation of the group: Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however that the total period may not in any case exceed one year. (9) Every insurer shall furnish to the Authority return giving details of solvency margin in such form, time, manner including its authentication as may be specified by the regulations.]
1. Subs. by Act 5 of 2015, s. 83, for sections 64V and 64VA (w.e.f. 26-12-2014).
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Related Section(s)(1) Before
appointing any person as the Chairperson or other member, the Central Government shall satisfy itself
that such person does not have any financial or other interest which is likely to affect prejudicially his
functions as Chairperson or such other member.
(2) The Chairperson and other members shall hold office for a term of five years from the date on which they enter upon their offices or until they attain the age of sixty-five years, whichever is earlier: Provided that the Chairperson and other members shall not be eligible for re-appointment. Explanation.-- For the purposes of this section, appointment of a member as Chairperson shall not be deemed to be re-appointment. (3) A person in the service of the Central Government, a State Government or an undertaking, corporation or company owned or controlled by the Central Government or a State Government or from any other non-Governmental or corporate body shall resign or retire from such service before joining as the Chairperson or other member, as the case may be. (4) The salaries and allowances payable to and the other terms and conditions of service of the Chairperson and the other members shall be such as may be prescribed: Provided that neither the salary and allowances nor the other terms and conditions of service of the Chairperson or any other member shall be varied to his disadvantage after appointment. (5) The Chairperson or other member may resign his office by giving notice thereof in writing to the Central Government and on such resignation being accepted, the Chairperson or such other member shall be deemed to have vacated his office. (6) The Chairperson or any other member, upon ceasing to hold office as such, shall-- (a) be ineligible for further employment under the Central Government or any State Government; and (b) not accept any commercial employment for a period of two years from the date he ceases to hold such office. Explanation.-- For the purposes of this section, "commercial employment" means employment in any capacity under, or agency of, a person engaged in trading, commercial, industrial or financial business in any field and includes also a director of a company or partner of a firm or setting up practice either independently or as partner of a firm or as an advisor or a consultant. | ||||||||||||||||
Related Section(s)1[6A. Requirements as to capital structure and voting rights and maintenance of registers of
beneficial owners of shares. --
2[(1) No public company limited by shares having its registered office in
India, shall carry on life insurance business or general insurance business or health insurance business or
re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations; (ii) that the voting rights of shareholders are restricted to equity shares; (iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new: Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.] (2) Notwithstanding anything to the contrary contained in any law for the 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 3[equity] shares held by him. 4* * * * * 5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business-- (a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration; (b) shall not register any transfer of its shares-- (i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each; (ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer; (iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer. Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).] (5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share: Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section: Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person. 6* * * * * 7* * * * * 8* * * * * 9* * * * * 10* * * * * 11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: -- (i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13*** 14* * * * * 15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include-- (i) the total paid-up holding in such shares held by such person in the name of others; and (ii) if any shares of the company are held-- (a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or (b) by a private limited company, of which such person is a member, or (c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or (d) by a firm in which such person is a partner, or (e) by such person jointly with others, such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be. 17* * * * *
1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014). 3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014). 5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014). 6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014). 7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969). 12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014). 14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000). 16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). 1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[6A. Requirements as to capital structure and voting rights and maintenance of registers of
beneficial owners of shares. --
2[(1) No public company limited by shares having its registered office in
India, shall carry on life insurance business or general insurance business or health insurance business or
re-insurance business, unless it satisfies the following conditions, namely: --
(i) that the capital of the company shall consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations; (ii) that the voting rights of shareholders are restricted to equity shares; (iii) that, except during any period not exceeding one year allowed by the company for payment of calls on shares, the paid-up amount is the same for all shares, whether existing or new: Provided that the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), issued any shares other than ordinary shares each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.] (2) Notwithstanding anything to the contrary contained in any law for the 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 3[equity] shares held by him. 4* * * * * 5[(4) A public company as aforesaid which carries on life insurance business, general and health insurance business and re-insurance business-- (a) shall, in addition to the register of members maintained under the Companies Act, 2013 (18 of 2013), maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration; (b) shall not register any transfer of its shares-- (i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013 (18 of 2013), the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shares for his own benefit or as a nominee, whether jointly or severally, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each; (ii) where, after the transfer, the total paid-up holding of the transferee in the shares of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer; (iii) where, the nominal value of the shares intended to be transferred by any individual, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of the insurer, unless the previous approval of the Authority has been obtained for the transfer. Explanation.--For the purposes of this sub-clause, the expressions "group" and "same management" shall have the meanings respectively assigned to them in the Competition Act, 2002 (12 of 2003).] (5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950, or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the shares is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share: Provided that nothing in this sub-section shall affect the right of a person who has an interest in any such share to establish in a Court his right thereto, if the person, in whose name the share is registered, refuses to countersign the declaration as required by this sub-section: Provided further that where any share, belonging to an individual who has made any such declaration as is referred to in this sub-section is held by a company in its name in pursuance of any trust or for the purpose of safe custody or collection or realisation of dividend, such individual shall, notwithstanding anything contained in the Indian Companies Act, 1913 (7 of 1913) or in the memorandum or articles of association of the company which has issued the share, be deemed to be the holder of the said share for the purpose of exercising any voting rights under this section to the exclusion of any other person. 6* * * * * 7* * * * * 8* * * * * 9* * * * * 10* * * * * 11[(11) The provisions of this section, 12***, shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely: -- (i) that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968; 13*** 14* * * * * 15[Explanation] --For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include-- (i) the total paid-up holding in such shares held by such person in the name of others; and (ii) if any shares of the company are held-- (a) by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or (b) by a private limited company, of which such person is a member, or (c) by a company, of which such person is a managing director, manager, 16*** or in which he has a controlling interest, or (d) by a firm in which such person is a partner, or (e) by such person jointly with others, such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be. 17* * * * *
1. Ins. by Act 47 of 1950, s. 9 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 11, for sub-section (1) (w.e.f. 26-12-2014). 3. Ins. by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 4. Subs-section (3) Omitted by s. 11, ibid. (w.e.f. 26-12-2014). 5. Subs. by s. 11, ibid., for sub-section (4) (w.e.f. 26-12-2014). 6. Sub-section (6) omitted by 5 of 2015, s. 11 (w.e.f. 26-12-2014). 7. Sub-section (7) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 8. Sub-section (8) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 9. Sub-section (9) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 10. Sub-section (10) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 11. Ins. by Act 62 of 1968, s. 4 (w.e.f. 1-6-1969). 12. The words, brackets and figures "except those of sub-sections (7), (8) and (9)" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 13. The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014). 14. Clause (ii) omitted by s. 11, ibid. (w.e.f. 26-12-2014). 15. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Explanation 1 " (w.e.f.19-4-2000). 16. The words "managing agent" omitted by Act 5 of 2015, s. 11 (w.e.f. 26-12-2014). 17. Explanation 2 omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). 1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board 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 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 or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s) this Act, unless the context otherwise requires,--
