THE INSURANCE LAWS (AMENDMENT) ACT, 2015

NO. 5 OF 2015

[20th March, 2015.]

An Act further to amend the Insurance Act, 1938 and the General Insurance

Business (Nationalisation) Act, 1972 and to amend the Insurance Regulatory

and Development Authority Act, 1999.

BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:—

CHAPTER I

PRELIMINARY

1. (1) This Act may be called the Insurance Laws (Amendment) Act, 2015.

(2) It shall be deemed to have come into force on the 26th day of December, 2014.

CHAPTER II

AMENDMENTS TO THE INSURANCE ACT, 1938

2. In the Insurance Act, 1938 (hereafter in this Chapter referred to as the Insurance

Act), throughout the Act,—

(a) for the words and figures "the Indian Companies Act,1913", wherever they

occur, the words and figures "the Companies Act, 2013" shall be substituted;

EXTRAORDINARY

PART II—Section 1

PUBLISHED BY AUTHORITY

No. 8] NEW DELHI, MONDAY, MARCH 23, 2015/CHAITRA 2, 1937 (SAKA)

Separate paging is given to this Part in order that it may be filed as a separate compilation.

REGISTERED NO. DL—(N)04/0007/2003—15

MINISTRY OF LAW AND JUSTICE

(Legislative Department)

New Delhi, the 23rd March, 2015/Chaitra 2, 1937 (Saka)

The following Act of Parliament received the assent of the President on the

20th March, 2015, and is hereby published for general information:—

2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(b) for the words and figures "the Companies Act,1956", wherever they occur,

the words and figures "the Companies Act, 2013" shall be substituted.

3. In section 2 of the Insurance Act,—

(i) for clauses (1) and (1A), the following clauses shall be substituted, namely:—

'(1) "actuary" means an actuary as defined in clause (a) of sub-section (1)

of section 2 of the Actuaries Act, 2006;

(1A) ''Authority'' means the Insurance Regulatory and Development

Authority of India established under sub-section (1) of section 3 of the Insurance

Regulatory and Development Authority Act, 1999;';

(ii) clause (5A) shall be omitted;

(iii) after clause (6B), the following clause shall be inserted, namely:—

'(6C) "health insurance business" means the effecting of contracts which

provide for sickness benefits or medical, surgical or hospital expense benefits,

whether in-patient or out-patient travel cover and personal accident cover;';

(iv) for clause (7A), the following clause shall be substituted, namely:—

'(7A) "Indian insurance company" means any insurer, being a company

which is limited by shares, and,—

(a) which is formed and registered under the Companies Act, 2013

as a public company or is converted into such a company within one year

of the commencement of the Insurance Laws (Amendment) Act, 2015;

(b) in which the aggregate holdings of equity shares by foreign

investors, including portfolio investors, do not exceed forty-nine per cent.

of the paid up equity capital of such Indian insurance company, which is

Indian owned and controlled, in such manner as may be prescribed.

Explanation.—For the purposes of this sub-clause, the expression

"control" shall include the right to appoint a majority of the directors or to

control the management or policy decisions including by virtue of their

shareholding or management rights or shareholders agreements or voting

agreements;

general insurance business or re-insurance business or health insurance

business;’;

(v) clause (8) shall be omitted;

(vi) in clause (8A),—

(I) for sub-clause (b), the following sub-clause shall be substituted,

namely:—

"(b) having a minimum paid-up capital of rupees one hundred crore

in case of life insurance business, general insurance business and health

insurance business;";

(II) in sub-clause (d), after the words ''general insurance business'', the

words ''or health insurance business'' shall be inserted;

(vii) for clause (9), the following clause shall be substituted, namely:—

'(9) "insurer" means—

(a) an Indian Insurance Company, or

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3

(b) a statutory body established by an Act of Parliament to carry on

insurance business, or

(d) a foreign company engaged in re-insurance business through a

branch established in India.

Explanation.—For the purposes of this sub-clause, the expression

"foreign company" shall mean a company or body established or

incorporated under a law of any country outside India and includes Lloyd's

established under the Lloyd's Act, 1871 (United Kingdom) or any of its

Members;';

(viii) in clause (10), the words and figures "licensed under section 42" shall be

omitted;

(ix) in clause (11), in sub-clause (c), for the words "annuities payable out of any

fund", the words "benefit payable out of any fund'' shall be substituted;

(x) clauses (12), (13) and (15) shall be omitted;

(xi) in clause (16), for the words, brackets, figures and letter "clauses (13) and

(13A) of section 2 of the Indian Companies Act, 1913", the words, brackets and figures

"clause (68) and clause (72) of section 2 of the Companies Act, 2013" shall be

substituted;

(xii) after clause (16), the following clauses shall be inserted, namely:—

'(16A) "regulations" means the regulations framed by the Insurance

Regulatory and Development Authority of India established under the Insurance

Regulatory and Development Authority Act, 1999;

(16B) "re-insurance" means the insurance of part of one insurer's risk by

another insurer who accepts the risk for a mutually acceptable premium;

(16C) ''Securities Appellate Tribunal'' means the Securities Appellate

Tribunal established under section 15K of the Securities and Exchange Board of

India Act, 1992;';

(xiii) clause (17) shall be omitted.

4. After section 2CA of the Insurance Act, the following section shall be inserted,

namely:—

"2CB. (1) No person shall take out or renew any policy of insurance in respect of

any property in India or any ship or other vessel or aircraft registered in India with an

insurer whose principal place of business is outside India save with the prior permission

of the Authority.

(2) If any person contravenes the provision of sub-section (1), he shall be liable

to a penalty which may extend to five crore rupees.".

5. Section 2E of the Insurance Act shall be omitted.

6. In section 3 of the Insurance Act,—

(i) for sub-section (2), the following sub-section shall be substituted, namely:—

“(2) Every application for registration shall be made in such manner and

shall be accompanied by such documents as may be specified by the

regulations.";

(ii) in sub-section (2A), in clause (d), for the figures, letter and word "5, 31A and

32", the figures, word and letter "5 and 31A" shall be substituted;

4 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(iii) for sub-section (2C), the following sub-section shall be substituted,

namely:—

"(2C) Any person aggrieved by the decision of the Authority refusing

registration may, within thirty days from the date on which a copy of the decision

is received by him, appeal to the Securities Appellate Tribunal.";

(iv) sub-section (2D) shall be omitted;

(v) for sub-sections (3), (4), (5) and (5A), the following sub-sections shall be

substituted, namely:—

"(3) In the case of any insurer having joint venture with a person having

its principal place of business domiciled outside India or any insurer as defined

in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration

already made if it is satisfied that in the country in which such person has been

debarred by law or practice of that country to carry on insurance business.

(4) The Authority may suspend or cancel the registration of an insurer

either wholly or in so far as it relates to a particular class of insurance business,

as the case may be,—

(a) if the insurer fails, at any time, to comply with the provisions of

section 64VA as to the excess of the value of his assets over the amount of

his liabilities, or

(b) if the insurer is in liquidation or is adjudged as an insolvent, or

transferred to any person or has been transferred to or amalgamated with

the business of any other insurer without the approval of the Authority, or

(d) if the insurer makes default in complying with, or acts in

contravention of, any requirement of this Act or of any rule or any regulation

or order made or, any direction issued thereunder, or

(e) if the Authority has reason to believe that any claim upon the

insurer arising in India under any policy of insurance remains unpaid for

three months after final judgment in regular court of law, or

(f) if the insurer carries on any business other than insurance business

or any prescribed business, or

(g) if the insurer makes a default in complying with any direction

issued or order made, as the case may be, by the Authority under the

Insurance Regulatory and Development Authority Act, 1999, or

(h) if the insurer makes a default in complying with, or acts in

contravention of, any requirement of the Companies Act, 2013 or the General

Insurance Business (Nationalisation) Act, 1972 or the Foreign Exchange

Management Act, 1999 or the Prevention of Money Laundering Act, 2002,

(i) if the insurer fails to pay the annual fee required under section

3A, or

(j) if the insurer is convicted for an offence under any law for the

time being in force, or

(k) if the insurer being a co-operative society set up under the relevant

State laws or, as the case may be, the Multi-State Co-operative Societies

Act, 2002, contravenes the provisions of law as may be applicable to the

insurer.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 5

(5) When the Authority suspends or cancels any registration under

clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section

(4), it shall give notice in writing to the insurer of its decision, and the decision

shall take effect on such date as it may specify in that behalf in the notice, such

date not being less than one month not more than two months from the date of

the receipt of the notice in the ordinary course of transmission.

(5A) When the Authority suspends or cancels any registration under

clause (b), (c), (j) or (k) of sub-section (4), the suspension or cancellation, as the

case may be, shall take effect on the date on which notice of the order of

suspension or cancellation is served on the insurer.";

(vi) for sub-section (5C), the following sub-section shall be substituted, namely:—

"(5C) Where a registration is suspended or cancelled under clause (a),

clause (d), clause (e), clause (f), clause (g) or clause (i) of sub-section (4), the

Authority may at its discretion revive the registration, if the insurer within six

months from the date on which the suspension or cancellation took effect

complies with the provisions of section 64VA as to the excess of the value of his

assets over the amount of his liabilities or has had an application under subsection

(4) of section 3A accepted, or satisfies the Authority that no claim upon

him such as is referred to in clause (e) of sub-section (4) remains unpaid or that

he has complied with any requirement of this Act or the Insurance Regulatory

and Development Authority Act, 1999, or of any rule or any regulation, or any

order made thereunder or any direction issued under those Acts, or that he has

ceased to carry on any business other than insurance business or any prescribed

business, as the case may be, and complies with any directions which may be

given to him by the Authority.".

