Section 25. Returns to be published in statutory forms

25. Returns to be published in statutory forms.— No insurer shall publish in[7] [India] any return in a form other than that in which it has been furnished to the[1] [Authority]: Provided that nothing contained in this section shall prevent an insurer from publishing a true and accurate abstract from such returns for the purposes of publicity. 26. Alterations in the particulars furnished with application for registration to be reported. — Whenever any alteration occurs or is made which affects any of the matters which are required under the provisions of sub-section (2) of section 3 to accompany an application by an insurer for registration, the insurer shall forthwith furnish to the[1] [Authority] full particulars of such alteration.[8] [All such particulars shall be authenticated in the manner required by that sub-section for the authentication of the matters therein referred to, and, where the alteration affects the assured rates, advantages, terms and conditions offered in connection with life insurance policies the actuarial certificate referred to in clause (f) of the said sub-section shall accompany the particulars of the alteration.] 1. Subs. by Act 41 of 1999, s. 30 and the Schedule, for "Controller" (w.e.f. 19-4-2000). 2. Section 22 renumbered as sub-section (1) thereof by Act 6 of 1946, s. 14 (w.e.f. 20-3-1946). 3. The words, brackets, letter and figures "or an abstract of a valuation report furnished under clause (c) of sub-section (2) of section 16" omitted by Act 5 of 2015 s. 25 (w.e.f. 26-12-2014). 4. Ins. by Act 6 of 1946, s. 14 (w.e.f. 20-3-1946). 5. Added by s. 14, ibid ., (w.e.f. 20-3-1946). 6. The words, brackets, letter and figures "or, as the case may be, of sub-section (2) of section 16" omitted by Act 5 of 2015, s. 25 (w.e.f. 26-12-2014). 7. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956). 8. Added by Act 13 of 1941, s. 17 (w.e.f. 8-4-1941). INVESTMENT, LOANS AND MANAGEMENT 1[27. Investment of assets. — (1) Every insurer shall invest and at all times keep invested assets equivalent to not less than the sum of — (a) the amount of his liabilities to holders of life insurance policies in India on account of matured claims, and (b) the amount required to meet the liability on policies of life insurance maturing for payment in India, less — (i) the amount of premiums which have fallen due to the insurer on such policies but have not been paid and the days of grace for payment of which have not expired, and (ii) any amount due to the insurer for loans granted on and within the surrender values of policies of life insurance maturing for payment in India issued by him or by an insurer whose business he has acquired and in respect of which he has assumed liability in the following manner, namely: — (a) twenty-five per cent. of the said sum in Government securities, a further sum equal to not less than twenty-five per cent. of the said sum in Government securities or other approved securities; and (b) the balance in any of the approved investments, as may be specified by the regulations subject to the limitations, conditions and restrictions specified therein. (2) In the case of an insurer carrying on general insurance business, twenty per cent. of the assets in Government Securities, a further sum equal to not less than ten per cent. of the assets in Government Securities or other approved securities and the balance in any other investment in accordance with the regulations of the Authority and subject to such limitations, conditions and restrictions as may be specified by the Authority in this regard. Explanation . — In this section, the term "assets" means all the assets of insurer at their carrying value but does not include any assets specifically held against 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 miscellaneous expenditure 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. (3) For the purposes of sub-sections (1) and (2), any specified assets shall, subject to such conditions, if any, as may be specified, be deemed to be assets invested or kept invested in approved investments specified by regulations. (4) In computing the assets referred to in sub-sections (1) and (2), any investment made with reference to any currency other than the Indian rupee which is in excess of the amount required to meet the liabilities of the insurers in India with reference to that currency, to the extent of such excess, shall not be taken into account: Provided that nothing contained in this sub-section shall affect the operation of sub-section (2): Provided further that the Authority may, either generally or in any particular case, direct that any investment shall, subject to such conditions as may be imposed, be taken into account, in such manner as may be specified in computing the assets referred to in sub-sections (1) and (2) and where any direction 1. Subs. by Act 5 of 2015, s. 26, for sections 27, 27A, 27B, 27C and 27D (w.e.f. 26-12-2014) has been issued under this proviso, copies thereof shall be laid before each house of Parliament as soon as may be after it is issued. (5) Where an insurer has accepted re-insurance in respect of any policies of life insurance issued by another insurer and maturing for payment in India or has ceded re-insurance to another insurer in respect of any such policies issued by himself, the sum referred to in sub-section (1) shall be increased by the amount of the liability involved in such acceptance and decreased by the amount of the liability involved in such cession. (6) The Government securities and other approved securities in which assets are under sub-section (1) or sub-section (2) to be invested and kept invested shall be held by the insurer free of any encumbrance, charge, hypothecation or lien. (7) The assets required by this section to be held invested by an insurer incorporated or domiciled outside India shall, except to the extent of any part thereof which consists of foreign assets held outside India, be held in India and all such assets shall be held in trust for the discharge of the liabilities of the nature referred to in sub-section (1) and shall be vested in trustees resident in India and approved by the Authority, and the instrument of trust under this sub-section shall be executed by the insurer with the approval of the Authority and shall define the manner in which alone the subject-matter of the trust shall be dealt with. 1* * * * *.]