(1)"Appellate Tribunal" means the Appellate Tribunal for Electricity established under section 110; (2) "appointed date" means such date as the Central Government may, by notification, appoint; (3) "area of supply" means the area within which a distribution licensee is authorised by his licence to supply electricity; (4) "Appropriate Commission" means the Central Regulatory Commission referred to in sub-section (1) of section 76 or the State Regulatory Commission referred to in section 82 or the Joint Commission referred to in section 83, as the case may be; (5) "Appropriate Government" means,-- (a) the Central Government,-- (i) in respect of a generating company wholly or partly owned by it; (ii) in relation to any inter-State generation, transmission, trading or supply of electricity and with respect to any mines, oil-fields, railways, national highways, airports, telegraphs, broadcasting stations and any works of defence, dockyard, nuclear power installations; (iii) in respect of National Load Despatch Centre and Regional Load Despatch Centre; (iv) in relation to any works or electric installation belonging to it or under its control; (b) in any other case, the State Government, having jurisdiction under this Act; (6) "Authority" mean the Central Electricity Authority referred to in sub-section (1) of section 70; (7) "Board" means a State Electricity Board, constituted before the commencement of this Act, under sub-section (1) of section 5 of the Electricity (Supply) Act, 1948 (54 of 1948); (8) "Captive generating plant" means a power plant set up by any person to generate electricity primarily for his own use and includes a power plant set up by any co-operative society or association of persons for generating electricity primarily for use of members of such co-operative society or association; (9) "Central Commission" means the Central Electricity Regulatory Commission referred to in sub-section (1) of section 76; (10) "Central Transmission Utility" means any Government company which the Central Government may notify under sub-section (1) of section 38; (11) "Chairperson" means the Chairperson of the Authority or Appropriate Commission or the Appellate Tribunal, as the case may be; (12) "Cogeneration" means a process which simultaneously produces two or more forms of useful energy (including electricity); (13) "company" means a company formed and registered under the Companies Act, 1956 (1 of 1956) and includes any body corporate under a Central, State or Provincial Act; (14) "conservation" means any reduction in consumption of electricity as a result of increase in the efficiency in supply and use of electricity; (15) "consumer" means any person who is supplied with electricity for his own use by a licensee or the Government or by any other person engaged in the business of supplying electricity to the public under this Act or any other law for the time being in force and includes any person whose premises are for the time being connected for the purpose of receiving electricity with the works of a licensee, the Government or such other person, as the case may be; (16) "dedicated transmission lines" means any electric supply-line for point to point transmission which are required for the purpose of connecting electric lines or electric plants of a captive generating plant referred to in section 9 or generating station referred to in section 10 to any transmission lines or sub-stations, or generating stations, or the load centre, as the case may be; (17) "distribution licensee" means a licensee authorised to operate and maintain a distribution system for supplying electricity to the consumers in his area of supply; (18) "distributing main" means the portion of any main with which a service line is, or is intended to be, immediately connected; (19) "distribution system" means the system of wires and associated facilities between the delivery points on the transmission lines or the generating station connection and the point of connection to the installation of the consumers; (20) "electric line" means any line which is used for carrying electricity for any purpose and includes-- (a) any support for any such line, that is to say, any structure, tower, pole or other thing in, on, by or from which any such line is, or may be, supported, carried or suspended; and (b) any apparatus connected to any such line for the purpose of carrying electricity; (21) "Electrical Inspector" means a person appointed as such by the Appropriate Government under sub-section (1) of section 162 and also includes Chief Electrical Inspector; (22) "electrical plant" means any plant, equipment, apparatus or appliance or any part thereof used for, or connected with, the generation, transmission, distribution or supply of electricity but does not include-- (a) an electric line; or (b) a meter used for ascertaining the quantity of electricity supplied to any premises; or (c) an electrical equipment, apparatus or appliance under the control of a consumer; (23) "electricity" means electrical energy-- (a) generated, transmitted, supplied or traded for any purpose; or (b) used for any purpose except the transmission of a message; (24) "Electricity Supply Code" means the Electricity Supply Code specified under section 50; (25) "electricity system" means a system under the control of a generating company or licensee, as the case may be, having one or more-- (a) generating stations; or (b) transmission lines; or (c) electric lines and sub-stations, and when used in the context of a State or the Union, the entire electricity system within the territories thereof; (26) "electricity trader" means a person who has been granted a licence to undertake trading in electricity under section 12; (27) "franchisee" means a persons authorised by a distribution licensee to distribute electricity on its behalf in a particular area within his area of supply; (28) "generating company" means any company or body corporate or association or body of individuals, whether incorporated or not, or artificial juridical person, which owns or operates or maintains a generating station; (29) "generate" means to produce electricity from a generating station for the purpose of giving supply to any premises or enabling a supply to be so given; (30) "generating station" or "station" means any station for generating electricity, including any building and plant with step-up transformer, switch-gear, switch yard, cables or other appurtenant equipment, if any, used for that purpose and the site thereof; a site intended to be used for a generating station, and any building used for housing the operating staff of a generating station, and where electricity is generated by water-power, includes penstocks, head and tail works, main and regulating reservoirs, dams and other hydraulic works, but does not in any case include any sub-station; (31) "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956); (32) "grid" means the high voltage backbone system of inter-connected transmission lines, sub-station and generating plants; (33) "Grid Code" means the Grid Code specified by the Central Commission under clause (h) of sub-section (1) of section 79; (34) "Grid Standards" means the Grid Standards specified under clause (d) of section 73 by the Authority; (35) "high voltage line" means an electric line or cable of a nominal voltage as may be specified by the Authority from time to time; (36) "inter-State transmission system" includes-- (i) any system for the conveyance of electricity by means of main transmission line from the territory of one State to another State; (ii) the conveyance of electricity across the territory of an intervening State as well as conveyance within the State which is incidental to such inter-State transmission of electricity; (iii) the transmission of electricity within the territory of a State on a system built, owned, operated, maintained or controlled by a Central Transmission Utility; (37) 'intra-State transmission system' means any system for transmission of electricity other than an inter-State transmission system; (38) 'licence" means a licence granted under section 14; (39) "licensee" means a person who has been granted a licence under section 14; (40) "line" means any wire, cable, tube, pipe, insulator, conductor or other similar thing (including its casing or coating) which is designed or adapted for use in carrying electricity and includes any line which surrounds or supports, or is surrounded or supported by or is installed in close proximity to, or is supported, carried or suspended in association with, any such line; (41) "local authority" means any Nagar Panchayat, Municipal Council, municipal corporation, Panchayat constituted at the village, intermediate and district levels, body of port commissioners or other authority legally entitled to, or entrusted by the Union or any State Government with, the control or management of any area or local fund; (42) "main" means any electric supply-line through which electricity is, or is intended to be, supplied; (43) "Member" means the Member of the Appropriate Commission or Authority or Joint Commission, or the Appellate Tribunal, as the case may be, and includes the Chairperson of such Commission or Authority or Appellate Tribunal; (44) "National Electricity Plan" means the National Electricity Plan notified under sub-section (4) of section 3; (45) "National Load Despatch Centre" means the Centre established under sub-section (1) of section 26; (46) "notification" means notification published in the Official Gazette and the expression "notify" shall be construed accordingly; (47) "open access" means the non-discriminatory provision for the use of transmission lines or distribution system or associated facilities with such lines or system by any licensee or consumer or a person engaged in generation in accordance with the regulations specified by the Appropriate Commission; (48) "overhead