7. For section 3A of the Insurance Act, the following section shall be substituted,

namely:—

"3A. (1) An insurer who has been granted a certificate of registration under

section 3 shall pay such annual fee to the Authority in such manner as may be specified

by the regulations.

(2) Any failure to deposit the annual fee shall render the certificate of registration

liable to be cancelled.".

8. For section 4 of the Insurance Act, the following section shall be substituted,

namely:—

"4. The insurer shall pay or undertake to pay on any policy of life insurance or a

group policy issued, a minimum annuity and other benefits as may be determined by

regulations excluding any profit or bonus provided that this shall not prevent an

insurer from converting any policy into a paid-up policy of any value or payment of

surrender value of any amount.".

9. In section 5 of the Insurance Act,—

(i) in sub-section (1), both the provisos shall be omitted;

(ii) sub-section (3) shall be omitted.

10. For section 6 of the Insurance Act, the following section shall be substituted,

namely:—

"6. (1) No insurer not being an insurer as defined in sub-clause (d) of clause (9)

of section 2, carrying on the business of life insurance, general insurance, health

6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

insurance or re-insurance in India or after the commencement of the Insurance

Regulatory and Development Authority Act, 1999, shall be registered unless he has,—

(i) a paid-up equity capital of rupees one hundred crore, in case of a

person carrying on the business of life insurance or general insurance; or

(ii) a paid-up equity capital of rupees one hundred crore, in case of a

person carrying on exclusively the business of health insurance; or

(iii) a paid-up equity capital of rupees two hundred crore, in case of a

person carrying on exclusively the business as a re-insurer:

Provided that the insurer, may enhance the paid-up equity capital, as

provided in this section in accordance with the provisions of the Companies

Act, 2013, the Securities and Exchange Board of India Act, 1992 and the rules,

regulations or directions issued thereunder or any other law for the time being in

force:

Provided further that in determining the paid-up equity capital, any

preliminary expenses incurred in the formation and registration of any insurer as

may be specified by the regulations made under this Act, shall be excluded.

(2) No insurer, as defined in sub-clause (d) of clause (9) of section 2, shall be

registered unless he has net owned funds of not less than rupees five thousand

crore.".

11. In section 6A of the Insurance Act,—

(i) for sub-section (1), the following sub-section shall be substituted, namely:—

"(1) No public company limited by shares having its registered office in

India, shall carry on life insurance business or general insurance business or

health insurance business or re-insurance business, unless it satisfies the

following conditions, namely:—

(i) that the capital of the company shall consist of equity shares

each having a single face value and such other form of capital, as may be

specified by the regulations;

(ii) that the voting rights of shareholders are restricted to equity

shares;

(iii) that, except during any period not exceeding one year allowed

by the company for payment of calls on shares, the paid-up amount is the

same for all shares, whether existing or new:

Provided that the conditions specified in this sub-section shall not

apply to a public company which has, before the commencement of the

Insurance (Amendment) Act, 1950, issued any shares other than ordinary

shares each of which has a single face value or any shares, the paid-up

amount whereof is not the same for all of them for a period of three years

from such commencement.";

(ii) in sub-section (2), after the words "paid-up amount of the", the word

"equity"shall be inserted;

(iii) for sub-section (4), the following sub-section shall be substituted, namely:—

"(4) A public company as aforesaid which carries on life insurance business,

general and health insurance business and re-insurance business—

(a) shall, in addition to the register of members maintained under the

Companies Act, 2013, maintain a register of shares in which the name,

occupation and address of the beneficial owner of each share shall be

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 7

entered including any change of beneficial owner declared to it within

fourteen days from the receipt of such declaration;

(b) shall not register any transfer of its shares—

(i) unless, in addition to compliance being made with the

provisions of section 56 of the Companies Act, 2013, the transferee

furnishes a declaration in the prescribed form as to whether he

proposes to hold the shares for his own benefit or as a nominee,

whether jointly or severally, on behalf of others and in the latter case

giving the name, occupation and address of the beneficial owner or

owners, and the extent of the beneficial interest of each;

(ii) where, after the transfer, the total paid-up holding of the

transferee in the shares of the company is likely to exceed five per

cent. of its paid-up capital unless the previous approval of the

Authority has been obtained to the transfer;

(iii) where, the nominal value of the shares intended to be

transferred by any individual, firm, group, constituents of a group,

or body corporate under the same management, jointly or severally

exceeds one per cent. of the paid-up equity capital of the insurer,

unless the previous approval of the Authority has been obtained

for the transfer.

Explanation.—For the purposes of this sub-clause, the

expressions "group" and "same management" shall have the

meanings respectively assigned to them in the Competition

Act, 2002.";

(iv) sub-sections (3), (6), (7), (8), (9) and (10) shall be omitted;

(v) in sub-section (11),—

(a) in the opening portion, the words, brackets and figures "except those

of sub-sections (7), (8) and (9)" shall be omitted;

(b) in clause (i), the word “and” shall be omitted;

(d) in the Explanation 1, in clause (ii), in sub-clause (c), the words

"managing agent" shall be omitted.

12. Section 6AA of the Insurance Act shall be omitted.

13. In section 6B of the Insurance Act,—

(i) in sub-section (1),—

(a) for the words "life insurance business", the words "life or general or

health insurance or re-insurance business" shall be substituted; and

(b) for the words "Central Government", the word "Authority" shall be

substituted;

(ii) in sub-sections (2) and (3), for the words "High Court", the words "the

Securities Appellate Tribunal" shall be substituted;".

(iii) sub-section (4) shall be omitted.

14. Sections 6C, 7, 8 and 9 of the Insurance Act shall be omitted.

15. In section 10 of the Insurance Act,—

(i) in sub-section (1), for the words "prescribed in this behalf", the words

"specified by the regulations" shall be substituted;

8 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(ii) in sub-section (2),—

(a) the words, brackets and figures, "after the expiry of six months from the

commencement of the Insurance (Amendment) Act, 1946", shall be omitted;

(b) the words "under the law of the insurer's country" occurring at the

end, shall be omitted.

(iii) after sub-section (2A), the following sub-section shall be inserted, namely:—

"(2AA) Where the insurer carries on the business of insurance, all receipts

due in respect of each sub-class of such insurance business shall be carried to

and shall form a separate fund, the assets of which shall be kept separate and

distinct from other assets of the insurer and every insurer shall submit to the

Authority the necessary details of such funds as may be required by the Authority

from time to time and such funds shall not be applied directly or indirectly, save

as expressly permitted under this Act or regulations made thereunder.".

16. For section 11 of the Insurance Act, the following section shall be substituted,

namely:—

"11. (1) Every insurer, on or after the date of the commencement of the Insurance

Laws (Amendment) Act, 2015, in respect of insurance business transacted by him and

in respect of his shareholders' funds, shall, at the expiration of each financial year,

prepare with reference to that year, balance sheet, a profit and loss account, a separate

account of receipts and payments, a revenue account in accordance with the regulations

as may be specified.

(2) Every insurer shall keep separate accounts relating to funds of shareholders

and policyholders.

(3) Unless the insurer is a company as defined in clause (20) of section 2 of the

Companies Act, 2013, the accounts and statements referred to in sub-section (1) shall

be signed by the insurer, or in the case of a company by the chairman, if any, and two

directors and the principal officer of the company, or in case of an insurance cooperative

society by the person in charge of the society and shall be accompanied by a

statement containing the names, descriptions and occupations of, and the directorships

held by, the persons in charge of the management of the business during the period to

which such accounts and statements refer and by a report on the affairs of the

business during that period.".

17. For section 12 of the Insurance Act, the following section shall be substituted,

namely:—

"12. The balance sheet, profit and loss account, revenue account and profit and

loss appropriation account of every insurer, in respect of all insurance business

transacted by him, shall, unless they are subject to audit under the Companies

Act, 2013, be audited annually by an auditor, and the auditor shall in the audit of all

such accounts have the powers of, exercise the functions vested in, and discharge the

duties and be subject to the liabilities and penalties imposed on, auditors of companies

by section 147 of the Companies Act, 2013.".

