Section 31. Assets of insurer how to be kept

31. Assets of insurer how to be kept. —[2] [(1) None of the assets in India of any insurer shall, except in so far as assets are required to be vested in trustees under sub-section (7) of section 27, be kept otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the undertaking, if a company or an insurance co-operative society, as the case may be.] 3[(2) Nothing contained in this section shall be deemed to prohibit the endorsement in favour of a banking company of any security or other document solely for the purpose of collection or for realisation of interest, bonus or dividend.] 4 [31A. Provisions relating to managers, etc.— (1) Notwithstanding anything to the contrary contained in[5] [the Companies Act, 2013 (18 of 2013)], or in the articles of association of the insurer, if a company, or in any contract or agreement, no insurer shall after expiry of one year from the — commencement of the Insurance (Amendment) Act, 1950 ( 47 of 1950 ), (a) be managed by a company or a firm, or (b) be directed or managed by, or employ as manager or officer or in any capacity, any person whose remuneration or any part thereof takes the form of commission or bonus or a share in the valuation surplus in respect of the life insurance business of the insurer, or (c) be directed or managed by, or employ as manager or officer or in any capacity, any person whose remuneration or any part thereof takes the form of commission or bonus in respect of the general insurance business of the insurer: Provided that nothing in this sub-section shall be deemed to prohibit — 6[(i) the payment of commission to an insurance agent, in respect of insurance business procured by or through him;] 7* * * * * 1. Subs. by Act 5 of 2015, s. 29, for section 30 (w.e.f. 26-12-2014). 2. Subs. by s. 30, ibid ., for sub-section (1) (w.e.f. 26-12-2014). 3. Subs. by Act 47 of 1950, s. 22, for sub-section (2) (w.e.f. 1-6-1950). Earlier ins. by Act 6 of 1946, s. 18 (w.e.f. 20-3-1946). 4. Ins. by Act 47 of 1950, s. 23 (w.e.f. 1-6-1950). 5. Subs. by Act 5 of 2015, s. 2(a), for "the Indian Companies Act, 1913" (w.e.f. 26-12-2014). 6. Subs. by s. 31, ibid ., for sub-clause (i) and (ii) (w.e.f. 26-12-2014). 7. Clause (iii) omitted by Act 5 of 2015, s. 31 (w.e.f. 26-12-2014). (iv) the employment of any individual in a clerical or other subordinate capacity who, as an insurance agent, receives commission in respect of insurance business procured by him; (v) the employment as an officer of any individual who receives renewal commission in respect of life insurance business procured by him in his capacity as an insurance agent or as an employer of agents before such employment, or before the commencement of the Insurance (Amendment) Act, 1950 ( 47 of 1950 ), whichever is later; (vi) the payment of a share in the profits of general insurance business; (vii) the payment of bonus in any year on a uniform basis to all salaried employees or any class of them by way of additional remuneration[1] *. (2) Notwithstanding anything to the contrary contained in[2] [the Companies Act, 2013 (8 of 2013)], or in the articles of association of the insurer, being a company, or in any contract or agreement, no manager, managing director or any other person concerned in the management of an insurer's business shall be entitled to nominate a successor to his office, and no person so nominated, whether before or after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), shall be entitled to hold or to continue in such office. (3) If in the case of any insurance company provision is made by the articles of association of the company 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 provision[3] [or in any other law for the time being in force] be void. (4) No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred by reason of the operation of any provision of this section.] 4 [31B. Power to restrict payment of excessive remuneration. — No insurer shall in respect of insurance business transacted by him, shall pay to any person by way of remuneration, whether by way of commission or otherwise in excess of such sum as may be specified by the regulations.] 32. [ Limitation on employment of managing agents and on the remuneration payable to them ]. — Omitted by the Insurance Laws (Amendment) Act , 2015 (5 of 2015), s. 33 ( w.e.f. 26-12-2014). 5 [32A. Prohibition of common officers and requirement as to whole-time officers. — (1) A managing director or other officer of an insurer[6] * carrying on life insurance business shall not be a managing director or other officer of any other insurer carrying on life insurance business or of a banking company or of an investment company: Provided that the[7] [Authority] may permit such managing director or other officer to be a managing director or other officer of any other insurer carrying on life insurance business for the purpose of amalgamating the business of the two insurers or transferring the business of one insurer to the other. 8* * * * *