In force · As amended up to 2026-08
4. Sub-clause (i) omitted by Act 5 of 2015, s. 66 (w.e.f. 26-12-2014).
5. Ins. by Act 13 of 1941, s. 37 (w.e.f. 8-4-1941).
6. Subs. by Act 62 or 1968, s. 23, for "the returns" (w.e.f. 1-6-1969).
7. Subs. by s. 23, ibid. for "company is insolvent" (w.e.f. 1-6-1969).
8. Ins. by s. 23, ibid. (w.e.f. 1-6-1969).
9. Ins. by Act 6 of 1946, s. 25 (w.e.f. 20-3-1946).
10. Subs. by Act 5 of 2015, s. 2(b), for "the Companies Act, 1956" (w.e.f. 26-12-2014).
11. Subs. by Act 47 of 1950, s. 43, for "Sixth Schedule" (w.e.f. 1-9-1950).
12. Subs. by Act 11 of 2003, s. 133 and the Schedule [Serial no. 4 (a)], for "Court" (w.e.f. 1-4-2003).
(2) For the purposes of any reduction by the[1] [Tribunal] of the amount of the contracts of any insurance company the value of the assets and liabilities of the company and all claims in respect of policies issued by it shall be ascertained in such manner and upon such basis as the[1] [Tribunal] thinks proper having regard to the aforesaid.
(3) The rule in the[2] [Seventh Schedule] shall be of the same force and may be repealed, altered or amended as if it were a rule made in pursuance of[3] [section 643 of[4] [the Companies Act, 2013 (18 of 2013)], and rules may be made under that section for the purpose of carrying into effect the provisions of this Act with respect to the winding up of insurance companies.
4. 1st July, 1939: see notification no. 589-(4)/38, dated the 1st April, 1939, Gazette of India, 1939, Pt. I, p. 631.
5. Subs. by Act 5 of 2015, s. 3, for clauses (1) and (1A) (w.e.f. 26-12-2014).
6. Subs. by Act 6 of 1946, s. 2, for clause (2) (w.e.f. 20-3-1946).
7. Subs. by Act 47 of 1950, s. 3, for clause (3) (w.e.f. 1-6-1950).
8. The words "Part A" omitted by the Adaptation of Laws (No. 3) Order, 1956.
* Subject to verification and confirmation by the administrative ministry.
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a[1] * State as to the repayment of the principal and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette ; and
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3[ Explanation. — In sub-clauses (i) and (iii), "Government of a State" in relation to any period before the 1st November, 1956, means the Government of a Part A State.]
4. Certain words omitted by Act 47 of 1950, s. 36 (w.e.f. 1-6-1950).
to pay the amount into the Court within the jurisdiction of which is situated the place at which such amount is payable under the terms of the policy or otherwise.
(2) A receipt granted by the Court for any such payment shall be a satisfactory discharge to the insurer for the payment of such amount.
(3) An application for permission to make a payment into Court under this section shall be made by a petition verified by an affidavit signed by a principal officer of the insurer setting forth the following particulars, namely: —
(a) the name of the insured person and his address;
(b) if the insured person is deceased, the date and place of his death;
(c) the nature of the policy and the amount secured by it;
(d) the name and address of each claimant so far as is known to the insurer with details of every notice of claim received;
(e) the reasons why in the opinion of the insurer a satisfactory discharged cannot be obtained for the payment of the amount; and
(f) the address at which the insurer may be served with notice of any proceeding relating to disposal of the amount paid into Court.
4[(4) "auditor" means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;]
5[(4A) "banking company" and "company" shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949)[6] *;]
(5) "certified" in relation to any copy or translation of a document required to be furnished by or on behalf of[7] [an insurer or a provident society as defined in Part III] means certified by a principal officer of[8] [such insurer or provident society] to be a true copy or a correct translation, as the case may be;
9* * *
* *
[10] [(5B) "Controller of Insurance" means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);]
(6) "Court" means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
1. The word "Part A" omitted by the Adaptation of Laws (No. 3) Order, 1956.
(4) An application under this section shall not be entertained by the Court if the application is made before the expiry of six months[1] [from the maturing of the policy by survival, or from the date of receipt of notice by the insurer of the death of the insured, as the case may be.]
(5) If it appears to the Court that a satisfactory discharge for the payment of the amount cannot otherwise be obtained by the insurer it shall allow the amount to be paid into Court and shall invest the amount in Government securities pending its disposal.
(6) The Insurer shall transmit to the Court every notice of claim received after the making of the application under sub-section (3), and any payment required by the Court as costs of the proceedings or otherwise in connection with the disposal of the amount paid into Court shall as to the cost of the application under sub-section (3) be borne by the insurer and as to any other costs be in the discretion of the Court.
(7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant.
(8) The Court shall decide all questions relating to the disposal of claims to the amount paid into Court.
— 47A. [Claims on small life insurance policies]. Omitted by Insurance Laws (Amendment) Act, 2015 (5 of 2015) s . 56 ( w.e.f. 26-12-2014).
Source: India Code