18. In section 13 of the Insurance Act,—

(i) for sub-section (1), the following sub-section shall be substituted, namely:—

"(1) Every insurer carrying on life insurance business shall, once at least

every year cause an investigation to be made by an actuary into the financial

condition of the life insurance business carried on by him, including a valuation

of his liabilities in respect thereto and shall cause an abstract of the report of

such actuary to be made in accordance with the regulations:

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 9

Provided that the Authority may, having regard to the circumstances of

any particular insurer, allow him to have the investigation made as at a date not

later than two years from the date as at which the previous investigation was

made:

Provided further that every insurer, on or after the commencement of the

Insurance Regulatory and Development Authority Act, 1999, shall cause an

abstract of the report of the actuary to be made in such manner as may be

specified by the regulations.";

(ii) for sub-section (4), the following sub-section shall be substituted, namely:—

"(4) There shall be appended to every such abstract a statement prepared

in such form and in such manner as may be specified by the regulations:

Provided that, if the investigation referred to in sub-sections (1) and (2) is

made annually by any insurer, the statement need not be appended every year

but shall be appended at least once in every three years.";

(iii) for sub-section (6), the following sub-section shall be substituted, namely:—

'(6) The provisions of this section relating to the life insurance business

shall apply also to any such sub-class of insurance business included in the

class "Miscellaneous Insurance" and the Authority may authorise such

modifications and variations of regulations as may be necessary to facilitate

their application to any such sub-class of insurance business:

Provided that, if the Authority is satisfied that the number and amount of

the transactions carried out by an insurer in any such sub-class of insurance

business is so small as to render periodic investigation and valuation

unnecessary, it may exempt that insurer from the operation of this sub-section in

respect of that sub-class of insurance business.'.

19. For section 14 of the Insurance Act, the following section shall be substituted,

namely:—

"14. (1) Every insurer, in respect of all business transacted by him, shall maintain—

(a) a record of policies, in which shall be entered, in respect of every policy

issued by the insurer, the name and address of the policyholder, the date when

the policy was effected and a record of any transfer, assignment or nomination

of which the insurer has notice;

(b) a record of claims, every claim made together with the date of the claim,

the name and address of the claimant and the date on which the claim was

discharged, or, in the case of a claim which is rejected, the date of rejection and

the grounds thereof; and

may be maintained in any such form, including electronic mode, as may be

specified by the regulations made under this Act.

(2) Every insurer shall, in respect of all business transacted by him, endeavour

to issue policies above a specified threshold in terms of sum assured and premium in

electronic form, in the manner and form to be specified by the regulations made under

this Act.".

10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

20. For section 15 of the Insurance Act, the following section shall be substituted,

namely:—

"15. (1) The audited accounts and statements referred to in section 11 or subsection

(5) of section 13 and the abstract and statement referred to in section 13 shall

be printed, and four copies thereof shall be furnished as returns to the Authority

within six months from the end of the period to which they refer.

(2) Of the four copies so furnished, one shall be signed in the case of a company

by the chairman and two directors and by the principal officer of the company and, if

the company has a managing director by that managing director and one shall be

signed by the auditor who made the audit or the actuary who made the valuation, as

the case may be.".

21. Section 16 of the Insurance Act shall be omitted.

22. Sections 17 and 17A of the Insurance Act shall be omitted.

23. In section 20 of the Insurance Act,—

(i) for sub-section (1), the following sub-section shall be substituted, namely:—

"(1) Every return furnished to the Authority or certified copy thereof shall

be kept by the Authority and shall be open to inspection; and any person may

procure a copy of any such return, or of any part thereof, on payment of such fee

as may be specified by the regulations.";

(ii) in sub-section (2), the words and figures "or section 16" shall be omitted;

(iii) in sub-section (3), for the words "one rupee", the words "such fee as may be

specified by the regulations" shall be substituted.

24. In section 21 of the Insurance Act,—

(i) in sub-section (1), in clause (d), the words and figures ''or section 16'' shall be

omitted;

(ii) for sub-section (2), the following sub-section shall be substituted, namely:—

"(2) The Securities Appellate Tribunal may, on the application of an insurer

and after hearing the Authority, cancel any order made by the Authority under

clause (d) of sub-section (1) or may direct the acceptance of such a return which

the Authority has declined to accept, if the insurer satisfies the Tribunal that the

action of the Authority was in the circumstances unreasonable:

Provided that no application under this sub-section shall be entertained

unless it is made before the expiration of four months from the date when the

Authority made the order or declined to accept the return.".

25. In section 22 of the Insurance Act,—

(i) in sub-section (1), the words, brackets, letter and figures"or an abstract of a

valuation report furnished under clause (c) of sub-section (2) of section 16" shall be

omitted;

(ii) in sub-section (2), the words, brackets and figures "or, as the case may be, of

sub-section (2) of section 16" shall be omitted.

26. For sections 27, 27A, 27B, 27C and 27D of the Insurance Act, the following sections

shall be substituted, namely:—

‘27. (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

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 11

(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 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.

12 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(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 subsection

(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.

Explanation.—This sub-section shall apply to an insurer incorporated in India

whose share capital to the extent of one-third is owned by, or the members of whose

governing body to the extent of one-third consists of members domiciled elsewhere

than in India.

27A. (1) No insurer carrying on life insurance business shall invest or keep

invested any part of his controlled fund and no insurer carrying on general business

shall invest or keep invested any part of his assets otherwise than in any of the

approved investments as may be specified by the regulations subject to such limitations,

conditions and restrictions therein.

(2) Notwithstanding anything contained in sub-section (1) or sub-section (2) of

section 27, an insurer may, subject to the provisions contained in the next succeeding

sub-sections, invest or keep invested any part of his controlled fund or assets otherwise

than in an approved investment, if—

(i) after such investment, the total amounts of all such investments of the

insurer do not exceed fifteen per cent. of the sum referred to in sub-section (1) of

section 27 or fifteen per cent. of the assets referred to in sub-section (2) as the

case may be;

(ii) the investment is made, or, in the case of any investment already made,

the continuance of such investment is with the consent of all the directors

present at a meeting and eligible to vote, special notice of which has been given

to all the directors then in India, and all such investments, including investments

in which any director is interested, are reported without delay to the Authority

with full details of the investments and the extent of the director's interest in any

such investment.

(3) An insurer shall not out of his controlled fund or assets as referred to in

section 27,—

(a) invest in the shares of any one banking company; or

(b) invest in the shares or debentures of any one company,

more than the percentage specified by the regulations.

(4) An insurer shall not out of his controlled fund or assets as referred to in

sub-section (2) of section 27 invest or keep invested in the shares or debentures of

any private limited company.

(5) All assets forming the controlled fund or assets as referred to in

sub-section (2) of section 27, not being Government securities or other approved

securities in which assets are to be invested or held 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

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 13

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;

(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.

27B. (1) All assets of an insurer carrying on general insurance business shall,

subject to such conditions, if any, as may be prescribed, be deemed to be assets

invested or kept invested in approved investments specified in section 27.

(2) All assets shall (except for a part thereof not exceeding one-tenth of the total

assets 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 or

for payment of claims, or which may be kept as security deposit with the banks for

acceptance of policies) be held free of any encumbrance, charge, hypothecation or

lien.

(3) Without prejudice to the powers conferred on the Authority by sub-section (5)

of section 27A nothing contained in this section shall be deemed to require any insurer

to realise any investment made in conformity with the provisions of sub-section (1) of

section 27 after the commencement of the Insurance (Amendment) Act, 1968, which,

after the making thereof, has ceased to be an approved investment within the meaning

of this section.

27C. An insurer may invest not more than five per cent. in aggregate of his

controlled fund or assets as referred to in sub-section (2) of section 27 in the companies

14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

belonging to the promoters, subject to such conditions as may be specified by the

regulations.

27D. (1) Without prejudice to anything contained in this section, the Authority

may, in the interests of the policyholders, specify by the regulations, the time, manner

and other conditions of investment of assets to be held by an insurer for the purposes

of this Act.

(2) The Authority may give specific directions for the time, manner and other

conditions subject to which the funds of policyholders shall be invested in the

infrastructure and social sector as may be specified by the regulations and such regulations

shall apply uniformly to all the insurers carrying on the business of life insurance,

general insurance, or health insurance or re-insurance in India on or after the

commencement of the Insurance Regulatory and Development Authority Act, 1999.

(3) The Authority may, after taking into account the nature of business and to

protect the interests of the policyholders, issue to an insurer the directions relating to

the time, manner and other conditions of investment of assets to be held by him:

Provided that no direction under this sub-section shall be issued unless the

insurer concerned has been given a reasonable opportunity of being heard.

27E. No insurer shall directly or indirectly invest outside India the funds of the

policyholders.’.

27. For section 28, section 28A and section 28B of the Insurance Act, the following

section shall be substituted, namely:—

"28. Every insurer shall submit to the Authority returns giving details of

investments made, in such form, time and manner including its authentication as may

be specified by the regulations.".

28. For section 29 of the Insurance Act, the following section shall be substituted,

namely:—

"29. (1) No insurer shall grant loans or temporary advances either on

hypothecation of property or on personal security or otherwise, except loans on life

insurance policies issued by him within their surrender value, to any director, manager,

actuary, auditor or officer of the insurer, if a company or to any other company or firm

in which any such director, manager, actuary or officer holds the position of a director,

manager, actuary, officer or partner:

Provided that nothing contained in this sub-section shall apply to such loans,

made by an insurer to a banking company, as may be specified by the Authority:

Provided further that nothing in this section shall prohibit a company from

granting such loans or advances to a subsidiary company or to any other company of

which the company granting the loan or advance is a subsidiary company if the

previous approval of the Authority is obtained for such loan or advance.