line" means an electric line which is placed above the ground and in the open air but does not include live rails of a traction system; (49) "person" shall include any company or body corporate or association or body of individuals, whether incorporated or not, or artificial juridical person; (50) "power system" means all aspects of generation, transmission, distribution and supply of electricity and includes one or more of the following, namely:-- (a) generating stations; (b) transmission or main transmission lines; (c) sub-stations; (d) tie-lines; (e) load despatch activities; (f) mains or distribution mains; (g) electric supply-lines; (h) overhead lines; (i) service lines; (j) works; (51) "premises" includes any land, building or structure; (52) "prescribed" means prescribed by rules made by the Appropriate Government under this Act; (53) "public lamp" means an electric lamp used for the lighting of any street; (54) "real time operation" means action to be taken at a given time at which information about the electricity system is made available to the concerned Load Despatch Centre; (55) "Regional Power Committee" means a committee established by resolution by the Central Government for a specified region for facilitating the integrated operation of the power systems in that region; (56) "Regional Load Despatch Centre" means the Centre established under sub-section (1) of section 27; (57) "regulations" means regulations made under this Act; (58) "repealed laws" means the Indian Electricity Act, 1910 (9 of 1910), the Electricity (Supply) Act, 1948 (54 of 1948) and the Electricity Regulatory Commissions Act, 1998 (14 of 1998) repealed by section 185; (59) "rules" means rules made under this Act; (60) "Schedule" means the Schedule to this Act; (61) "service-line" means any electric supply-line through which electricity is, or is intended to be, supplied-- (a) to a single consumer either from a distributing main or immediately from the Distribution Licensee's premises; or (b) from a distributing main to a group of consumers on the same premises or on contiguous premises supplied from the same point of the distributing main; (62) 'specified" means specified by regulations made by the Appropriate Commission or the Authority, as the case may be, under this Act; (63) "stand alone system" means the electricity system set-up to generate power and distribute electricity in a specified area without connection to the grid; (64) "State Commission" means the State Electricity Regulatory Commission constituted under sub-section (1) of section 82 and includes a Joint Commission constituted under sub-section (1) of section 83; (65) "State Grid Code" means the State Grid Code specified under clause (h) of sub-section (1) of section 86; (66) "State Load Despatch Centre" means the centre established under sub-section (1) of section 31; (67) "State Transmission Utility" means the Board or the Government company specified as such by the State Government under sub-section (1) of section 39; (68) "street" includes any way, road, lane, square, court, alley, passage or open space, whether a thoroughfare or not, over which the public have a right of way, and also the roadway and footway over any public bridge or causeway; (69) "sub-station" means a station for transforming or converting electricity for the transmission or distribution thereof and includes transformers converters, switch-gears, capacitors, synchronous condensers, structures, cable and other appurtenant equipment and any buildings used for that purpose and the site thereof; (70) "supply", in relation to electricity, means the sale of electricity to a licensee or consumer; (71) "trading" means purchase of electricity for resale thereof and the expression "trade" shall be construed accordingly; (72) "transmission lines means all high pressure cables and overhead lines (not being an essential part of the distribution system of a licensee) transmitting electricity from a generating station to another generating station or a sub-station, together with any step-up and step-down transformers, switch-gear and other works necessary to and used for the control of such cables or overhead lines, and such buildings or part thereof as may be required to accommodate such transformers, switch-gear and other works; (73) "transmission licensee" means a licensee authorised to establish or operate transmission lines; (74) "transmit" means conveyance of electricity by means of transmission lines and the expression "transmission" shall be construed accordingly; (75) "utility" means the electric lines or electrical plant, and includes all lands, buildings, works and materials attached thereto belonging to any person acting as a generating company or licensee under the provisions of this Act; (76) "wheeling" means the operation whereby the distribution system and associated facilities of a transmission licensee or distribution licensee, as the case may be, are used by another person for the conveyance of electricity on payment of charges to be determined under section 62; (77) "works" includes electric line, and any building, plant, machinery, apparatus and any other thing of whatever description required to transmit, distribute or supply electricity to the public and to carry into effect the objects of a licence or sanction granted under this Act or any other law for the time being in force. (1) The Appropriate
Government may, by notification, appoint duly qualified persons to be Chief Electrical Inspector or
Electrical Inspectors and every such Inspector so appointed shall exercise the powers and perform the
functions of a Chief Electrical Inspector or an Electrical Inspector under this Act and exercise such other
powers and perform such other functions as may be prescribed within such areas or in respect of such
class of works and electric installations and subject to such restrictions as the Appropriate Government
may direct.
(2) In the absence of express provision to the contrary in this Act, or any rule made thereunder, an appeal shall lie from the decision of a Chief Electrical Inspector or an Electrical Inspector to the Appropriate Government or if the Appropriate Government, by general or special order so directs, to an Appropriate Commission. STATE AMENDMENT Karnataka Amendment of section 162.--In section 162 of the Principal Act, after sub-section (2), the following shall be inserted, namely:-- "(3) where no provision is made by Central Government or the Authority in respect of powers and functions and qualifications of Chief Electrical Inspector and Electrical Inspectors, the State Government may by rules prescribe the same". [Vide Karnataka Act 39 of 2014, s. 3] (1) Save as otherwise exempted under this Act,
no person other than the Central Transmission Utility or a State Transmission Utility, or a licensee shall
transmit or use electricity at a rate exceeding two hundred and fifty watts and one hundred volts--
(a) in any street, or (b) in any place,-- (i) in which one hundred or more persons are ordinarily likely to be assembled; or (ii) which is a factory within the meaning of the Factories Act, 1948 (63 of 1948) or a mine within the meaning of the Mines Act, 1952 (35 of 1952); or (iii) to which the State Government, by general or special order, declares the provisions of this sub-section to apply, without giving, before the commencement of transmission or use of electricity, not less than seven days' notice in writing of his intention to the Electrical Inspector and to the District Magistrate or the Commissioner of Police, as the case may be, containing particulars of the electrical installation and plant, if any, the nature and the purpose of supply and complying with such of the provisions of Part XVII of this Act, as may be applicable: Provided that nothing in this section shall apply to electricity used for the public carriage of passengers, animals or goods, on, or for the lighting or ventilation of the rolling stock of any railway or tramway subject to the provisions of the Railways Act, 1989 (24 of 1989). (2) Where any difference or dispute arises as to whether a place is or is not one in which one hundred or more persons are ordinarily likely to be assembled, the matter shall be referred to the State Government, and the decision of the State Government thereon shall be final. (3) The provisions of this section shall be binding on the Government. (1) A licensee may, from time to time but
subject always to the terms and conditions of his licence, within his area of supply or transmission or
when permitted by the terms of his licence to lay down or place electric supply lines without the area of
supply, without that area carry out works such as--
(a) to open and break up the soil and pavement of any street, railway or tramway; (b) to open and break up any sewer, drain or tunnel in or under any street, railway or tramway; (c) to alter the position of any line or works or pipes, other than a main sewer pipe; (d) to lay down and place electric lines, electrical plant and other works; (e) to repair, alter or remove the same; (f) to do all other acts necessary for transmission or supply of electricity. (2) The Appropriate Government may, by rules made by it in this behalf, specify,-- (a) the cases and circumstances in which the consent in writing of the appropriate Government, local authority, owner or occupier, as the case may be, shall be required for carrying out works; (b) the authority which may grant permission in the circumstances where the owner or occupier objects to the carrying out of works; (c) the nature and period of notice to be given by the licensee before carrying out works; (d) the procedure and manner of consideration of objections and suggestion received in accordance with the notice referred to in clause (c); (e) the determination and payment of compensation or rent to the persons affected by works under this section; (f) the repairs and works to be carried out when emergency exists; (g) the right of the owner or occupier to carry out certain works under this section and the payment of expenses therefor; (h) the procedure for carrying out other works near sewers, pipes or other electric lines or works; (i) the procedure for alteration of the position of pipes, electric lines, electrical plant, telegraph lines, sewer lines, tunnels, drains, etc.; (j) the procedure for fencing, guarding, lighting and other safety measures relating to works on streets, railways, tramways, sewers, drains or tunnels and immediate reinstatement thereof; (k) the avoidance of public nuisance, environmental damage and unnecessary damage to the public and private property by such works; (l) the procedure for undertaking works which are not reparable by the Appropriate Government, licensee or local authority; (m) the manner of deposit of amount required for restoration of any railways, tramways, waterways, etc.; (n) the manner of restoration of property affected by such works and maintenance thereof; (o) the procedure for deposit of compensation payable by the licensee and furnishing of security; and (p) such other matters as are incidental or consequential to the construction and maintenance of works under this section. (3) A licensee shall, in exercise of any of the powers conferred by or under this section and the rules made thereunder, cause as little damage, detriment and inconvenience as may be, and shall make full compensation for any damage, detriment or inconvenience caused by him or by any one employed by him. (4) Where any difference or dispute [including amount of compensation under sub-section (3)] arises under this section, the matter shall be determined by the Appropriate Commission. (5) The Appropriate Commission, while determining any difference or dispute arising under this section in addition to any compensation under sub-section (3), may impose a penalty not exceeding the amount of compensation payable under that sub-section. (1) The Central Government may, by
