Section 1. The Sixth Schedule renumbered as Seventh Schedule thereof by Act 47 of 1950, s. 65 (w.e.f. 1-9-1950)

1. The Sixth Schedule renumbered as Seventh Schedule thereof by Act 47 of 1950, s. 65 (w.e.f. 1-9-1950). (c) any special directions which may be given by the Court. The liabilities of an insurer in respect of current policies other than life policies shall be such portion of the last premium paid as is proportionate to the unexpired portion of the policy in respect of which the premium was paid. THE EIGHTH SCHEDULE— PRINCIPLES OF COMPENSATION -Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015), s. 102 ( w.e.f. 26-12-2014). 1. The word "and" omitted by Act 20 of 1940, s. 16 (w.e.f. 10-4-1940). 2. Ins. by Act 11 of 1939, s. 32. 3. Ins. by Act 5 of 2015, s. 100 (w.e.f. 26-12-2014). 4. Clause (ll) omitted by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). 5. Ins. by Act 20 of 1940, s. 16 (w.e.f. 10-4-1940). 6. The proviso omitted by ibid , s. 16 (w.e.f. 10-4-1940). 7. Subs. by Act 20 of 1983, s. 2 and the Schedule, for sub-section (3) (w.e.f. 15-3-1984). 8. The words, brackets, figures and letters "or under sub-section (1) of section 64UB and every regulation made under sub-section (3) of section 64UB" omitted by Act 5 of 2015, s. 100 (w.e.f. 26-12-2014). 9. Sub-section (3) re-numbered as sub-section (4) thereof by Act 20 of 1940, s. 16 (w.e.f. 10-4-1940). 10. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000). 11. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). (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; 1[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 2[(da) such minimum annuity and other benefits to be secured by the insurer under section 4; 1. Explanation omitted by Act 6 of 2021, s. 3 (w.e.f. 1-4-2021). invested in accordance with this section, shall (except for a part thereof not exceeding one-tenth of the controlled fund or assets as referred to in sub-section (2) thereof in value which may, subject to such conditions and restrictions as may be prescribed, be offered as security for any loan taken for purposes of any investment), be held free of any encumbrance, charge, hypothecation or lien. (6) If at any time the Authority considers any one or more of the investments of an insurer to be unsuitable or undesirable, the Authority may, after giving the insurer an opportunity of being heard, direct him to realise the investment or investments, and the insurer shall comply with the direction within such time as may be specified in this behalf by the Authority. (7) Nothing contained in this section shall be deemed to affect in any way the manner in which any moneys relating to the provident fund of any employee or to any security taken from any employee or other moneys of a like nature are required to be held by or under any Central Act, or Act of a State legislature. Explanation . — In this section "controlled fund" means — - (a) in the case of any insurer carrying on life insurance business — (i) all his funds, if he carries on no other class of insurance business; (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;] 3* * * * * 2 [(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[4] [under sub-section (1) of section 11]; 5[(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;] 2[(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;] 6 [(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 1. The Act has been extended to— Goa, Daman and Diu with modifications by Reg. 12 of 1962, s. 3 and the Schedule (w.e.f. 15-12-1963); and came into force in Pondicherry on 1-10-1963, vide Reg. 7 of 1963, s. 3 and the Schedule I; and brought into force in Dadra and Nagar Haveli (w.e.f. 1-7-1965) by Reg. 6 of 1963, s. 2 and the Schedule I; the whole of the Union territory of Lakshadweep (w.e.f. 1-101967) vide Reg. 8 of 1965, s. 3 and the Schedule; and brought into force in the State of Sikkim (w.e.f. 1-7-1975) vide S.O. 274(E), dated 24-6-1975. 2. Subs. by Act 47 of 1950, s. 2, for sub-section (2) (w.e.f. 1-6-1950). 3. The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956). (ii) all the funds in India appertaining to his life insurance business if he carries on some other class of insurance business also. Explanation . — For the purposes of sub-clauses (i) and (ii), the fund does not include any fund or portion thereof in respect of which the Authority is satisfied that such fund or portion, as the case may be, is regulated by the law in force of any country outside India or it would not be in the interest of the insurer to apply the provisions of this section; (b) in the case of any other insurer carrying on life insurance business — (i) all his funds in India, if he carries on no other class of insurance business; (ii) all the funds in India appertaining to his life insurance business if he carries on some other class of insurance business also; but does not include any fund or portion thereof in respect of which the Authority is satisfied that such fund or portion thereof, as the case may be, is regulated by the law of any country outside India or in respect of which the Authority is satisfied that it would not be in the interest of the insurer to apply the provisions of this section. 7 [(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;] 8[(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; 1. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 2. Ins. by s. 101, ibid . (w.e.f. 26-12-2014). 3. Clause (e) omitted by s. 101, ibid . (w.e.f. 26-12-2014). 4. Subs. by s. 101, ibid ., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 5. Subs. by s. 101, ibid ., for clause (g) (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid ., for clause (h) (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid ., clause (i) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid ., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; 1. Certain words omitted by Act 62 of 1968, s. 14. 2. Subs. by Act 5 of 2015, s. 2(a), for "the Indian Companies Act,1913" (w.e.f. 26-12-2014). 3. Subs. by, s. 31, ibid ., for "or in section 86B of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 26-12-2014). 4. Subs. by s. 32, ibid ., for section 31B (w.e.f. 26-12-2014). 5. Ins. by Act 47 of 1950, s. 24 (w.e.f. 1-6-1950). 6. The words, brackets, letter and figures "specified in sub-clause (b) of clause (9) of section 2 and," omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014). 7. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000). 8. Sub-sections (2) and (3) omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014). 1 [32B. Insurance business in 2 [rural and social sectors].— Every insurer shall, after the commencement of the Insurance Regulatory and Development Authority Act, 1999 , undertake such percentages of life insurance business and general insurance business in the[2] [rural and social sectors], as may by specified, in the Official Gazette by the Authority, in this behalf.] (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 1 [(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;] 2[(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;] 3* * * * * 4* * * * * 5 [(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;] 6* * * * * 7[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 8* * * * *] (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; 1. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 2. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 3. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 4. Clause (l) omitted by s. 101, ibid . (w.e.f. 26-12-2014). 5. Subs. by s. 101, ibid ., for clause (m) (w.e.f. 26-12-2014). 6. Clause (n) omitted by s. 101, ibid . (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid ., for clause (o) (w.e.f. 26-12-2014). 8. Clause (p) omitted by s. 101, ibid . (w.e.f. 26-12-2014). (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; 1[2* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under[3] * section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 4* * * * * 5 [(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;] 6[(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; 7[(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;] 8[(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; 9 [(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. 1. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 2. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 3. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 4. Clause (w) omitted by s. 101, ibid . (w.e.f. 26-12-2014). 5. Subs. by s. 101, ibid ., for clause (x) (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid ., for clause (y) (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid ., for clause (za) (w.e.f. 26-12-2014). 8. Ins. by s. 101, ibid . (w.e.f. 26-12-2014). 9. Ins. by s. 101, ibid . (w.e.f. 26-12-2014). (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.]