(2) The provisions of section 185 of the Companies Act, 2013 shall not apply to

a loan granted to a director of an insurer being a company, if the loan is one granted on

the security of a policy on which the insurer bears the risk and the policy was issued

to the director on his own life, and the loan is within the surrender value of the policy.

(3) Subject to the provisions of sub-section (1), no insurer shall grant—

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 15

(a) any loans or temporary advances either on hypothecation of property

or on personal security or otherwise, except such loans as may be specified by

the regulations including the loans sanctioned as part of their salary package to

the full-time employees of the insurer as per the scheme duly approved by its

Board of Directors;

(b) temporary advances to any insurance agent to facilitate the carrying

out of his functions as such except in cases where such advances do not exceed

in the aggregate the renewal commission earned by him during the immediately

preceding year.

(4) Where any event occurs giving rise to circumstances, the existence of which

at the time of grant of any subsisting loan or advance would have made such grant a

contravention of this section, such loan or advance shall, notwithstanding anything

in any contract to the contrary, be repaid within three months from the occurrence of

such event.

(5) In case of default in complying with the provisions of sub-section (4), the

director, manager, auditor, actuary, officer or insurance agent concerned shall, without

prejudice to any other penalty which he may incur, cease to hold office under, or to act

for, the insurer granting the loan on the expiry of three months.".

29. For section 30 of the Insurance Act, the following section shall be substituted,

namely:—

"30. If by reason of a contravention of any of the provisions of section 27, 27A,

27B, 27C, 27D or section 29, any loss is sustained by the insurer or by the policyholders,

every director, manager or officer who is knowingly a party to such contravention

shall, without prejudice to any other penalty to which he may be liable under this Act,

be jointly and severally liable to make good the amount of such loss.".

30. In section 31 of the Insurance Act, for sub-section (1), the following sub-section

shall be substituted, namely:—

"(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.".

31. In section 31A of the Insurance Act,—

(a) in sub-section (1), in clause (c)—-

(I) for sub-clauses (i) and (ii) to the proviso, the following sub-clause

shall be substituted, namely:—

"(i) the payment of commission to an insurance agent, in respect of

insurance business procured by or through him;";

(II) clause (iii) to the proviso shall be omitted;

(b) in sub-section (3), for the words, figures and letter "or in section 86B of the

Indian Companies Act, 1913", the words "or in any other law for the time being in

force" shall be substituted.

32. For section 31B of the Insurance Act, the following section shall be substituted,

namely:—

"31B. 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." .

16 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

33. Section 32 of the Insurance Act shall be omitted.

34. In section 32A of the Insurance Act,—

(i) in sub-section (1), the words, brackets, letter and figures ''specified in subclause

(b) of clause (9) of section 2 and,'' shall be omitted;

(ii) sub-sections (2) and (3) shall be omitted.

35. In section 32B of the Insurance Act, for the words "rural or social sector", the

words "rural and social sectors" shall be substituted.

36. After section 32C of the Insurance Act, the following section shall be inserted,

namely:—

"32D. Every insurer carrying on general insurance business shall, after the

commencement of the Insurance Laws (Amendment) Act, 2015, underwrite such

minimum percentage of insurance business in third party risks of motor vehicles as

may be specified by the regulations:

Provided that the Authority may, by regulations, exempt any insurer who is

primarily engaged in the business of health, re-insurance, agriculture, export credit

guarantee, from the application of this section.".

37. For section 33 of the Insurance Act, the following section shall be substituted,

namely:—

‘33. (1) The Authority may, at any time, if it considers expedient to do so by order

in writing, direct any person (herein referred to as "Investigating Officer") specified in

the order to investigate the affairs of any insurer or intermediary or insurance

intermediary, as the case may be, and to report to the Authority on any investigation

made by such Investigating Officer:

Provided that the Investigating Officer may, wherever necessary, employ any

auditor or actuary or both for the purpose of assisting him in any investigation under

this section.

(2) Notwithstanding anything to the contrary contained in section 210 of the

Companies Act, 2013, the Investigating Officer may, at any time, and shall, on being

directed so to do by the Authority, cause an inspection to be made by one or more of

his officers of the books of account of any insurer or intermediary or insurance

intermediary, as the case may be, and the Investigating Officer shall supply to the

insurer or intermediary or insurance intermediary, as the case may be, a copy of the

report on such inspection.

(3) It shall be the duty of every manager, managing director or other officer of the

insurer including a service provider, contractor of an insurer where services are

outsourced by the insurer, or intermediary or insurance intermediary, as the case may

be, to produce before the Investigating Officer directed to make the investigation

under sub-section (1), or inspection under sub-section (2), all such books of account,

registers, other documents and the database in his custody or power and to furnish

him with any statement and information relating to the affairs of the insurer or

intermediary or insurance intermediary, as the case may be, as the Investigating Officer

may require of him within such time as the said Investigating Officer may specify.

(4) Any Investigating Officer, directed to make an investigation under subsection

(1), or inspection under sub-section (2), may examine on oath, any manager,

managing director or other officer of the insurer including a service provider or contractor

where the services are outsourced by the insurer or intermediary or insurance

intermediary, as the case may be, in relation to his business.

(5) The Investigating Officer shall, if he has been directed by the Authority to

cause an inspection to be made, make a report to the Authority on such inspection.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17

(6) On receipt of any report under sub-section (1) or sub-section (5), the

Authority may, after giving such opportunity to the insurer or intermediary or

insurance intermediary, as the case may be, to make a representation in connection

with the report as, in the opinion of the Authority, seems reasonable, by order in

writing, —

(a) require the insurer, to take such action in respect of any matter arising

out of the report as the Authority may think fit; or

(b) cancel the registration of the insurer or intermediary or insurance

intermediary, as the case may be; or

or intermediary or insurance intermediary, as the case may be, if it is a company,

whether the registration of the insurer or intermediary or insurance intermediary,

as the case may be, has been cancelled under clause (b) or not.

(7) The Authority may by the regulations made by it specify 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 to be adopted by insurers or intermediary

or insurance intermediary, as the case may be, in that connection and all other matters

incidental thereto as are, in its opinion, necessary to enable the Investigating Officer

to discharge satisfactorily his functions under this section.

Explanation.—For the purposes of this section, the expression "insurer" shall

include in the case of an insurer incorporated in India—

(a) all its subsidiaries formed for the purpose of carrying on the business

of insurance exclusively outside India; and

(b) all its branches whether situated in India or outside India.

(8) Any insurer or intermediary or insurance intermediary aggrieved by any

order made under this section may prefer an appeal to the Securities Appellate Tribunal.

(9) All expenses of, and incidental to, any investigation made under this section

shall be defrayed by the insurer or intermediary or insurance intermediary, as the case

may be, shall have priority over the debts due from the insurer and shall be recoverable

as an arrear of land revenue.’.

38. In section 34B of the Insurance Act, for sub-section (4), the following sub-section

shall be substituted, namely:—

‘‘(4) If any person in respect of whom an order is made by the Authority under

sub-section (1) or under the proviso to sub-section (2), contravenes the provisions of

this section, he shall be liable to a penalty of one lakh rupees for each day during which

such contravention continues or one crore rupees, whichever is less.’’

39. In section 34C of the Insurance Act, for sub-section (1), the following sub-section

shall be substituted, namely:—

"(1) If the Authority is of opinion that in the public interest or in the interest of

an insurer or his policyholders it is necessary so to do, it may, from time to time, by

order in writing, appoint, in consultation with the Central Government with effect from

such date as may be specified in the order, one or more persons to hold office as

additional directors of the insurer:

Provided that the number of additional directors so appointed shall not, at any

time, exceed five or one-third of the maximum strength fixed for the Board by the

articles of association of the insurer, whichever is less.".

18 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

40. Section 34G of the Insurance Act shall be omitted.

41. In section 34H of the Insurance Act,—

(i) in sub-section (1), for the words "an officer authorised by the Authority", the

words "a Deputy Director or an equivalent officer" shall be substituted;

(ii) in sub-sections (7) and (8), for the words "Central Government", the words

"Securities Appellate Tribunal" shall be substituted.

42. In section 35 of the Insurance Act,—

(i) for sub-section (1), the following sub-section shall be substituted, namely:—

"(1) Notwithstanding anything contained in any other law for the time

being in force, no insurance business of an insurer shall be transferred to or

amalgamated with the insurance business of any other insurer except in

accordance with a scheme prepared under this section and approved by the

Authority.";

(ii) in sub-section (3), for clauses (b) and (c), the following clauses shall be

substituted, namely:—

"(b) balance sheets in respect of the insurance business of each of the

insurers concerned in such amalgamation or transfer, prepared in such forms as

may be specified by the regulations;

of each of the insurers so concerned, prepared in conformity with the regulations

specified in this regard.".

43. For section 36 of the Insurance Act, the following section shall be substituted,

namely:—

"36. When any application under sub-section (3) of section 35 is made to the

Authority, the Authority shall cause, a notice of the application to be given to the

holders of any kind of policy of insurer concerned alongwith statement of the nature

and terms of the amalgamation or transfer, as the case may be, to be published in such

manner and for such period as it may direct, and, after hearing the directors and

considering the objections of the policyholders and any other persons whom it

considers entitled to be heard, may approve the arrangement, and shall make such

consequential orders as are necessary to give effect to the arrangement.".