notification, make rules for carrying out the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the time within which the objection and suggestions on the draft National Electricity Plan to be invited by the Authority under the proviso to sub-section (4) of section 3; (b) the additional requirements 1 [relating to the capital adequacy, creditworthiness or code of conduct] under sixth proviso to section 14; (c) the payment of fees for application for grant of licence under sub-section (1) of section 15; (d) the constitution and functions of the National Load Despatch Centre under sub-section (2) of section 26; (e) the works of licensees affecting the property of owner or occupier under sub-section (2) of section 67; (f) such other cases which may be prescribed under clause (c) of sub-section (2) of section 68; (g) allowances and fees payable to others Members for attending the meetings of Authority under sub-section (14) of section 70. (h) other terms and conditions of service of the Chairperson and Members of the Authority under sub-section (15) of section 70; (i) the functions and duties of the Central Electricity Authority under section 73; (j) the salary, allowances and other conditions of service of Chairperson and Member of Central Commission under sub-section (2) of section 89; (k) the form and manner in which and the authority before whom oath of office and secrecy should be subscribed under sub-section (3) of section 89; (l) the procedure to be prescribed by the Central Government under the proviso to sub-section (2) of section 90; (m) any other matter required to be prescribed under clause (g) of sub-section (1) of section 94; (n) the form in which the Central Commission shall prepare its annual statement of accounts under sub-section (1) of section 100; (o) the form in which and time at which the Central Commission shall prepare its annual report under sub-section (1) of section 101; (p) the form in which and time at which the Central Commission shall prepare its budget under section 106; (q) the form and the manner of verifying such form, and fee for filing appeal under sub-section (2) of section 111; (r) the salary and allowances payable to and the other terms and conditions of service of the Chairperson of the Appellate Tribunal and Members of the Appellate Tribunal under section 115; (s) the salary and allowances and other conditions of service of the officers and employees of the Appellate Tribunal under sub-section (3) of section 119; (t) the additional matters in respect of which the Appellate Tribunal may exercise the powers of a civil court under clause (i) of sub-section (2) of section 120; (u) the authority to whom the appeal shall be filed under sub-section (1) of section 127; (v) manner of holding inquiry by an adjudicating officer under sub-section (1) of section 143; (w) the form in which and the time at which service of notices to any person or to the Central Government for the purpose under sub-section (1) of section 161; (x) the powers to be exercised and the functions to be performed by the Inspectors under sub-section (1) of section 162; (y) the manner of delivery of every notice, order or document to be served under sub-section (1) of section 171; (z) any other matter which is required to be, or may be, prescribed.
1. Subs. by Act 26 of 2007, s. 19, for "(including the capital adequacy, creditworthiness or code of conduct)" (w.e.f. 15-6-2007).
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Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)The
term of office, the salaries and allowances payable to and the other terms and conditions of service of the
Technical Member (Petroleum and Natural Gas) shall be the same as applicable to the other members of
the Appellate Tribunal.
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Related Section(s)1[(1) Notwithstanding anything contained in the Indian Telegraph Act,
1885 (13 of 1885), the functions of the Authority shall be to--
(a) make recommendations, either suo motu or on a request from the licensor, on the following matters, namely:-- (i) need and timing for introduction of new service provider; (ii) terms and conditions of licence to a service provider; (iii) revocation of license for non-compliance of terms and conditions of licence; (iv) measures to facilitate competition and promote efficiency in the operation of telecommunication services so as to facilitate growth in such services; (v) technological improvements in the services provided by the service providers; (vi) type of equipment to be used by the service providers after inspection of equipment used in the network; (vii) measures for the development of telecommunication technology and any other matter relatable to telecommunication industry in general; (viii) efficient management of available spectrum; (b) discharge the following functions, namely:-- (i) ensure compliance of terms and conditions of licence; (ii) notwithstanding anything contained in the terms and conditions of the licence granted before the commencement of the Telecom Regulatory Authority of India (Amendment) Act, 2000 (2 of 2000), fix the terms and conditions of inter-connectivity between the service providers; (iii) ensure technical compatibility and effective inter-connection between different service providers; (iv) regulate arrangement amongst service providers of sharing their revenue derived from providing telecommunication services; (v) lay-down the standards of quality of service to be provided by the service providers and ensure the quality of service and conduct the periodical survey of such service provided by the service providers so as to protect interest of the consumers of telecommunication service; (vi) lay-down and ensure the time period for providing local and long distance circuits of telecommunication between different service providers; (vii) maintain register of inter-connect agreements and of all such other matters as may be provided in the regulations; (viii) keep register maintained under clause (vii) open for inspection to any member of public on payment of such fee and compliance of such other requirement as may be provided in the regulations; (ix) ensure effective compliance of universal service obligations; (c) levy fees and other charges at such rates and in respect of such services as may be determined by regulations; (d) perform such other functions including such administrative and financial functions as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act: Provided that the recommendations of the Authority specified in clause (a) of this sub-section shall not be binding upon the Central Government: Provided further that the Central Government shall seek the recommendations of the Authority in respect of matters specified in sub-clauses (i) and (ii) of clause (a) of this sub-section in respect of new licence to be issued to a service provider and the Authority shall forward its recommendations within a period of sixty days from the date on which that Government sought the recommendations: Provided also that the Authority may request the Central Government to furnish such information or documents as may be necessary for the purpose of making recommendations under sub-clauses (i) and (ii) of clause (a) of this sub-section and that Government shall supply such information within a period of seven days from receipt of such request: Provided also that the Central Government may issue a licence to a service provider if no recommendations are received from the Authority within the period specified in the second proviso or within such period as may be mutually agreed upon between the Central Government and the Authority: Provided also that if the Central Government, having considered that recommendation of the Authority, comes to a prima facie conclusion that such recommendation cannot be accepted or needs modifications, it shall refer the recommendation back to the Authority for its reconsideration, and the Authority may, within fifteen days from the date of receipt of such reference, forward to the Central Government its recommendation after considering the reference made by that Government. After receipt of further recommendation if any, the Central Government shall take a final decision.] (2) Notwithstanding anything contained in the Indian Telegraph Act, 1885 (13 of 1885), the Authority may, from time to time, by order, notify in the Official Gazette the rates at which the telecommunication services within India and outside India shall be provided under this Act including the rates at which messages shall be transmitted to any country outside India: Provided that the Authority may notify different rates for different persons or class of persons for similar telecommunication services and where different rates are fixed as aforesaid the Authority shall record the reasons therefor. (3) While discharging its functions 2[under sub-section (1) or sub-section (2)], the Authority shall not act against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality. (4) The Authority shall ensure transparency while exercising its powers and discharging its functions.
