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Title:TaxmannsGuidetoInsuranceActasamended

byInsuranceLaws(Amendment)Act2015

Publisher:Taxmann
Yearofpublication:2015
IIIlibraryaccessionno.:B7261

Contentsofthebook
1. Amendments made by Insurance Laws (Amendment) Act, 2015 in Insurtance Act,
1938ataglance
2. AmendmentsmadebyInsuranceLaws(Amendment)Act,2015inGeneralInsurance
Business(Nationalisation)Act,1972ataglance
3. Amendments made by Insurance Laws (Amendment) Act, 2015 in Insurance
RegulatoryandDevelopmenAuthorityAct,1999ataglance
4. HighlightsofInsuranceLaws(Amendement)Act

DivisionOne:
1. GuidetoInsuranceLaws(Amendment)Act,2015
2. PropertiesinIndianottobeinsuredwithforeigninsurersnewsection2CB
3. RegistrationofinsurersSection3
4. PaymentofannualfeebyinsurerSection3A
5. MinimumlimitsforannuitiessecuredbypoliciesoflifeinsuranceSection4
6. MinimumcapitalrequirementsSection6
7. Capitalstructure,votingrightsandregistersofbeneficialownerssharesSection6A
8. SeparationofaccountsandfundsSection10
9. Accountsandbalancesheet
10. AuditSection12
11. Actuarialreportandabstractsection13
12. RecordofpoliciesandclaimsSection14
13. SubmissionofreturmsSection15
14. CustodyandinspectionofdocumentsandsupplyofcopiesSection20
15. PowersofIRDAIasregardsdefectiveorinaccuratereturnsSection21
16. InvestmentsSection27to27E
17. Prohibitionofloansbyinsurers
18. Liabilityofdirectors,etcforlossduetocontraventionofsection27,27A,27B,27C,27D
or29
19. AssetsofinsurerhowtobekeptSection31
20. PowertorestrictpaymentofexcessiveremunierationSection31B
21. Rural/SocialsectorobligationsofinsurerSection32B

22. ObligationofinsurerintounderwritethirdpartyrisksofmotorvehiclesNewsection
32D
23. PowerofinvestigationandinspectionbyIRDAI
24. PowerofIRDAItoappointadditionalfirectorssection34C
25. Amalgamationandtransferofinsurancebusinesssections35,36and37A
26. Assignmentandtransferofinsurancepoliciessection38
27. Nminationbypolicyholdersection39
28. Prohibition if payment by way of commission or otherwise for procuring business
Section40
29. LimitationonexpensesofmanagementSection40B&40C
30. AppointmentofinsuranceagentsSection42
31. Intermediary/insuranceintermediary
32. Prohibitiononmultilevelmarketingschemesnewsection42A
33. PowerofIRDAtocallforinformationsection44A
34. Repudiationoflifeinsurancepolicybyinsurer
35. Insuranceagentorintermediaryorinsuranceintermediarynottobedirectorinsurance
companySection48A
36. Surveyorsorlossassessors
37. Solvencymarginsection64Vand64VA
38. Restrictionsonopeningnewplaceofbusinesssection64VC
39. IntroductionofSEBImodelofadjudicationofpenaltiesandappealnewsections105C,
105D&110
40. Acquisitionofsurrendervaluesbylifeinsurancepolicies
41. Enhancement of equaity capital of public sector general insurance companies New
section10BofGINBAct
42. OmmissionofredundantprovisionsoftheInsuranceAct,1938
43. AmendementstotheIRAIAct,1999
44. MiscellaneousamendementstotheInsuranceAct,1938

DivisionTwo:
InsuranceAct,1938[AsamendedbyInsuranceLaws(Amendement)Act,2015]

DivisionThree:
InsuranceRegulatoryanddevelopmentAuthorityAct,1999[AsamendedbyInsurance
Laws(amendement)Act,2015]

DivisionFour:
GeneralInsuranceBusiness(Nationalisation)Act,1972[AsamendedbyInsuranceLaws
(Amendement),Act2015]

DivisionFive:
InsuranceLaws(Amendment)Act,2015