44. In section 37A of the Insurance Act, for sub-section (4), the following sub-sections

shall be substituted, namely:—

"(4) The scheme shall thereafter be placed before the Central Government for its

sanction and the Central Government may sanction the scheme without any modification

or with such modifications as it may consider necessary, and the scheme as sanctioned

by the Central Government shall come into force on such date as the Central Government

may notify in this behalf in the Official Gazette:

Provided that different dates may be specified for different provisions of the

scheme.

(4A) Every policyholder or shareholder or member of each of the insurers, before

amalgamation, shall have the same interest in, or rights against the insurer resulting

from amalgamation as he had in the company of which he was originally a policyholder

or shareholder or member:

Provided that where the interests or rights of any shareholder or member are less

than his interest in, or rights against, the original insurer, he shall be entitled to

compensation, which shall be assessed by the Authority in such manner as may be

specified by the regulations.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 19

(4B) The compensation so assessed shall be paid to the shareholder or member

by the insurance company resulting from such amalgamation.

(4C) Any member or shareholder aggrieved by the assessment of compensation

made by the Authority under sub-section (4A) may within thirty days from the

publication of such assessment prefer an appeal to the Securities Appellate Tribunal.".

45. For sections 38, 39 and 40 of the Insurance Act, the following sections shall be

substituted, namely:—

"38. (1) A transfer or assignment of a policy of insurance, wholly or in part,

whether with or without consideration, may be made only by an endorsement upon the

policy itself or by a separate instrument, signed in either case by the transferor or by

the assignor or his duly authorised agent and attested by at least one witness,

specifically setting forth the fact of transfer or assignment and the reasons thereof, the

antecedents of the assignee and the terms on which the assignment is made.

(2) An insurer may, accept the transfer or assignment, or decline to act upon any

endorsement made under sub-section (1), where it has sufficient reason to believe that

such transfer or assignment is not bona fide or is not in the interest of the policyholder

or in public interest or is for the purpose of trading of insurance policy.

(3) The insurer shall, before refusing to act upon the endorsement, record in

writing the reasons for such refusal and communicate the same to the policyholder not

later than thirty days from the date of the policyholder giving notice of such transfer or

assignment.

(4) Any person aggrieved by the decision of an insurer to decline to act upon

such transfer or assignment may within a period of thirty days from the date of receipt

of the communication from the insurer containing reasons for such refusal, prefer a

claim to the Authority.

(5) Subject to the provisions in sub-section (2), the transfer or assignment shall

be complete and effectual upon the execution of such endorsement or instrument duly

attested but except, where the transfer or assignment is in favour of the insurer, shall

not be operative as against an insurer, and shall not confer upon the transferee or

assignee, or his legal representative, any right to sue for the amount of such policy or

the moneys secured thereby until a notice in writing of the transfer or assignment and

either the said endorsement or instrument itself or a copy thereof certified to be correct

by both transferor and transferee or their duly authorised agents have been delivered

to the insurer:

Provided that where the insurer maintains one or more places of business in

India, such notice shall be delivered only at the place where the policy is being serviced.

(6) The date on which the notice referred to in sub-section (5) is delivered to the

insurer shall regulate the priority of all claims under a transfer or assignment as between

persons interested in the policy; and where there is more than one instrument of

transfer or assignment the priority of the claims under such instruments shall be

governed by the order in which the notices referred to in sub-section (5) are delivered:

Provided that if any dispute as to priority of payment arises as between assignees,

the dispute shall be referred to the Authority.

(7) Upon the receipt of the notice referred to in sub-section (5), the insurer shall

record the fact of such transfer or assignment together with the date thereof and the

name of the transferee or the assignee and shall, on the request of the person by whom

the notice was given, or of the transferee or assignee, on payment of such fee as may

be specified by the regulations, grant a written acknowledgement of the receipt of

such notice; and any such acknowledgement shall be conclusive evidence against the

insurer that he has duly received the notice to which such acknowledgement relates.

20 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(8) Subject to the terms and conditions of the transfer or assignment, the insurer

shall, from the date of the receipt of the notice referred to in sub-section (5), recognise

the transferee or assignee named in the notice as the absolute transferee or assignee

entitled to benefit under the policy, and such person shall be subject to all liabilities

and equities to which the transferor or assignor was subject at the date of the transfer

or assignment and may institute any proceedings in relation to the policy, obtain a loan

under the policy or surrender the policy without obtaining the consent of the transferor

or assignor or making him a party to such proceedings.

Explanation.—Except where the endorsement referred to in sub-section (1)

expressly indicates that the assignment or transfer is conditional in terms of subsection

(10) hereunder, every assignment or transfer shall be deemed to be an absolute

assignment or transfer and the assignee or transferee, as the case may be, shall be

deemed to be the absolute assignee or transferee respectively.

(9) Any rights and remedies of an assignee or transferee of a policy of life

insurance under an assignment or transfer effected prior to the commencement of the

Insurance Laws (Amendment) Act, 2015 shall not be affected by the provisions of this

section.

(10) Notwithstanding any law or custom having the force of law to the contrary,

an assignment in favour of a person made upon the condition that—

(a) the proceeds under the policy shall become payable to the policyholder

or the nominee or nominees in the event of either the assignee or transferee

predeceasing the insured; or

(b) the insured surviving the term of the policy, shall be valid:

Provided that a conditional assignee shall not be entitled to obtain a loan

on the policy or surrender a policy.

(11) In the case of the partial assignment or transfer of a policy of insurance

under sub-section (1), the liability of the insurer shall be limited to the amount secured

by partial assignment or transfer and such policyholder shall not be entitled to further

assign or transfer the residual amount payable under the same policy.

39. (1) The holder of a policy of life insurance on his own life may, when effecting

the policy or at any time before the policy matures for payment, nominate the person or

persons to whom the money secured by the policy shall be paid in the event of his

death:

Provided that, where any nominee is a minor, it shall be lawful for the policyholder

to appoint any person in the manner laid down by the insurer, to receive the money

secured by the policy in the event of his death during the minority of the nominee.

(2) Any such nomination in order to be effectual shall, unless it is incorporated

in the text of the policy itself, be made by an endorsement on the policy communicated

to the insurer and registered by him in the records relating to the policy and any such

nomination may at any time before the policy matures for payment be cancelled or

changed by an endorsement or a further endorsement or a will, as the case may be, but

unless notice in writing of any such cancellation or change has been delivered to the

insurer, the insurer shall not be liable for any payment under the policy made bona fide

by him to a nominee mentioned in the text of the policy or registered in records of the

insurer.

(3) The insurer shall furnish to the policyholder a written acknowledgement of

having registered a nomination or a cancellation or change thereof, and may charge

such fee as may be specified by regulations for registering such cancellation or change.

(4) A transfer or assignment of a policy made in accordance with section 38 shall

automatically cancel a nomination:

Nomination by

policyholder.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21

Provided that the assignment of a policy to the insurer who bears the risk on the

policy at the time of the assignment, in consideration of a loan granted by that insurer

on the security of the policy within its surrender value, or its reassignment on repayment

of the loan shall not cancel a nomination, but shall affect the rights of the nominee only

to the extent of the insurer's interest in the policy:

Provided further that the transfer or assignment of a policy, whether wholly or in

part, in consideration of a loan advanced by the transferee or assignee to the

policyholder, shall not cancel the nomination but shall affect the rights of the nominee

only to the extent of the interest of the transferee or assignee, as the case may be, in the

policy:

Provided also that the nomination, which has been automatically cancelled

consequent upon the transfer or assignment, the same nomination shall stand

automatically revived when the policy is reassigned by the assignee or retransferred

by the transferee in favour of the policyholder on repayment of loan other than on a

security of policy to the insurer.

(5) Where the policy matures for payment during the lifetime of the person

whose life is insured or where the nominee or, if there are more nominees than one, all

the nominees die before the policy matures for payment, the amount secured by the

policy shall be payable to the policyholder or his heirs or legal representatives or the

holder of a succession certificate, as the case may be.

(6) Where the nominee or if there are more nominees than one, a nominee or

nominees survive the person whose life is insured, the amount secured by the policy

shall be payable to such survivor or survivors.

(7) Subject to the other provisions of this section, where the holder of a policy of

insurance on his own life nominates his parents, or his spouse, or his children, or his

spouse and children, or any of them, the nominee or nominees shall be beneficially

entitled to the amount payable by the insurer to him or them under sub-section (6)

unless it is proved that the holder of the policy, having regard to the nature of his title

to the policy, could not have conferred any such beneficial title on the nominee.

(8) Subject as aforesaid, where the nominee, or if there are more nominees than

one, a nominee or nominees, to whom sub-section (7) applies, die after the person

whose life is insured but before the amount secured by the policy is paid, the amount

secured by the policy, or so much of the amount secured by the policy as represents

the share of the nominee or nominees so dying (as the case may be), shall be payable

to the heirs or legal representatives of the nominee or nominees or the holder of a

succession certificate, as the case may be, and they shall be beneficially entitled to

such amount.