1 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 24-1-2000).
2 Subs. by Act 2 of 2000, s. 9, for "under sub-section (1)" (w.e.f. 24-1-2000). (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). (1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) 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 or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board 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 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 or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)1[(1) Notwithstanding anything contained in the Indian Telegraph Act,
1885 (13 of 1885), the functions of the Authority shall be to--
(a) make recommendations, either suo motu or on a request from the licensor, on the following matters, namely:-- (i) need and timing for introduction of new service provider; (ii) terms and conditions of licence to a service provider; (iii) revocation of license for non-compliance of terms and conditions of licence; (iv) measures to facilitate competition and promote efficiency in the operation of telecommunication services so as to facilitate growth in such services; (v) technological improvements in the services provided by the service providers; (vi) type of equipment to be used by the service providers after inspection of equipment used in the network; (vii) measures for the development of telecommunication technology and any other matter relatable to telecommunication industry in general; (viii) efficient management of available spectrum; (b) discharge the following functions, namely:-- (i) ensure compliance of terms and conditions of licence; (ii) notwithstanding anything contained in the terms and conditions of the licence granted before the commencement of the Telecom Regulatory Authority of India (Amendment) Act, 2000 (2 of 2000), fix the terms and conditions of inter-connectivity between the service providers; (iii) ensure technical compatibility and effective inter-connection between different service providers; (iv) regulate arrangement amongst service providers of sharing their revenue derived from providing telecommunication services; (v) lay-down the standards of quality of service to be provided by the service providers and ensure the quality of service and conduct the periodical survey of such service provided by the service providers so as to protect interest of the consumers of telecommunication service; (vi) lay-down and ensure the time period for providing local and long distance circuits of telecommunication between different service providers; (vii) maintain register of inter-connect agreements and of all such other matters as may be provided in the regulations; (viii) keep register maintained under clause (vii) open for inspection to any member of public on payment of such fee and compliance of such other requirement as may be provided in the regulations; (ix) ensure effective compliance of universal service obligations; (c) levy fees and other charges at such rates and in respect of such services as may be determined by regulations; (d) perform such other functions including such administrative and financial functions as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act: Provided that the recommendations of the Authority specified in clause (a) of this sub-section shall not be binding upon the Central Government: Provided further that the Central Government shall seek the recommendations of the Authority in respect of matters specified in sub-clauses (i) and (ii) of clause (a) of this sub-section in respect of new licence to be issued to a service provider and the Authority shall forward its recommendations within a period of sixty days from the date on which that Government sought the recommendations: Provided also that the Authority may request the Central Government to furnish such information or documents as may be necessary for the purpose of making recommendations under sub-clauses (i) and (ii) of clause (a) of this sub-section and that Government shall supply such information within a period of seven days from receipt of such request: Provided also that the Central Government may issue a licence to a service provider if no recommendations are received from the Authority within the period specified in the second proviso or within such period as may be mutually agreed upon between the Central Government and the Authority: Provided also that if the Central Government, having considered that recommendation of the Authority, comes to a prima facie conclusion that such recommendation cannot be accepted or needs modifications, it shall refer the recommendation back to the Authority for its reconsideration, and the Authority may, within fifteen days from the date of receipt of such reference, forward to the Central Government its recommendation after considering the reference made by that Government. After receipt of further recommendation if any, the Central Government shall take a final decision.] (2) Notwithstanding anything contained in the Indian Telegraph Act, 1885 (13 of 1885), the Authority may, from time to time, by order, notify in the Official Gazette the rates at which the telecommunication services within India and outside India shall be provided under this Act including the rates at which messages shall be transmitted to any country outside India: Provided that the Authority may notify different rates for different persons or class of persons for similar telecommunication services and where different rates are fixed as aforesaid the Authority shall record the reasons therefor. (3) While discharging its functions 2[under sub-section (1) or sub-section (2)], the Authority shall not act against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality. (4) The Authority shall ensure transparency while exercising its powers and discharging its functions.
1 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 24-1-2000).
2 Subs. by Act 2 of 2000, s. 9, for "under sub-section (1)" (w.e.f. 24-1-2000). (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)The authorities of the University may make Regulations, consistent with this Act,
the Statutes and the Ordinances for the conduct of their own business and that of the Committees, if any,
appointed by them and not provided for by this Act, the Statutes or the Ordinances, in the manner
prescribed by the Statutes.
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Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Reserve Bank may, by notification, make regulations to
carry out the provisions of this Act and the rules made thereunder.
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for, 1[(a) the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6;] (b) the manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7; (c) the period within which and the manner of repatriation of foreign exchange under section 8; (d) the limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9; (e) the class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9; (f) the limit up to which foreign exchange acquired may be exempted under clause (d) of section 9; (g) the limit up to which foreign exchange acquired may be retained under clause (e) of section 9; 2[(ga) export, import or holding of currency or currency notes;] (h) any other matter which is required to be, or may be, specified. 3[(3) All regulations made by the Reserve Bank before the date on which the provisions of this section are notified under section 6 and section 47 of this Act on capital account transactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.]
1. Subs. by s. 144, ibid., for clause (a) (w.e.f. 15-10-2019).
2. Ins. by Act 20 of 2015, s. 144 (w.e.f. 15-10-2019). 3. Ins. by s. 144. ibid. (w.e.f. 15-10-2019). | ||||||||||||||||
Related Section(s)The
term of office, the salaries and allowances payable to and the other terms and conditions of service of the
Technical Member (Petroleum and Natural Gas) shall be the same as applicable to the other members of
the Appellate Tribunal.
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Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board shall appoint the following committees and different com… be appointed for different areas of the State, namely-
(a) Curriculum Committee;
(b) Examinations Committee;
(c) Results Committee;
(d) Recognition Committee and
(e) Finance Committee
(2) Such committees shall consist of the Members of the Board only a… constituted in such a way that as far as possible atleast one Member fr… the following classes are represented in each of the committees -
(a) Principal or Head of Institutions.
(b) Teachers.
(c) Member of the Legislative Assembly of the State
(d) Member of the Legislative Council of the State
(e) Academicians
Provided that no Member of the Board shall serve on more than…. committees, and the term of Members of the committee shall cease with th… of Membership of the Board.
(3) In addition to the committees mentio…section (1) the Board may appoint such other committees or sub-com…may be prescribed by regulations.
(4) The committees and sub-committees appointed under sub-section(… constituted in such manner and on such terms and conditions as may be by regulations.
Where a contribution or donation, either in cash or in kind is taken or received by an institution including an institution maintained exclusively by the State Government, or a local authority, the contribution or donation so received shall be utilized only for the purpose for which it was given to it and in the case of an institution maintained exclusively by the State Government, the cash contribution or donation shall be credited to personal ledger account of such institution which shall be operated in accordance with general or special orders of the State Government.
