The commission paid to the agent Or corporate agent in respect Of a group insurance policy shall not exceed the percentage approved by IRDA or as specified in the Insurance Act, 1938 read with the IRDA Act, -1999 and Regulations framed thereunder. (4) There shall be appended to every such abstract a statement, in conformity with their requirements of a Part II of the Fifth Schedule and prepared in accordance with the regulations contained in Part I of that Schedule, of the life insurance business in force at the date to which the accounts of the insurer are made up for the purposes of such abstract: (5) Where an investigation into the financial conditions of an insurer is made as at a dateother than the expiration of the year of account, the accounts for the period since the expiration of the last year of account and the balance sheet asat the date at which the investigation is made shall be prepared and audited in the manner provided by this Act. the form of any account, return or register required by Part III and the manner in  which such account, return or register shall be verified; subject to the provisions of this Act, the fees payable there under and the manner in       which they are to be collected; the conditions and the matters which may be prescribed undersub-sections (5),  (6),(10) and (12) of Section 92; (3) Every rule made under this section or Hinder subsection (10) of Section 34H or under sub-section (1) of Section 64UB and every regulation made under sub-section (3) of Section 64UB and every regulation made under this part shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be so, however, that any such modification of annulment shall be without prejudice to the validity of anything previously done under that rule or regulation. … (5) Where, in the exercise of any functions delegated to it under this section any Regional Committee or any sub-committee thereof restrains an insurance agent from procuring or causing to be procured general insurance business in any area, such agent may prefer an appeal to the Authority against such order within thirty days from the date of service of that order on him and the Authority may after giving such agent an opportunity of being heard, pass such orders thereon as it may think fit and the orders made by the Authority on such appeal shall be final. Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Sections 3A, 27B, 28B, 33, etc. (2) The decision of the Authority under this sub-section shall be final and shall not be called in question in any Court, and may be executed by the Court which would have been competent to decide the dispute if it had not been referred to the Authority as if it wore a decree passed by that Court. (972) 960-7693 Agents and brokers often get payments (“commissions”) from insurance companies for selling plans. Executive Committee of General Insurance Council may advise in, 64N. (10) All expenses of, and incidental to, any investigation made under this section shall be defrayed by the insurer, shall have priority over other debts due from the insurer and shall be recoverable as an arrear of land revenue. (4) Where any employee of the Tariff Committee, or the Regional Councils, or the General Insurance Council does not become an employee of the Advisory Committee, the monies and other assets appertaining to any fund referred to in subsection (3) shall be apportioned between the trustees of the fund and the Advisory Committee in the prescribed manner; and in case of any dispute regarding such apportionment, the decision of the Central Government thereon shall be final. (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. (i) for obtaining ingress into such building or place to be searched where free ingress thereto is not available; (ii) for ensuring safe custody of any books, accounts, papers, receipts, vouchers, reports, or other documents seized under this section. Prohibition of transaction of insurance business by provident societies other than public companies or co-operative societies, . (d)        decline to accept any such return unless the inaccuracy has been corrected or the deficiency has been supplied before the expiry of onemonth from the date on which the requisition asking for correction of the inaccuracy or supply of the deficiency was delivered to the insurer or ofsuch further time as the Authority may specify in the requisition and if he declines to accept any such return, the insurer shall be deemed to have failed to comply with the provisions of section 15 or section 16 or section 28 or section 28A or section 28B or section 64V relating to the furnishing of returns. (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. “insurance agent” means an insurance agent licensed under section 42 27 [***] who receives or agrees to receive payment by way of commission or other remunera­tion in consideration of his soliciting or procuring insurance business 9 [including business relating to the continuance, renewal or revival of policies of insurance]; every such order shall also be published in the official Gazette. (b) a list of the directors, if the insurer is a company, (c) the name and address of some one or more persons resident in. . The agent's primary alliance is with the insurance carrier, not the insurance buyer. (3) Where any person not being a chief agent, principal agent or special agent is in respect of remuneration exceeding the sum of five thousand rupees in any year, the Authority may, by notice in writing, require the insurer to submit certified copies of the agreement entered into between the insurer and any such person, and the insurer shall comply with any such requisition within the time specified in the notice. (2) For the purpose of enabling it effectively to discharge its functions, ­the Executive Committee of the Life Insurance Council may collect such sums of money, whether by way of fees or otherwise, as may be prescribed from all members and associate members of the Insurance Association of India who carry on life insurance-business. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology and reduces costs associated with issuing and renewing insurance licenses. International Risk Management (12) The provisions of this section and of any scheme made under it shall have effect notwithstanding anything to the contrary contained in any other provisions of this Act or in any other law or any agreement, award or other instrument for the time being in force. “Mathematical reserves” means the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising  from deposit back arrangement in relation to any policy whereby an amount  is deposited by re-insurer with the cedant) arising under or in connection with policies or contracts for life insurance business. Some may not sell plans of companies they don’t represent. Acquisition of surrender values by policy, 114. a draft of the agreement or deed under which it is proposed to effect the       amalgamation or transfer. Insurance agents are the legal representatives of insurers, rather than policyholders, with the right to perform certain acts on behalf of the insurers they represent, such as to bind coverage. Every provident society shall keep at its principal office in, such registers in such form as may be prescribed. (8) On and from such date as may be specified by the Central Government in this behalf, their properties and assets of the insurer shall, by virtue of and to the extent provided in the scheme, stand transferred to, and vest in, and theliabilities of the insurer shall, by virtue of and to the extent provided in thescheme, stand transferred to and become the liabilities of, the transferee insurer. 1. (a) every person in whose possession, custody or control any such property may be, shall deliver the property to the Advisory Committee forthwith; (b) any person, who, on the commencement of the Insurance (Amendment) Act, 1968,       has in his possession, custody or control any books, documents and other papers       relating to the Tariff Committee, or the Regional Councils, shall be liable to account       for the said books, documents andpapers to the Advisory Committee and shall       deliver them tosuchperson as the Committee may direct. For the purposes of this section a person shall be deemed to be a nominee of a delinquent, if, whether directly or indirectly, he possesses on behalf of the delinquent, or may be required to exercise on the direction or on behalf of the delinquent, any right or power which is of such a nature as to enable the delinquent to exercise or to entitle the delinquent to acquire control over the company's affairs. Insurance Agent Duties and Actions That May Constitute Negligence The primary duty of insurance agents is to use reasonable care, diligence, and judgment in selling insurance policies that are appropriate for their customers based on each one’s requests and requirements. Constitution of Consultative Committee, 113. 34G. … (or in  the case of a re-insurer carrying on exclusive  re-insurance business, by fifty per cent. (6) Where a company stands in the relation of a principal company to one insurance company and in the relation of a secondary company to some other insurance company or where there are several insurance companies standing in the relation of secondary companies to one principal company, the court may deal with any number of such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section. (7) The Authority may issue a duplicate licence to replace a licence lost, destroyed or mutilated, on payment of such fee, as may be determined by the regulations made by the Authority. (9) Every insurer shall maintain a register in which the name and address of every principal agent appointed by him, the date of such appointment and the date, if any, on which the appointment ceased shall be entered. (4) Every loan or advance existing at the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), which contravenes the provisions of sub­section (3) shall be notified by the insurer to the Authority within thirty days of such commencement and shall notwithstanding any contract to the contrary be repaid within one year from commencement. Inspection and supply of copies of published prospectus, etc. (5) The life insurance Council or the General Insurance Council may form such other committees consisting of such persons as it may think fit to discharge such functions as may be delegated thereto: that any action taken by any of the said Council under this sub­section shall be with the previous consent of the Authority and nothing in this sub-section shall derogate from any of the powers vested in the Executive Committees. There shall be twoCouncils of the Insurance Association of India, namely: (a) the Life Insurance Council consisting of all the members and associate members of the Association, who carry on life insurance business in, (b) the General Insurance Council consisting of all the members and associate members of the Association who carry on general insurance business in, Authority of members of Association to act through agents. Duty of person having custody or control of property to deliver such property to the Advisory Committee, (1) Where any property of the TariffCommittee, or the Regional Councils (appertaining to its or their statutory duties) has been transferred to, and vested in, the Advisory Committee, then,­. IRMI Update provides thought-provoking industry commentary every other week, including links to articles from industry experts. Power of Court to reduce contracts of insurance. Yet many in the industry may not be aware of the legal requirements for handling or storing this information. Particulars to be filled by insurers established outside India, Every insurer, having his principal place of business or domicile outside Indian, who establishes a place of business within. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. (a)  in a case referred to in clause (a) of sub-section (1), one-half per cent of the premium, (b)  in a case referred to in clause (b) of sub-section (1), two per cent of the first year's premium payable on the policy and. 363/1986, Act No. Duration and dissolution of Executive Committees. 52 F If any director or officer of the insurer or any other person fails to deliver to the Administrator any books of account, registers, or any other documents in his custody relating to the business of the insurer the management of which has vested in the Administrator, or retains any property of such insurer, he shall be punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both. 52. (1) any person aggrieved by any order made by the Authority under Sections 27D, 34, 34A, 34B, 34C, 34E, 34F, 34G, sub-sections(1), (4), and (7) of Section 64UM or Section 64VC may, within a period of thirty days from the date of such order prefer an appeal against such order to the Central Government and that Government may, by order, confirm, modify or reverse theorder made by the Authority and the order so made by the Central Government shallbe final. Provision for securing compliance with requirements relating to Capital, 6C. (C) Every licence issued under this section shall remain in force, unlesscancelled earlier, for a period of five years from the date of issue thereof, and may be renewed for a period of five years at a time, on payment of such fee, notexceeding rupees two hundred, as may be determined by the regulations. (10) If any dispute arises as to whether a person is or was a chief agent or a special agent for the purposes of this Act, the matter shall be referred to the Authority whose decision shall be final. 27. balance-sheets in respect of the insurance business of each of the provident societies concerned in such amalgamation or transfer. 41 or any other person shall be instituted by any person unless he has previous thereto obtained the sanction of the Advocate-General of the State where the principal place of business in India of such insurer is situate to the institution of such proceedings: that where the principal place of business of such insurer is situated in a Union territory references in this section to the Advocate­ Generalof the Province shall be construed as references to the Attorney­ Generalfor. (b)     the amount required to meet the liability on policies of life insurance maturing       for payment in               India. (8) If any dispute arises as to whether a person is or was a principal agentthe matter shall be referred to the Authority, whose decision shall be final. (13) The provisions of section 37 shall not apply to an amalgamation given effect to under provisions of this section. (5B) When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub-section (5D), continue as if the cancellation had not taken place. (1) Every whole-time employee of the Tariff Committee, or the Regional Councils who was employed by that Committee or those Councils wholly or mainly in connection with its or their statutory duties immediately before the commencement of the Insurance (Amendment) Act, 1968, shall, on and from such commencement, become an employee of the Advisory Committee and shall hold his office in it by the same tenure, at the same remuneration, and upon the same terms and conditions and with the same rates and privileges as to pension, gratuity and other matters as he would have held on such commencement if this Part had not been enacted, and shall continue to do so until his employment under the Advisory Committee is terminated or until his remuneration, terms and conditions, are duly altered by the Advisory Committee: that nothing contained in this sub-section shall apply to any employee who has given notice to the Central Government in writing either prior to or within two months from the commencement of the Insurance (Amendment) Act, 1968, intimating his intention of not becoming an employee of the Advisory Committee. (5C) Where a registration is cancelled under clause. (c) that the scheme is otherwise reasonable, it may sanction the scheme and thereupon the scheme shall become binding on the company and on all the persons concerned. 