(9) Nothing in sub-sections (7) and (8) shall operate to destroy or impede the

right of any creditor to be paid out of the proceeds of any policy of life insurance.

(10) The provisions of sub-sections (7) and (8) shall apply to all policies of life

insurance maturing for payment after the commencement of the Insurance Laws

(Amendment) Act, 2015.

(11) Where a policyholder dies after the maturity of the policy but the proceeds

and benefit of his policy has not been made to him because of his death, in such a case,

his nominee shall be entitled to the proceeds and benefit of his policy.

(12) The provisions of this section shall not apply to any policy of life insurance

to which section 6 of the Married Women's Property Act, 1874, applies or has at any

time applied:

Provided that where a nomination made whether before or after the commencement

of the Insurance Laws (Amendment) Act, 2015, in favour of the wife of the person who

has insured his life or of his wife and children or any of them is expressed, whether or

not on the face of the policy, as being made under this section, the said section 6 shall

be deemed not to apply or not to have applied to the policy.

3 of 1874.

22 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

40. (1) No person shall, pay or contract to pay any remuneration or reward,

whether by way of commission or otherwise for soliciting or procuring insurance

business in India to any person except an insurance agent or an intermediary or

insurance intermediary in such manner as may be specified by the regulations.

(2) No insurance agent or intermediary or insurance intermediary shall receive or

contract to receive commission or remuneration in any form in respect of policies

issued in India, by an insurer in any form in respect of policies issued in India, by an

insurer except in accordance with the regulations specified in this regard:

Provided that the Authority, while making regulations under sub-sections (1)

and (2), shall take into consideration the nature and tenure of the policy and in particular

the interest of the agents and other intermediaries concerned.

(3) Without prejudice to the provisions of section 102 in respect of a

contravention of any of the provisions of the preceding sub-sections or the regulations

framed in this regard, by an insurer, any insurance agent or intermediary or insurance

intermediary who contravenes the said provisions shall be liable to a penalty which

may extend to one lakh rupees .''.

46. Section 40A of the Insurance Act shall be omitted.

47. For sections 40B and 40C of the Insurance Act, the following sections shall be

substituted, namely:—

"40B. No insurer shall, in respect of insurance business transacted by him in

India, spend as expenses of management in any financial year any amount exceeding

the amount as may be specified by the regulations made under this Act;

40C. Every insurer transacting insurance business in India shall furnish to the

Authority, the details of expenses of management in such manner and form as may be

specified by the regulations made under this Act.".

48. In section 41 of the Insurance Act, for sub-section (2), the following sub-section

shall be substituted, namely:—

"(2) Any person making default in complying with the provisions of this section

shall be liable for a penalty which may extend to ten lakh rupees.".

49. For section 42 of the Insurance Act, the following section shall be substituted,

namely:—

"42. (1) An insurer may appoint any person to act as insurance agent for the

purpose of soliciting and procuring insurance business:

Provided that such person does not suffer from any of the disqualifications

mentioned in sub-section (3).

(2) No person shall act as an insurance agent for more than one life insurer, one

general insurer, one health insurer and one of each of the other mono-line insurers:

Provided that the Authority shall, while framing regulations, ensure that no

conflict of interest is allowed to arise for any agent in representing two or more insurers

for whom he may be an agent.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 23

(3) The disqualifications referred to in the proviso to sub-section (1) shall be the

following:—

(a) that the person is a minor;

(b) that he is found to be of unsound mind by a court of competent

jurisdiction;

breach of trust or cheating or forgery or an abetment of or attempt to commit any

such offence by a court of competent jurisdiction:

Provided that where at least five years have elapsed since the completion

of the sentence imposed on any person in respect of any such offence, the

Authority shall ordinarily declare in respect of such person that his conviction

shall cease to operate as a disqualification under this clause;

(d) that in the course of any judicial proceeding relating to any policy of

insurance or the winding up of an insurer or in the course of an investigation of

the affairs of an insurer it has been found that he has been guilty of or

has knowingly participated in or connived at any fraud, dishonesty or

misrepresentation against an insurer or insured;

(e) that in the case of an individual, who does not possess the requisite

qualifications or practical training or passed the examination, as may be specified

by the regulations;

(f) that in the case of a company or firm making, a director or a partner or

one or more of its officers or other employees so designated by it and in the case

of any other person the chief executive, by whatever name called, or one or more

of his employees designated by him, do not possess the requisite qualifications

or practical training and have not passed such an examination as required under

clauses (e) and (g);

(g) that he has not passed such examination as may be specified by the

regulations;

(h) that he has violated the code of conduct as may be specified by the

regulations.

(4) Any person who acts as an insurance agent in contravention of the provision

of this Act, shall be liable to a penalty which may extend to ten thousand rupees and

any insurer or any person acting on behalf of an insurer, who appoints any person as

an insurance agent not permitted to act as such or transacts any insurance business in

India through any such person shall be liable to penalty which may extend to one crore

rupees.

(5) The insurer shall be responsible for all the acts and omissions of its agents

including violation of code of conduct specified under clause (h) of sub-section (3)

and liable to a penalty which may extend to one crore rupees.".

50. For sections 42A, 42B and 42C of the Insurance Act, the following section shall be

substituted, namely:—

'42A. (1) No insurer shall, on or after the commencement of the Insurance Laws

(Amendment) Act, 2015, appoint any principal agent, chief agent, and special agent

and transact any insurance business in India through them.

(2) No person shall allow or offer to allow, either directly or indirectly, as an

inducement to any person to take out or renew or continue an insurance policy through

multilevel marketing scheme.

(3) The Authority may, through an officer authorised in this behalf, make a

complaint to the appropriate police authorities against the entity or persons involved

in the multilevel marketing scheme.

24 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Explanation.—For the purpose of this section "multilevel marketing scheme"

means any scheme or programme or arrangement or plan (by whatever name called) for

the purpose of soliciting and procuring insurance business through persons not

authorised for the said purpose with or without consideration of whole or part of

commission or remuneration earned through such solicitation and procurement and

includes enrolment of persons into a multilevel chain for the said purpose either directly

or indirectly.'.

51. In section 42D of the Insurance Act,—

(i) for the words "licence" and "licence issued", wherever they occur, the words

"registration" and "registration made", shall respectively be substituted;

(ii) in sub-section (1), in clause (a) of the proviso, for the word, brackets and

figure "sub-section (4)", the word, brackets and figure "sub-section (3)" shall be

substituted;

(iii) in sub-section (3),—

(a) after the words "directors or partners", the words "or one or more of its

officers or other employees so designated by it and in the case of any other

person, the chief executive by whatever name called, or one or more of his

employees designated by him" shall be inserted;

(b) for the words, brackets, letters and figures "in clauses (b), (c), (d), (e)

and (f) of sub-section (4) of section 42", the words, brackets, letters and figures

"in clauses (b), (c), (d), (e) and (g) of sub-section (3) of section 42" shall be

substituted;

(iv) for sub-sections (8) and (9), the following sub-sections, shall be substituted,

namely:—

"(8) Any person who acts as an intermediary or an insurance intermediary

without being registered under this section to act as such, shall be liable to a

penalty which may extend to ten lakh rupees and any person who appoints as an

intermediary or an insurance intermediary or any person not registered to act as

such or transacts any insurance business in India through any such person,

shall be liable to a penalty which may extend to one crore rupees.

(9) Where the person contravening sub-section (8) is a company or a firm,

then, without prejudice to any other proceedings which may be taken against

the company or firm, every director, manager, secretary or other officer of the

company, and every partner of the firm who is knowingly a party to such

contravention shall be liable to a penalty which may extend to ten lakh rupees.".

52. For section 42E of the Insurance Act, the following section shall be substituted,

namely:—

"42E. Without prejudice to the provisions contained in this Act, the Authority

may, by regulations made in this behalf, specify the requirements of capital, form of

business and other conditions, to act as an intermediary or an insurance intermediary.".

53. For section 43 of the Insurance Act, the following section shall be substituted,

namely:—

"43. (1) Every insurer and every person who, acting on behalf of an insurer

employs insurance agents shall maintain a record showing the name and address of

every insurance agent appointed by him and the date on which his appointment began

and the date, if any, on which his appointment ceased.

(2) The record prepared by the insurer under sub-section (1), shall be maintained

as long as the insurance agent is in service and for a period of five years after the

cessation of appointment.".

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 25

54. Section 44 of the Insurance Act shall be omitted.

55. For sections 44A and 45 of the Insurance Act, the following sections shall be

substituted, namely:—

'44A. For the purposes of ensuring compliance with the provisions of sections

40, 40B and 40C, the Authority may, by notice—

(a) require from an insurer such information, certified if so required by an

auditor or actuary, as it may consider necessary;

(b) require an insurer to submit for its examination at the principal place of

business of the insurer in India, any books of account, register or other document,

or to supply any statement which may be specified in the notice;

information, book, register, document or statement and the insurer, shall comply

with any such requirement within such time as may be specified in the notice.

45. (1) No policy of life insurance shall be called in question on any ground

whatsoever after the expiry of three years from the date of the policy, i.e., from the date

of issuance of the policy or the date of commencement of risk or the date of revival of

the policy or the date of the rider to the policy, whichever is later.