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Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). (1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)(1) The Food Authority may, with the previous
approval of the Central Government and after previous publication, by notification, make regulations
consistent with this Act and the rules made thereunder to carry out the provisions 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) salaries and other conditions of service of officers and other employees of the Food Authority under sub-section (3) of section 9; (b) rules of procedure for transaction of business under sub-section (5) of section 11; (c) other functions of the Central Advisory Committee under sub-section (2) of section 12; (d) procedure of Scientific Committee and Panels under sub-section (4) of section 15; (e) notifying standards and guidelines in relation to articles of food meant for human consumption under sub-section (2) of section 16; (f) procedure to be followed by Food Authority for transaction of business at its meetings under sub-section (1) of section 17; (g)making or amending regulations in view of urgency concerning food safety or public health under clause (d) of sub-section (2) of section 18; (h) limits of additives under section 19; (i) limits of quantities of contaminants, toxic substance and heavy metals, etc., under section 20; (j) tolerance limit of pesticides, veterinary drugs residues, etc, under section 21; (k) the manner of marking and labelling of foods under section 23; (l) form in which guarantee shall be given under sub-section (4) of section 26; (m) conditions and guidelines relating to food recall procedures under sub-section (4) of section 28; (n) regulations relating to functioning of Food Safety Officer under sub-section (5) of section 29; (o) notifying the registering authority and the manner of registration; the manner of making application for obtaining licence, the fees payable therefore and the circumstances under which such licence may be cancelled or forfeited under section 31; (p) the respective areas of which the Designated Officer shall be in-charge for food safety administration under sub-section (1) of section 36; (q) procedure in getting food analysed, details of fees, etc., under sub-section of section 40; (r) functions, procedure to be followed by food laboratories under sub-section (3)of section 43; (s) procedure to be followed by officials under sub-section (6) of section 47; (t) financial regulations to be adopted by the Food Authority in drawing up its budget under subsection (2) of section 81; (u) issue guidelines or directions for participation in Codex Meetings and preparation of response to Codex matters; and (v) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations. | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Authority may, in consultation with the Insurance
Advisory Committee, by notification, make regulations consistent with this Act and the rules made
thereunder 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 time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section (1) of section 10; (b) the transaction of business at its meetings under sub-section (4) of section 10; (c) the terms and other conditions of service of officers and other employees of the Authority under sub-section (2) of section 12; (d) the powers and functions which may be delegated to committees of the members under sub-section (2) of section 23; and (e) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)(1) The Board may, with the previous approval of the Reserve Bank, 1[by
notification in the Official Gazette,] make regulations not inconsistent with this Act to provide for all
matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of
this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for-- (a) the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business; (b) the number of directors constituting an Executive Committee, and the functions that such committee shall discharge; (c) the functions which any other committee may discharge under this Act; (d) the fees and allowances that may be paid to the members of a committee other than directors of the Board; (e) the fees and allowances that may be paid to the directors of the Board; (f) the periods for which, the times at which and the manner in which premium may be paid by an insured bank; (g) the interest which may be charged from an insured bank where it makes default in payment of premium; (h) the manner in which and the time within which the amounts referred to in section 21 may be paid; (i) the form and the manner in which the balance-sheet and the accounts of the Corporation shall be prepared or maintained; and (j) any other matter which is to be, or may be prescribed. (3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank within three months of the establishment of the Corporation; and any regulation so made may be altered or rescinded by the Board in the exercise of its powers under this Act. 2[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid 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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 26 (w.e.f. 30-12-1988).
2. Ins. by Act 1 of 1984, s. 64 (w.e.f. 15-2-1984). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[30A. Power of the National Commission to make regulations.-- (1) The National Commission
may, with the previous approval of the Central Government, by notification, make regulations not
inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the
purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may make provisions for the cost of adjournment of any proceeding before the District Forum, the State Commission or the National Commission, as the case may be, which a party may be ordered to pay.]
1. Ins. by s. 28, ibid. ((w.e.f. 15-3-2003).
| ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made there under for carrying out the provisions 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 time and places of meetings of the Authority and the procedure to be followed at such meetings (including the quorum at such meetings) under sub-section (1) of section 9; (b) the terms and other conditions of service of the officers and other employees of the Authority under sub-section (2) of section 11; (c) the regulations to be made by the Authority in respect of pension schemes referred to in clause (b) of sub-section (1) of section 12 and the time within which such schemes should conform to the regulations, made under sub-section (2) of that section; (d) the establishing of mechanisms for redressing grievances of subscribers under clause (f) of sub-section (2) of section 14; (e) the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by intermediaries under clause (n) of sub-section (2) of section 14; (f) amendment to the National Pension System referred to in sub-section (1) of section 20; (g) the conditions of its purpose, frequency and limits for withdrawals from individual pension account referred to in clause (b) of sub-section (2) of section 20; (h) the conditions subject to which the subscriber shall exit from the National Pension System referred to in clause (h) of sub-section (2) of section 20; (i) the conditions subject to which the subscriber shall purchase an annuity referred to in clause (i) of sub-section (2) of section 20; (j) the duties and functions of central recordkeeping agency under sub-section (2) of section 21; (k) the determination of compensation of fair value of the regulated assets payable to central recordkeeping agency under proviso to sub-section (3) of section 21; (l) the manner of receiving contributions and instructions and transmitting them to the Trustee Bank or central recordkeeping agency, as the case may be, and paying out the benefits to the subscribers, under sub-section (1), and the regulations governing functioning of points of presence under sub-section (2) of section 22; (m) the manner in which a pension fund may receive contributions, accumulate them and make payments to the subscriber under sub-section (1), the number of pension funds under sub-section (2), the functioning of the pension fund under sub-section(3), and the manner of managing the schemes by the pension fund under sub-section (4) of section 23; (n) the form and manner in which an application for grant of certificate of registration shall be made and the fee which shall accompany such application under sub-section (2) of section 27; (o) the conditions subject to which a certificate of registration may be granted to an intermediary under sub-section (3) of section 27; (p) the procedure and manner of suspension or cancellation of certificate of registration of intermediaries under sub-section (4) of section 27; (q) the procedure for holding inquiry by an adjudicating officer under sub-section (1) of section 30; (r) the supersession of the governing board or board of directors of the intermediary under sub-section (2) of section 31; (s) the management of affairs of the intermediary by an Administrator under sub-section (3) of section 31; (t) the manner of administering and utilising the Subscriber Education and Protection Fund under sub-section (3) of section 41; (u) the delegation of powers and functions of the Authority to committees under sub-section (2) of section 49; (v) establishment, duties and functioning of the National Pension System Trust; (w) any other matter which is required to be or may be specified by regulations or in respect of which provision is to be or may be made by regulations. | ||||||||||||||||
Related Section(s)(1) The Board may 1***
by notification, make regulations not
inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or
expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-- 2[(a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;] (b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared; (c) the manner in which nominations may be made in terms of sub-section (1) of section 46; (d) generally the efficient conduct of the affairs of the Small Industries Bank; (e) any other matter which is to be, or may be, prescribed. 3[(3) Every rule made by the Central Government, and every regulation made by the Board 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 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 or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.]
1. The words "with the previous approval of the Development Bank" omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000). 3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000). | ||||||||||||||||
Related Section(s)(1) The Reserve Bank may, by notification, make regulations to
carry out the provisions of this Act and the rules made thereunder.