37A so far as they may apply; (d) the continuance of the rights of any person who, on the appointed day, is entitled to, or is in receipt of, a pension or other superannuation or compassionate allowance or benefit from the acquired insurer or any provident, pension or other fund or any authority administering such fund to be paid by, and to receive from the Central Government or the acquiring insurer, as the case may be, or any provident, pension or other fund or any authority administering such fund, the same pension, allowance or benefit so long as he observes the conditions on which the pension, allowance or benefit was granted, and if any question arises whether he has so observed such conditions, the question shall he determined by the Central Government and the decision of the Central Government thereon shall be final; (e) the manner of payment to the acquired insurer in full satisfaction of his claim in relation to the compensation payable in accordance with the provisions of Section 52J; (f) the provision, if any, completing the effectual transfer to the Central Government or the acquiring insurer of any asset or liability which forms part of the undertaking of the acquired insurer in any country outside India; (g) such incidental, consequential and supplemental matters as may be necessary to secure that the transfer of the undertaking, property, assets and liabilities of the acquired insurer to the Central Government or the acquiring insurer, as the case may be, is effectual and complete. Every provident society shall once in every five years or at such shorter intervals as may be laid down by the rules of the society cause an investigation to be made as at the last day of a calendar year into its financial condition including the valuation of its liabilities and assets by an actuary. (c) in a case referred to in clause (c) of sub-section (1), fifteen per cent of the first year's premium payable on the policy: (3) No person shall pay or contract to pay to a special agent, and nospecial agent, shall receive or contract to receive, by way of commission or remuneration in any form in respect of any policy of general insurance issued inIndia by an insurer after the COMMENCEMENT OF Insurance (Amendment Act, 1968, and effected through an insurance agent, an amount not exceeding fifteen per cent of the premium payable on the policy where the policy relates to fire or marine insurance or miscellaneous insurance. (2) Every application for registration shall be made in such manner as may be determined by the regulations made by the Authority and shall be accompanied by-, (b) the name, address and the occupation, if any, of the directors where insurer is a company incorporated under the Indian Companies Act, 1913 (7 of 1913), or under the Indian Companies Act, 1882 (6 of 1882), or under the Indian Companies Act, 1866 (10 of 1866), or under any Act repealed thereby, and in the case of an insurer specified in sub-clause (. (3) Where in any case two warnings given to an insurer under sub-section (2) have been disregarded by him, the Authority may take such action against the insurer as may be prescribed. The Chairperson of the Authority may, by notice inwriting, require any insurer to supply him with any information relating to his insurance business, and the insurer shall comply with such requirement within such period after receipt of the notice as may be specified therein. (2) Where an insurer specified in sub-clause (b) of Clause (9) of Section 2 has a life insurance fund of more than twenty-five lakhs of rupees or insurance funds totaling morethan fifty lakhs of rupees, the manager, managing director or either officer of the insurer shall be a whole time employee of the insurer: (3) Nothing in this section, shall prevent—. which the valuation age of lives was ascertained. or by an agreement entered into between any person and the company for empowering a director or manager or other officer of the company to assign his office to any other person, any assignment of office made in pursuance of the said provision, shall, notwithstanding anything to the contrary contained in the said provisions or in Section 86B of the Indian Companies Act, 1913 (7 of 1913), be void. (a) the functions to be discharged by the Advisory Committee; (b) the term of office of the members of the Advisory Committee, the procedure for their          election and the manner of filling casual vacancies in  the Advisory Committee; (c) the traveling and other allowances payable to the members of the Advisory Committee; (d) the procedure for holding the meeting of the Advisory Committee and for transaction of          business thereat. but does not include in the case of an insurer having his principal place of business in India any share of head office expenses in respect of life insurance business transacted by him outside India. (4) The scheme shall thereafter be placed before the Central Government for its sanction and the Central Government may sanction the scheme without any modification or with such modifications as it may consider necessary; and the scheme as sanctioned by the Central Government shall come into force on such date as the Central Government may specify in this behalf: (5) The sanction accorded by the Central Government under sub-section (4) shall be conclusive evidence that all the requirements of this section relating to amalgamation have been complied with and a copy of the sanctioned scheme certified in writing by an officer of the Central Government to be a true copy thereof, shall, in all legal proceedings (whether in appeal or otherwise) be admitted as evidence to the same extent as the original scheme. (8) Any person who acts as an intermediary or an insurance intermediary without holding a licence issued under this section to act as such, shall be punishable with fine, and any insurer or any person who appoints as an intermediary or an insurance intermediary or any person not licensed to act as such or transacts any insurance business in India through any such person, shall be punishable with fine. (3) Notwithstanding anything contained in this Part, until the Secretary  to the Advisory Committee is nominated