(2) A policy of life insurance may be called in question at any time within three

years from the date of issuance of the policy or the date of commencement of risk or the

date of revival of the policy or the date of the rider to the policy, whichever is later, on

the ground of fraud:

Provided that the insurer shall have to communicate in writing to the insured or

the legal representatives or nominees or assignees of the insured the grounds and

materials on which such decision is based.

Explanation I.—For the purposes of this sub-section, the expression "fraud"

means any of the following acts committed by the insured or by his agent, with intent

to deceive the insurer or to induce the insurer to issue a life insurance policy:—

(a) the suggestion, as a fact of that which is not true and which the insured

does not believe to be true;

(b) the active concealment of a fact by the insured having knowledge or

belief of the fact;

(d) any such act or omission as the law specially declares to be fraudulent.

Explanation II.—Mere silence as to facts likely to affect the assessment of the

risk by the insurer is not fraud, unless the circumstances of the case are such that

regard being had to them, it is the duty of the insured or his agent keeping silence, to

speak, or unless his silence is, in itself, equivalent to speak.

(3) Notwithstanding anything contained in sub-section (2), no insurer shall

repudiate a life insurance policy on the ground of fraud if the insured can prove that

the misstatement of or suppression of a material fact was true to the best of his

knowledge and belief or that there was no deliberate intention to suppress the fact or

that such misstatement of or suppression of a material fact are within the knowledge of

the insurer:

Provided that in case of fraud, the onus of disproving lies upon the beneficiaries,

in case the policyholder is not alive.

26 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Explanation.—A person who solicits and negotiates a contract of insurance

shall be deemed for the purpose of the formation of the contract, to be the agent of the

insurer.

(4) A policy of life insurance may be called in question at any time within three

years from the date of issuance of the policy or the date of commencement of risk or the

date of revival of the policy or the date of the rider to the policy, whichever is later, on

the ground that any statement of or suppression of a fact material to the expectancy of

the life of the insured was incorrectly made in the proposal or other document on the

basis of which the policy was issued or revived or rider issued:

Provided that the insurer shall have to communicate in writing to the insured or

the legal representatives or nominees or assignees of the insured the grounds and

materials on which such decision to repudiate the policy of life insurance is based:

Provided further that in case of repudiation of the policy on the ground of

misstatement or suppression of a material fact, and not on the ground of fraud, the

premiums collected on the policy till the date of repudiation shall be paid to the insured

or the legal representatives or nominees or assignees of the insured within a period of

ninety days from the date of such repudiation.

Explanation.—For the purposes of this sub-section, the misstatement of or

suppression of fact shall not be considered material unless it has a direct bearing on

the risk undertaken by the insurer, the onus is on the insurer to show that had the

insurer been aware of the said fact no life insurance policy would have been issued to

the insured.

(5) Nothing in this section shall prevent the insurer from calling for proof of age

at any time if he is entitled to do so, and no policy shall be deemed to be called in

question merely because the terms of the policy are adjusted on subsequent proof that

the age of the life insured was incorrectly stated in the proposal.'.

56. Sections 47A and 48 of the Insurance Act shall be omitted.

57. For section 48A of the Insurance Act, the following section shall be substituted,

namely:—

"48A. No insurance agent or intermediary or insurance intermediary shall be

eligible to be or remain a director in insurance company:

Provided that any director holding office at the commencement of the Insurance

Laws (Amendment) Act, 2015 shall not become ineligible to remain a director by reason

of this section until the expiry of six months from the date of commencement of the said

Act:

Provided further that the Authority may permit an agent or intermediary or

insurance intermediary to be on the Board of an insurance company subject to such

conditions or restrictions as it may impose to protect the interest of policyholders or to

avoid conflict of interest.".

58. In section 49 of the Insurance Act, in sub-section (1),—

(i) the words, brackets, letters and figures "being an insurer specified in subclause

(a) (ii) or sub-clause (b) of clause (9) of section 2" shall be omitted;

(ii) the words and figures "or to the Central Government under section 11 of the

Indian Life Insurance Companies Act, 1912" shall be omitted.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 27

59. For sections 52 and 52A of the Insurance Act, the following sections shall be

substituted, namely:—

"52. No insurer shall commence any business upon the dividing principle, that is

to say, on the principle that the benefit secured by a policy is not fixed but depends

either wholly or partly on the result of a distribution of certain sums amongst policies

becoming claims within certain time-limits, or on the principle that the premiums payable

by a policyholder depend wholly or partly on the number of policies becoming claims

within certain time-limits:

Provided that nothing in this section shall be deemed to prevent an insurer from

allocating bonuses to holders of policies of life insurance as a result of a periodical

actuarial valuation either as reversionary additions to the sums insured or as immediate

cash bonuses or otherwise.

52A. (1) If at any time the Authority has reason to believe that an insurer carrying

on life insurance business is acting in a manner likely to be prejudicial to the interests

of holders of life insurance policies, it may, after giving such opportunity to the insurer

to be heard appoint an Administrator to manage the affairs of the insurer under the

direction and control of the Authority.

(2) The Administrator shall receive such remuneration as the Authority may

direct and the Authority may at any time cancel the appointment and appoint some

other person as Administrator.".

60. In section 52BB of the Insurance Act,—

(a) in sub-section (2), for the words "the Central Government and the Central

Government", the words "the Securities Appellate Tribunal and the Securities Appellate

Tribunal" shall be substituted;

(b) in sub-section (3), for the words "Central Government", the words "Securities

Appellate Tribunal" shall be substituted;

shall be omitted.

61. For section 52D of the Insurance Act, the following section shall be substituted,

namely:—

"52D. If at any time, it appears to the Authority that the purpose of the order

appointing the Administrator has been fulfilled or that, for any reason, it is undesirable

that the order of appointment should remain in force, the Authority may cancel the

order and thereupon the Administrator shall be divested of the management of the

insurance business which shall, unless otherwise directed by the Authority, again

vest in the person in whom it was vested immediately prior to the appointment of the

Administrator or any other person appointed by the insurer in this behalf.".

62. In section 52E of the Insurance Act, for the words "Central Government", the word

"Authority" shall be substituted.

63. In section 52F of the Insurance Act, for the words "punishable with imprisonment

which may extend to six months, or with fine which may extend to one thousand rupees, or

with both", the words "liable to penalty of rupees ten thousand each day during which such

failure continues or rupees ten lakh, whichever is less" shall be substituted.

64. In section 52G of the Insurance Act, in sub-section (2), the words

"Central Government or" shall be omitted.

28 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

65. Sections 52H, 52-I, 52J, 52K, 52L, 52M and 52N of the Insurance Act shall be

omitted.

66. In section 53 of the Insurance Act,—

(a) in sub-section (1), the following Explanation shall be inserted at the end,

namely:—

‘Explanation.—For the purpose of sections 53 to 61A, "Tribunal" means

the National Company Law Tribunal constituted under sub-section (1) of

section 408 of the Companies Act, 2013.’;

(b) in sub-section (2), in clause (b), sub-clause (i), shall be omitted.

67. In section 58 of the Insurance Act, for sub-section (4), the following sub-section

shall be substituted, namely:—

"(4) An order of the Tribunal confirming a scheme under this section whereby

the memorandum of a company is altered with respect to its objects shall as respects

the alteration have effect as if it were an order confirmed under section 4 of the

Companies Act, 2013, and the provisions of sections 7 and 17 of that Act shall apply

accordingly.".

68. Section 59 of the Insurance Act shall be omitted.

69. In PART II A of the Insurance Act, for the heading "Insurance Association of

India, Councils of The Association and Committees Thereof" the following heading shall be

substituted, namely:—

"Life Insurance Council and General Insurance Council and Committees Thereof.".

70. Sections 64A and 64B of the Insurance Act shall be omitted.

71. For sections 64C and 64D of the Insurance Act the following sections shall be

substituted, namely:—

"64C. On and from the date of commencement of this Act,—

(a) the existing Life Insurance Council, a representative body of the

insurers, who carry on the life insurance business in India; and

(b) the existing General Insurance Council, a representative body of

insurers, who carry on general, health insurance business and re-insurance in

India,

shall be deemed to have been constituted as the respective Councils under this Act.

64D. It shall be lawful for any member of the Life Insurance Council or the

General Insurance Council to authorise any of its officer to act as the representative of

such member at any meeting of the Council concerned.".

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 29

72. For section 64F of the Insurance Act, the following section shall be substituted,

namely:—

"64F. (1) The Executive Committee of the Life Insurance Council shall consist of

the following persons, namely:—

(a) four representatives of members of the Life Insurance Council elected

in their individual capacity by the members in such manner as may be laid down

in the bye-laws of the Council;

(b) an eminent person not connected with insurance business, nominated

by the Authority;

policyholders respectively as may be nominated by the Authority;

(d) one representative each from self-help groups and Insurance

Co-operative Societies:

Provided that one of the representatives as mentioned in clause (a) shall

be elected as the Chairperson of the Executive Committee of the Life Insurance

Council.