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for, 1[(a) the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6;] (b) the manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7; (c) the period within which and the manner of repatriation of foreign exchange under section 8; (d) the limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9; (e) the class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9; (f) the limit up to which foreign exchange acquired may be exempted under clause (d) of section 9; (g) the limit up to which foreign exchange acquired may be retained under clause (e) of section 9; 2[(ga) export, import or holding of currency or currency notes;] (h) any other matter which is required to be, or may be, specified. 3[(3) All regulations made by the Reserve Bank before the date on which the provisions of this section are notified under section 6 and section 47 of this Act on capital account transactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.]
1. Subs. by s. 144, ibid., for clause (a) (w.e.f. 15-10-2019).
2. Ins. by Act 20 of 2015, s. 144 (w.e.f. 15-10-2019). 3. Ins. by s. 144. ibid. (w.e.f. 15-10-2019). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[42E. Condition for intermediary or insurance intermediary. --Without prejudice to the
provisions contained in this Act, the Authority may, by regulations made in this behalf, specify the
requirements of capital, form of business and other conditions, to act as an intermediary or an insurance
intermediary.]
1. Subs. by s. 51, ibid., for section 42E (w.e.f. 26-12-2014).
1[42D. Issue of 2[registration] to intermediary or insurance intermediary. -- (1) The Authority
or an officer authorised by it in this behalf shall, in the manner determined by the regulations made by the
Authority and on payment of the fees determined by the regulations made by the Authority, issue to any
person making an application in the manner determined by the regulations, and not suffering from any of
the disqualifications herein mentioned, a 2[registration] to act as an intermediary or an insurance
intermediary under this Act:
Provided that-- (a) in the case of an individual, he does not suffer from any of the disqualifications mentioned in 3[sub-section (3)] of section 42, or (b) in the case of a company, or firm, any of its directors of partners does not suffer from any of the said disqualifications. (2) A 4[registration made] under this section shall entitle the holder thereof to act as an intermediary or insurance intermediary . (3) A 4[registration made] under this section shall remain in force for a period of three years only from the date of issue, but shall, if the applicant, being an individual does not, or being a company or firm any of its directors or partners 5[or one or more of its officers or other employees so designated by it and in the case of any other person, the chief executive by whatever name called, or one or more of his employees designated by him] does not suffer from any of the disqualifications mentioned 6[in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42] and the application for renewal of 2[registration] reaches the issuing authority at least thirty days before the date on which the 2registration] ceases to remain in force, be renewed for a period of three years at any one time on payment of the fee, determined by the regulations, made by the Authority and additional fee for an amount determined by the regulations, not exceeding one hundred rupees by way of penalty, if the application for renewal of the 2[registration] does not reach the issuing authority at least thirty days before the date on which the 2[registration] ceases to remain in force. (4) No application for the renewal of a 2[registration] under this section shall be entertained if the application does not reach the issuing authority before the 2[registration] ceases to remain in force: Provided that the Authority may, if satisfied that undue hardship would be caused otherwise, accept any application in contravention of this sub-section on payment by the application of a penalty of seven hundred and fifty rupees. (5) The disqualifications above referred to shall be the following: -- (a) that the person is a minor; (b) that he is found to be of unsound mind by a Court of competent jurisdiction; (c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a Court of competent jurisdiction: Provided that, Where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that hi s conviction shall cease to operate as a disqualification under this clause; (d) that in the course of any judicial proceeding relating to any policy of insurance of the winding up of an insurance company or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud dishonestly or misrepresentation against an insurer or an insured; (e) that he does not possess the requisite qualifications and practical training for a period not exceeding twelve months, as may be specified by the regulations made by the Authority in this behalf; (f) that he has not passed such examinations as may be specified by the regulations made by the Authority in this behalf; (g) that he violates the code of conduct as may be specified by the regulations made by the Authority. (6) If it be found that an intermediary or an insurance intermediary suffers from any of the foregoing is qualifications , without prejudice to any other penalty to which he may be liable, the Authority shall, and if the intermediary or an insurance intermediary has knowingly contravened any provision of this Act may cancel the 7[registration made] to the intermediary or insurance intermediary under this section . (7) The Authority may issue a duplicate 8[registration] to replace a 8[registration] lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority. 9[(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints as an intermediary or an insurance intermediary or any person not registered to act as such or transacts any insurance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees. (9) Where the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be liable to a penalty which may extend to ten lakh rupees.]
1 Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2 Subs. by Act 5 of 2015, s. 51, for licence (w.e.f. 26-12-2014). 3 Subs. by s. 51, ibid., for sub-section (4) (w.e.f. 26-12-2014). 4 Subs. by s. 51, ibid., for licence issued (w.e.f. 26-12-2014). 5 Ins. by s. 51, ibid. (w.e.f. 26-12-2014). 6 Subs. by s. 51, ibid., for in clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 42 (w.e.f. 26-12-2014). 7 Subs. by 5 of 2015, s. 51, for "licence issued" (w.e.f. 26-12-2014). 8 Subs. by s. 51, ibid., for "licence" (w.e.f. 26-12-2014). 9 Subs. by s. 51, ibid., for sub-sections (8) and (9) (w.e.f. 26-12-2014). 1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The Board may, 1*** by notification, make regulations
consistent with this Act and the rules made thereunder 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 times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.]
1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995).
2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013). | ||||||||||||||||
Related Section(s)
1[4. Board of Directors.--(1) The general superintendence and direction of the affairs and business
of the Corporation shall vest in its Board of Directors, which may exercise all such powers and do all such
acts and things as may be exercised or done by the Corporation and are not by this Act expressly directed
or required to be done by the Corporation in general meeting.
