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In force

The Insurance Act, 1938

132 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. 1The Sixth Schedule renumbered as Seventh Schedule thereof by Act 47 of 1950, s. 65 (w.e.f. 1-9-1950)
  3. 2Definitions
  4. 2DInsurers to be subject to this Act while liabilities remain unsatisfied
  5. 2E[This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act]
  6. 3Registration
  7. 4Sub-clause (i) omitted by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014)
  8. 5Restriction on name of insurer
  9. 6Requirement as to capital
  10. 6ARequirements as to capital structure and voting rights and maintenance of registers of beneficial ow
  11. 6BProvision for securing compliance with requirements relating to capital structure
  12. 7RULE AS TO THE VALUATION OF THE LIABILITIES OF AN INSURER IN INSOLVENCY OR LIQUIDATION
  13. 8PRINCIPLES OF COMPENSATION
  14. 9The word "and" omitted by s. 11, ibid. (w.e.f. 26-12-2014)
  15. 10Separation of accounts and funds
  16. 11Accounts and balance-sheet
  17. 13Actuarial report and abstract
  18. 15Submission of returns
  19. 17[Exemption from certain provisions of[3] [the Companies Act, 2013.]
  20. 17A[This Act not to apply to preparation of accounts, etc., for periods prior to this Act coming into force.]
  21. 18Furnishing reports
  22. 19Abstract of proceedings of general meetings
  23. 20Custody and inspection of documents and supply of copies
  24. 21Powers of
  25. 22Power of
  26. 23Evidence of documents
  27. 24[Summary of returns to be published]
  28. 25Returns to be published in statutory forms
  29. 27AFurther provisions regarding investments
  30. 27BProvisions regarding investments of assets of insurer carrying general insurance business
  31. 27CInvestment by insurer in certain cases
  32. 27DManner and condition of investment
  33. 27EProhibition for investment of funds outside India
  34. 31Assets of insurer how to be kept
  35. 32CObligations of insurer in respect of rural or unorganised sector and backward classes
  36. 33APower to appoint staff
  37. 34Power of the[1] [Authority] to issue directions
  38. 34AAmendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the[1] [Authority]
  39. 34BPower of[1] [Authority] to remove managerial persons from office
  40. 34CPower of[1] [Authority] to appoint additional directors
  41. 34DSections 34B and 34C to override other laws
  42. 34EFurther powers
  43. 34FPower of[1] [Authority] to issue directions regarding re-insurance treaties, etc
  44. 34G[Power of Controller to order closure of foreign branches
  45. 34HSearch and seizure
  46. 35Amalgamation and transfer of insurance business
  47. 37Statements required after amalgamation and transfer
  48. 39Nomination by policyholder
  49. 40Prohibition of payment by way of commission or otherwise for procuring business
  50. 40A[
  51. 40CLimitation of expenses of management in general, health insurance and re-insurance business
  52. 41Prohibition of rebates
  53. 45Policy not be called in question on ground of misstatement after three years
  54. 46Application of the law in force in India to policies issued in India
  55. 47Payment of money into court
  56. 48[Directors of insurers being companies]
  57. 48C[Appointment of additional directors]
  58. 50Notice of options available to the assured on the lapsing of a policy
  59. 51Supply of copies of proposals and medical reports
  60. 52AWhen Administrator for management of insurance business may be appointed
  61. 52BPowers and duties of the Administrator
  62. 52CCancellation of contracts and agreements
  63. 52EFinality of decision appointing Administrator
  64. 52FPenalty for withholding documents of property from Administrator
  65. 52GProtection of action taken under sections 52A to 52D
  66. 52I[Power of Central Government to make scheme
  67. 52J[Compensation to be given to the acquired insurer.]
  68. 52K[Constitution of the Tribunal
  69. 52L[Tribunal to have powers of Civil Court
  70. 52N[Special provisions for the dissolution of acquired insurers.]
  71. 53Winding up by the Court
  72. 54Voluntary winding up
  73. 55Valuation of liabilities
  74. 56Application of surplus assets of life insurance fund in liquidation or insolvency
  75. 57Winding up of secondary companies
  76. 58Scheme for partial winding up of insurance companies
  77. 61Power of
  78. 62Power of Central Government to impose reciprocal disabilities on non-Indian companies
  79. 63Particulars to be filed by insurers established outside India
  80. 64Books to be kept by insurers established outside India
  81. 64A[Incorporation of the Insurance Association of India.]
  82. 64B[ Entry of names of members in the register .]
  83. 64EAuthorities of the Life Insurance Council and the General Insurance Council
  84. 64GResignation and filling up of casual vacancies
  85. 64HDuration and dissolution of Executive Committees
  86. 64JFunctions of Executive Committee of Life Insurance Council
  87. 64KExecutive Committee of Life Insurance Council may advise in controlling expenses
  88. 64LFunctions of the Executive Committee of General Insurance Council
  89. 64MExecutive Committee of General Insurance Council may advise in controlling expenses
  90. 64NPowers of the Executive Committees to act together in certain cases
  91. 64P[Regional Councils.]
  92. 64Q[Functions of the Regional Councils.]
  93. 64RGeneral powers of Life Insurance Council and General Insurance Council
  94. 64S[Power of Central Government to remove difficulties
  95. 64T[Power to exempt
  96. 64U[Establishment of Tariff Advisory Committee.]
  97. 64UA[Composition of the Advisory Committee.]
  98. 64UB[Power to make rules in respect of matters in this Part]
  99. 64UC[Power of the Advisory Committee to regulate rates, advantages, etc.]
  100. 64UD[Transitional provisions
  101. 64UE[Power of the Advisory Committee to require information, etc
  102. 64UF[Assets and liabilities of the General Insurance Council to vest in the Advisory Committee.]
  103. 64UG[Contracts, etc., to be effective by or against the Advisory Committee
  104. 64UH[Employees, etc., to continue.]
  105. 64UI[Duty of person having custody or control of property to deliver such property to the Advisory Committee
  106. 64UJ[Power of the Advisory Committee to constitute Regional Committees
  107. 64UK[Levy of fees by the Advisory Committee.]
  108. 64UL[Power to remove difficulties
  109. 64VASufficiency of assets
  110. 64VBNo risk to be assumed unless premium is received in advance
  111. 101ARe-insurance with Indian re-insurers
  112. 101BAdvisory Committee
  113. 101CExamination of re-insurance treaties
  114. 104Penalty for contravention of sections 27, 27A, 27B, 27D and 27E
  115. 105AOffences by companies
  116. 105CPower to adjudicate
  117. 105DFactors to be taken into account by the adjudicating officer
  118. 107[Previous section of Advocate General for institution of proceedings
  119. 107A[Chairman, etc. to be public servant.]
  120. 110E[Sections 3A, 27B, 28B, 33, etc., to apply to general insurance business of the Life Insurance Corpo
  121. 110FProvisions applicable to State Governments, etc
  122. 110G[Provisions applicable to State Governments. etc.]
  123. 110H[Appeals.]
  124. 111Service of notices
  125. 112Declaration of interim bonuses
  126. 114Power of Central Government to make rules
  127. 115Alteration of forms
  128. 116Power to exempt from certain requirements—[2]
  129. 117Saving of provisions of[13] [the Companies Act, 2013]
  130. 120Determination of market value of securities deposited under this Act
  131. 121[
  132. 123[