Section 64VB. No risk to be assumed unless premium is received in advance

64VB. No risk to be assumed unless premium is received in advance.— (1) No insurer shall assume any risk in India in respect of any insurance business on which premium is not ordinarily payable outside India unless and until the premium payable is received by him or is guaranteed to be paid by such person in such manner and within such time as may be prescribed or unless and until deposit of such amount as may be prescribed, is made in advance in the prescribed manner. (2) For the purposes of this section, in the case of risks for which premium can be ascertained in advance, the risk may be assumed not earlier than the date on which the premium has been paid in cash or by cheque to the insurer. Explanation. — Where the premium is tendered by postal money order or cheque sent by post, the risk may be assumed on the date on which the money order is booked or the cheque is posted, as the case may be. (3) Any refund of premium which may become due to an insured on account of the cancellation of a policy or alteration in its terms and conditions or otherwise shall be paid by the insurer directly to the insured by a crossed or order cheque or by postal money order and a proper receipt shall be obtained by the insurer from the insured, and such refund shall in no case be credited to the account of the agent. (4) Where an insurance agent collects a premium on a policy of insurance on behalf of an insurer, he shall deposit with, or dispatch by post to, the insurer, the premium so collected in full without deduction of his commission within twenty-four hours of the collection excluding bank and postal holidays. (5) The Central Government may, by rules, relax the requirements of sub-section (1) in respect of particular categories in insurance policies. 1[(6) The Authority may, from time to time, specify, by the regulations made by it, the manner of receipt of premium by the insurer.] 2 — [64VC. Restrictions on opening of new place of business. No insurer shall, after the commencement of the Insurance (Amendment) Act, 1968 (62 of 1968), open a new place of business or close a place in India or outside India or change otherwise than within the same city, town or village, the location of an existing place of business situated in India or outside India, except in the manner as may be specified by the regulations.] [ PART III.— PROVIDENT SOCIETIES ] Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 ( w.e.f. 26-12-2014). 65. [ Definition of "provident society". ] Omitted s. 85, ibid. ( w.e.f. 26-12-2014). 1. Ins. by Act 42 of 2002, s. 13 (w.e.f. 23-9-2002). 2. Subs. by Act 5 of 2015, s. 84, for section 64VC (26-12-2014). 65A . [ Prohibition of transaction of insurance business by provident societies other than public companies or co-operative societies .] omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 ( w.e.f. 26-12-2014).] 66. [ Restrictions on provident societies .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 67. [ Name .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 68. [ Insurable interest .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 69. [ Dividing Business. ] Omitted by s. 85, ibid . (w.e.f. 26-12-2014). 70. [ Registration. ] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 70A. [ Renewal of registration .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 70B. [ Supplementary information and reports of alterations in particulars furnished with application for registration .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 71. [ Prohibition of managing agents .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 72. [ Working capital .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 73. [ Deposits .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 73A. [ Restriction on name of provident society .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 74. [ Rules .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 75. [ Amendment of rules .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 76. [ Supply of copy of rules .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 77. [ Registered office .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 78. [ Publication of authorized capital to contain also subscribed and paid up capital .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 79. [ Registered and books .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 80. [ Revenue account, balance-sheet and annual statements .] Omitted by s. 85, ibid . ( w.e.f. 26-122014). 81. [ Actuarial report and abstract .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 82. [ Submission of returns to Authority .] Omitted by s. 85, ibid . ( w.e.f . 26-12-2014). 83. [ Actuarial examination of schemes .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 84. [ Separation of accounts and funds .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 85. [ Investment funds .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 86. [ Inspection of books .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 87. [ Inquiry by or on behalf of Superintendent of Insurance .] Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 ( w.e.f. 26-12-2014). 87A. [ Amalgamation and transfer of insurance business .] Omitted by s. 85, ibid . (w.e.f. 26-12-2014). 88. [ Winding up by Court and voluntary winding up .] Omitted by s. 85, ibid . (w.e.f. 26-12-2014). 89. [ Reduction of Insurance contracts .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 90. [ Appointment of liquidator .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 90A . [ Application of Act to liquidators .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 91. [ Powers of liquidator .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 92. [ Procedure at liquidation .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 93. [ Dissolution of provident society .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). 94. [ Nominations and assignments .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). [ PART IIIA.— INSURANCE CO-OPERATIVE SOCIETIES ] Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 ( w.e.f. 26-12-2014). 94A . [ Insurance co-operative society to be an insurer .] Omitted by s. 85, ibid . ( w.e.f. 26-12-2014). [ PART IV.— MUTUAL INSURANCE COMPANIES AND CO-OPERATIVE LIFE INSURANCE SOCIETIES .] Omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 85 ( w.e.f. 26-12-2014). 95. [ Definitions. ] omitted by the Insurance Laws (Amendment) Act, 2015 (5 of 2015) s. 86, ibid . ( w.e.f. 26-12-2014). ] 96. [ Application of Act to Mutual Insurance Companies and Co-operative Life Insurance Societies .] Omitted by s. 86, ibid . ( w.e.f. 26-12-2014). 97. [ Working Capital of Mutual Insurance Companies and Co-operative Life Insurance Societies .] Omitted by s. 86, ibid . ( w.e.f. 26-12-2014). 98. [ Deposits to be made by Mutual Insurance Companies and Co-operative Life insurance Societies .] Omitted by s. 86, ibid . ( w.e.f . 26-12-2014). 98A. [ Prohibition of loans .] Omitted by s. 86, ibid . ( w.e.f. 26-12-2014). 99. [ Transferees and assignees of policies not to become members .] Omitted by s. 86, ibid . ( w.e.f. 2612-2014). 100. [ Publication of notices and documents of Mutual Insurance Companies and Co-operative Life Insurance Societies .] Omitted by s. 86, ibid . ( w.e.f. 26-12-2014). 101. [ Supply of documents to members. ] Omitted by s. 86, ibid . ( w.e.f. 26-12-2014). 1[PART IVA RE-INSURANCE