(2) The Board of Directors of the Corporation shall consist of the following directors, not exceeding eighteen, of whom at least one shall be a woman, namely:-- (a) a Chairperson of the Board, to be appointed by the Central Government, who shall,-- (i) during the initial period, be a whole-time director of the Corporation; and (ii) after the initial period, be from amongst the non-executive directors nominated or to be nominated by the Central Government; (b) after the initial period, a Chief Executive Officer and Managing Director, who shall be a whole-time director of the Corporation to be appointed by the Central Government: Provided that where no Chief Executive Officer and Managing Director is appointed before expiry of the initial period, the individual holding office as Chairperson shall be deemed to have been appointed as the Chief Executive Officer and Managing Director on and from the date of such expiry; (c) Managing Directors, not exceeding four, to be appointed by the Central Government, who shall be whole-time directors of the Corporation; (d) an officer of the Central Government not below the rank of a Joint Secretary to the Government of India, to be nominated by the Central Government; (e) an individual to be nominated by the Central Government, who has special knowledge or practical experience in actuarial science, business management, economics, finance, human resources, information technology, insurance, law, risk management, or any other field the special knowledge or practical experience of which would be useful to the Corporation in the opinion of the Central Government or who represent the interests of policyholders; (f) where the total holding of members other than the Central Government in the paid-up equity capital of the Corporation is (a) not more than ten per cent., one individual; (b) more than ten per cent., two individuals, who shall be elected by and from amongst such members and in such manner as may be specified by regulations, to be appointed by the Board; and (g) such number of independent directors, not exceeding nine, to be recommended by the Nomination and Remuneration Committee and appointed by the Board. (3) An independent director of the Corporation shall, in relation to the Corporation, meet the same criteria of independence as an independent director of a company is required to meet in relation to the company under sub-section (6) of section 149 of the Companies Act: Provided that such a director shall also meet, in addition to the aforesaid criteria, any criteria that the Nomination and Renumeration Committee may formulate regarding qualifications, positive attributes and independence: Provided further that every such director shall at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the circumstances which may affect his status as an independent director, give a declaration that he meets the criteria of independence under this sub-section and that he is not aware of any circumstance or situation, which exist or may reasonably be anticipated, that could impair or impact his ability to discharge his duties with an objective independent judgment and without any external influence. (4) An individual appointed by the Board as a director under clause (f) or clause (g) of sub-section (2) shall hold office up to the date of the next annual general meeting or the last date on which the annual general meeting should have been held, whichever is earlier, and shall hold office beyond such date only if his appointment is approved at the annual general meeting. (5) Before an individual is appointed or nominated as a director under sub-section (2), the Central Government or the Nomination and Remuneration Committee, as the case may be, shall satisfy itself that such an individual as a director shall have no financial or other interest as is likely to affect prejudicially the exercise or performance by him of the functions of a director: Provided that the Board shall satisfy itself from time to time with respect to every director other than a director nominated under clause (d) of sub-section (2) that he has no such interest: Provided further that, for the purposes of this sub-section, any individual who is, or whose appointment or nomination or election is proposed and who has consented to be a director, shall furnish such information as the Central Government or the Nomination and Remuneration Committee or the Board, as the case may be, may require. (6) Notwithstanding anything contained in sub-section (2), on and from the appointed date, an individual appointed under section 4 who is eligible to be or remain a director under section 4A and who, immediately before such appointed date, held the office of a member of the Corporation (i) in the capacity as the Chairman of the Corporation, shall be deemed to be a director and the Chairperson under sub-clause (i) of clause (a) of sub-section (2); (ii) in the capacity as a Managing Director of the Corporation, shall be deemed to be a director and a Managing Director under clause (c) of sub-section (2); (iii) and is an officer of the Central Government not below the rank of a Joint Secretary to the Government of India in the Department of Financial Services, shall be deemed to be a director nominated under clause (d) of sub-section (2); (iv) and has been in office for a duration which is the longest amongst members other than members referred to in clauses (i), (ii) and (iii), shall be deemed to be a director nominated under clause (e) of sub-section (2): Provided that every such individual shall hold office until expiry of the term, if any, specified at the time of his appointment as a member of the Corporation, or until a director appointed or nominated, as the case may be, under sub-section (2) in place of such an individual assumes office: Provided further that any act or proceeding of the collective body of members constituting the Corporation under section 4 before the appointed date, shall be deemed to be an act or proceeding, as the case may be, of the Board. Explanation.--For the purposes of this sub-section, - (a) notwithstanding anything contained in clause (7) of section 2, the expression member shall mean a member appointed to the Corporation constituted under section 4 as it stood before the coming into force of section 130 of the Finance Act, 2021; (b) appointed date means the date on which the provisions of section 130 of the Finance Act, 2021 shall come into force.
1 Subs. by s. 130, ibid., for section 4 (w.e.f. 29-6-2021).
| ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[39. Nomination by policyholder. --(1) The holder of a policy of life insurance on his own life may,
when effecting the policy or at any time before the policy matures for payment, nominate the person or
persons to whom the money secured by the policy shall be paid in the event of his death:
Provided that, where any nominee is a minor, it shall be lawful for the policyholder to appoint any person in the manner laid down by the insurer, to receive the money secured by the policy in the event of his death during the minority of the nominee. (2) Any such nomination in order to be effectual shall, unless it is incorporated in the text of the policy itself, be made by an endorsement on the policy communicated to the insurer and registered by him in the records relating to the policy and any such nomination may at any time before the policy matures for payment be cancelled or changed by an endorsement or a further endorsement or a will, as the case may be, but unless notice in writing of any such cancellation or change has been delivered to the insurer, the insurer shall not be liable for any payment under the policy made bona fide by him to a nominee mentioned in the text of the policy or registered in records of the insurer. (3) The insurer shall furnish to the policyholder a written acknowledgement of having registered a nomination or a cancellation or change thereof, and may charge such fee as may be specified by regulations for registering such cancellation or change. (4) A transfer or assignment of a policy made in accordance with section 38 shall automatically cancel a nomination: Provided that the assignment of a policy to the insurer who bears the risk on the policy at the time of the assignment, in consideration of a loan granted by that insurer on the security of the policy within its surrender value, or its reassignment on repayment of the loan shall not cancel a nomination, but shall affect the rights of the nominee only to the extent of the insurer's interest in the policy: Provided further that the transfer or assignment of a policy, whether wholly or in part, in consideration of a loan advanced by the transferee or assignee to the policyholder, shall not cancel the nomination but shall affect the rights of the nominee only to the extent of the interest of the transferee or assignee, as the case may be, in the policy: Provided also that the nomination, which has been automatically cancelled consequent upon the transfer or assignment, the same nomination shall stand automatically revived when the policy is reassigned by the assignee or retransferred by the transferee in favour of the policyholder on repayment of loan other than on a security of policy to the insurer. (5) Where the policy matures for payment during the lifetime of the person whose life is insured or where the nominee or, if there are more nominees than one, all the nominees die before the policy matures for payment, the amount secured by the policy shall be payable to the policyholder or his heirs or legal representatives or the holder of a succession certificate, as the case may be. (6) Where the nominee or if there are more nominees than one, a nominee or nominees survive the person whose life is insured, the amount secured by the policy shall be payable to such survivor or survivors. (7) Subject to the other provisions of this section, where the holder of a policy of insurance on his own life nominates his parents, or his spouse, or his children, or his spouse and children, or any of them, the nominee or nominees shall be beneficially entitled to the amount payable by the insurer to him or them under sub-section (6) unless it is proved that the holder of the policy, having regard to the nature of his title to the policy, could not have conferred any such beneficial title on the nominee. (8) Subject as aforesaid, where the nominee, or if there are more nominees than one, a nominee or nominees, to whom sub-section (7) applies, die after the person whose life is insured but before the amount secured by the policy is paid, the amount secured by the policy, or so much of the amount secured by the policy as represents the share of the nominee or nominees so dying (as the case may be), shall be payable to the heirs or legal representatives of the nominee or nominees or the holder of a succession certificate, as the case may be, and they shall be beneficially entitled to such amount. (9) Nothing in sub-sections (7) and (8) shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of life insurance. (10) The provisions of sub-sections (7) and (8) shall apply to all policies of life insurance maturing for payment after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015). (11) Where a policyholder dies after the maturity of the policy but the proceeds and benefit of his policy has not been made to him because of his death, in such a case, his nominee shall be entitled to the proceeds and benefit of his policy. (12) The provisions of this section shall not apply to any policy of life insurance to which section 6 of the Married Women's Property Act, 1874 (3 of 1874), applies or has at any time applied: Provided that where a nomination made whether before or after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), in favour of the wife of the person who has insured his life or of his wife and children or any of them is expressed, whether or not on the face of the policy, as being made under this section, the said section 6 shall be deemed not to apply or not to have applied to the policy.]
1. Subs. by Act 5 of 2015, s. 45, for sections 38, 39 and 40 (w.e.f. 26-12-2014).
1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, 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: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (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 under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (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 regulation should not be made, the 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 or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). |