under sub-section (2) of Section 64UA, the Secretary to the Tariff Committee holding office immediately before the commencement of the Insurance (Amendment) Act, 1968, shall function as the Secretary and shall be deemed to have been duly nominated under this Part. (3)The fee as determined by the regulations made by the Authority for the renewal of a registration for any year shall,be paid into the Reserve Bank of India, or where there is no office of thatBank, into the Imperial Bank of India acting as the agent of that Bank, or into any Government treasury, and the receipt shall be sent along with the application for renewal of the registration. (3) The Authority may, at his discretion require any insurer to whom sub-section (1) applies to submit before the 1st day of August in each or any yeara return of the nature referred to in subsection (1), certified as required by mat sub-section and prepared as at the 30th day of June. Deposit to be made by Mutual Insurance Companies and Co-operative Life Insurance Societies. the contingencies or classes of contingency on the happening, of which money  is to  be paid; the condition to be complied with before, and the payments to be made on,  admission to the society; the rates of premium or contribution, and the periods for which or the times at         which premiums or contributions are payable; the maximum amount payable to a subscriber or policy-holder; the nature and amounts of the benefits provided for by the society; the circumstances in which a bonus may be paid to a policy­holder; the nature of the evidence required for the proof of the happening of any       contingency on which money is to be paid; the circumstances in which policies may be forfeited or renewed or the whole or a  part of the premiums paid on a policy may be returned or  a surrender value  of a  policy may be granted; the penalties for delay in paying or failure to pay premiums or contributions; the proportion of the annual income of society which may be disbursed on and  the provisions to be made for meeting the expenses of the management of the society; the person or persons who or the authority which shall have power to invest the  funds of the society; the provisions for appointment of auditors and their remunerations; the procedure to be adopted in altering the rules of the society; unless these are provided for in the articles of association of a society which is a  company incorporated under the Indian Companies Act, 1913 (7 of 1913), or         under  the Indian Companies Act, 1882 (6 of 1882) or under the Indian         Companies Act, 1866 (10 of 1866), or under any Act repealed thereby: the mode of appointment and removal, the qualification and the powers of a director, manager, secretary or other officer of the society; the manner of raising additional capital; and, the provisions for the holding of general meetings of the members and  policy holders and for the powers to be exercised and the procedure to be followed thereat; and. Every provident society shall have in India a principal office (on the outside of which it shall keep displayed its name in a conspicuous position in legible characters) to which all communications and notices may be addressed, and shall give notice to the Authority of any change in the location thereof within twenty-eight days of its occurrence. a cash book in Which shall be entered separately for each class of  contingency separately specified in Section 65 all sums received and  expended by the society and matters in respect of which the receipt or expenditure takes place, Revenue account, balance-sheet and annual statements. Insurance agents are employed by the companies and the company gives necessary training to the agents. (ii)  the scheme does not involve any diminution of the liability of the shareholders in respect of unpaid-up share capital; (b) invite objections and suggestions in respect of the scheme so proposed; and. Assignment and transfer of insurance policies, 40. (9) In making any order with respect to the disposal of the property of any private company referred to in C1ause (b) of sub-section (5), the Court shall have due regard to the interests of all persons interested in such property other than the delinquent and persons referred to in that clause. Failure to maintain requested insurance. (5) In applying the provisions of sub-section (1) to any insurer, who is a member of a group, the relevant amount for that insurer shall be an amount equal to that proportion of the relevant amount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy: that when a group of insurers ceases to be a group, every insurer in that group who continues to carry on any class of insurance business in. Mathematical reserves also include specific provision for adverse deviations of the bases, such as mortality and morbidity rates, interest rates, and expense rates, and any explicit provision made in the valuation of liabilities in accordance with the regulations made by the Authority for this purpose; “net incurred claims” means the average of the net incurred claims during the specified period of not exceeding three preceding financial years; “sum at risk”, in relation to a life insurance policy, means a sum which is-, in any case in which an amount is payable in consequence of death other than a case falling within sub-clause (b) below, the amount payable on death, and. International risk management Institute, Inc. ( IRMI ) councils of the latest innovations in insurance is a type insurance... 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