(2) The Executive Committee of the General Insurance Council shall consist of

the following persons, namely:—

(a) four representatives of members of the General Insurance Council

elected in their individual capacity by the members in such manner as may be

laid down in the bye-laws of the Council;

(b) an eminent person not connected with insurance business, nominated

by the Authority; and

surveyors and loss assessors and policyholders respectively as may be

nominated by the Authority:

Provided that one of the representatives as mentioned in clause (a) shall

be elected as the Chairperson of the Executive Committee of the General Insurance

Council.

(3) If anybody of persons specified in sub-sections (1) and (2) fails to elect any

of the members of the Executive Committees of the Life Insurance Council or the

General Insurance Council, the Authority may nominate any person to fill the vacancy,

and any person so nominated shall be deemed to be a member of the Executive

Committee of the Life Insurance Council or the General Insurance Council, as the case

may be, as if he had been duly elected thereto.

(4) Each of the said Executive Committees may make bye-laws for the transaction

of any business at any meeting of the said Committee.

(5) The Life Insurance Council or the General Insurance Council may form such

other committees consisting of such persons as it may think fit to discharge such

functions as may be delegated thereto.

(6) The Secretary of the Executive Committee of the Life Insurance Council and

of the Executive Committee of the General Insurance Council shall in each case be

appointed by the Executive Committee concerned:

Provided that each Secretary appointed by the Executive Committee concerned

shall exercise all such powers and do all such acts as may be authorised in this behalf

by the Executive Committee concerned.".

73. In section 64G of the Insurance Act, in sub-section (2), for the words "by nomination

by the Authority", the words "in such manner as may be laid down in the bye-laws of the

Council concerned" shall be substituted.

30 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

74. Section 64-I of the Insurance Act shall be omitted.

75. In section 64J of the Insurance Act, for sub-section (2), the following sub-section

shall be substituted, namely:—

"(2) For the purpose of enabling it to effectively discharge its functions, the

Executive Committee of the Life Insurance Council may collect such fees as may be laid

down in the bye-laws made by the Council from the insurers carrying on life insurance

business.".

76. In section 64L of the Insurance Act, for sub-section (2), the following sub-section

shall be substituted, namely:—

''(2) For the purpose of enabling it to effectively discharge its functions, the

Executive Committee of the General Insurance Council may collect such fees as may be

laid down in the bye-laws made by the Council from the insurers carrying on general

insurance business.''.

77. In section 64N of the Insurance Act, for the words "the Central Government may

prescribe", the words "the Authority may specify" shall be substituted.

78. In section 64R of the Insurance Act, in sub-section (1),—

(a) for clause (c), the following clause shall be substituted, namely:—

"(c) keep and maintain up-to-date, a copy of list of all insurers who are

members of the either Council;";

(b) in clause (d), for the words "with the previous approval of the Authority

make regulations for", the words "make bye-laws for" shall be substituted.

79. Sections 64S and 64T of the Insurance Act shall be omitted.

80. Sections 64U, 64UA, 64UB, 64UC, 64UD, 64UE, 64UF, 64UG, 64UH, 64U-I, 64UJ,

64UK and 64UL of the Insurance Act shall be omitted.

81. After section 64UL of the Insurance Act, the following section shall be inserted,

namely:—

"64ULA. (1) Notwithstanding anything contained in this Part, until the rates,

advantage and terms and conditions laid down by the Advisory Committee under

section 64UC are de-notified by the Authority with effect from such date as the Authority

may by notification in the Official Gazette determine, and the rates, advantages and

terms and conditions are decided by the insurer concerned, the rates, advantages and

terms and conditions notified by the Advisory Committee shall continue to be in force

and shall always be deemed to have been in force and any such rates, advantages and

terms and conditions shall be binding on all the insurers.

(2) The Authority shall, in consultation with the Central Government, prepare a

scheme for the existing employees of the Tariff Advisory Committee on its dissolution,

keeping in view the interests of such employees on such terms and conditions as it

may, by order, determine.’’.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 31

82. For section 64UM of the Insurance Act, the following section shall be substituted,

namely:—

‘64UM. (1) Save as otherwise provided in this section, no person shall act as a

surveyor or loss assessor in respect of general insurance business after the expiry of

a period of one year from the commencement of the Insurance Laws (Amendment)

Act, 2015, unless he—

(a) possesses such academic qualifications as may be specified by the

regulations made under this Act; and

(b) is a member of a professional body of surveyors and loss assessors,

namely, the Indian Institute of Insurance Surveyors and Loss Assessors:

Provided that in the case of a firm or company, all the partners or directors

or other persons, who may be called upon to make a survey or assess a loss

reported, as the case may be, shall fulfil the requirements of clauses (a) and (b).

(2) Every surveyor and loss assessor shall comply with the code of conduct in

respect of his duties, responsibilities and other professional requirements, as may be

specified by the regulations made under the Act.

(3) Notwithstanding anything contained in the foregoing provisions, a class or

class of persons acting as a licensed surveyor or loss assessor prior to the

commencement of the Insurance Laws (Amendment) Act, 2015 shall continue to act as

such for such period as may be specified by the regulations made under this Act:

Provided that the surveyor or loss assessor shall, within the period as may be

notified by the Authority, satisfy the requirements of clause (a) and clause (b) of subsection

(1), failing which, the surveyor or loss assessor shall be automatically

disqualified to act as a surveyor or loss assessor.

(4) No claim in respect of a loss which has occurred in India and requiring to be

paid or settled in India equal to or exceeding an amount specified in the regulations by

the Authority in value on any policy of insurance, arising or intimated to an insurer at

any time after the expiry of a period of one year from the commencement of the Insurance

Laws (Amendment) Act, 2015, shall, unless otherwise directed by the Authority, be

admitted for payment or settled by the insurer unless he has obtained a report, on the

loss that has occurred, from a person who holds a licence issued under this section to

act as a surveyor or loss assessor (hereafter referred to as "approved surveyor or loss

assessor"):

Provided that nothing in this sub-section shall be deemed to take away or abridge

the right of the insurer to pay or settle any claim at any amount different from the

amount assessed by the approved surveyor or loss assessor.

(5) The Authority may, at any time, in respect of any claim of the nature referred

to in sub-section (4), call for an independent report from any other approved surveyor

or loss assessor specified by him and such surveyor or loss assessor shall furnish

such report to the Authority within such time as may be specified by the Authority or

if no time limit has been specified by him within a reasonable time and the cost of, or

incidental to, such report shall be borne by the insurer.

(6) The Authority may, on receipt of a report referred to in sub-section (5), issue

such directions as it may consider necessary with regard to the settlement of the claim

including any direction to settle a claim at a figure less than, or more than, that at which

it is proposed to settle it or it was settled and the insurer shall be bound to comply with

such directions:

32 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Provided that where the Authority issues a direction for settling a claim at a

figure lower than that at which it has already been settled, the insurer shall be deemed

to comply with such direction if he satisfies the Authority that all reasonable steps,

with due regard to the question whether the expenditure involved is not disproportionate

to the amount required to be recovered, have been taken with due despatch by him:

Provided further that no direction for the payment of a lesser sum shall be made

where the amount of the claim has already been paid and the Authority is of opinion

that the recovery of the amount paid in excess would cause undue hardship to the

insured:

Provided also that nothing in this section shall relieve the insurer from any

liability, civil or criminal, to which he would have been subject but for the provisions of

this sub-section.

(7) No insurer shall, after the expiry of a period of one year from the

commencement of the Insurance Laws (Amendment) Act, 2015 pay to any person any

fee or remuneration for surveying, verifying or reporting on a claim of loss under a

policy of insurance unless the person making such survey, verification or report is an

approved surveyor or loss assessor.

(8) Where, in the case of a claim of less than the amount specified in sub-section (4)

in value on any policy of insurance it is not practicable for an insurer to employ an

approved surveyor or loss assessor without incurring expenses disproportionate to

the amount of the claim, the insurer may employ any other person (not being a person

disqualified for the time being for being employed as a surveyor or loss assessor) for

surveying such loss and may pay such reasonable fee or remuneration to the person

so employed as he may think fit.

(9) The Authority may in respect of any claim of value of less than the amount

specified in sub-section (4) on an insurance policy, if the claim has not been or is not

proposed to be reported upon by a surveyor or loss assessor, direct that such claim

shall be reported upon by an approved surveyor or loss assessor and where the

Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply

in respect of such claim.

(10) Where, in relation to any class of claims, the Authority is satisfied that it is

customary to entrust the work of survey or loss assessment to any person other than

a licensed surveyor or loss assessor, or it is not practicable to make any survey or loss

assessment, it may, by an order, exempt such class of claims from the operation of this

section.’.

83. For sections 64V and 64VA of the Insurance Act, the following sections shall be

substituted, namely:—

‘‘64V. (1) For the purpose of ascertaining compliance with the provisions of

section 64VA, assets shall be valued at value not exceeding their market or realisable

value and certain assets may be excluded by the Authority in the manner as may be

specified by the regulations made in this behalf.

(2) A proper value shall be placed on every item of liability of the insurer in the

manner as may be specified by the regulations made in this behalf.

(3) Every insurer shall furnish to the Authority along with the returns required to

be filed under this Act, a statement, certified by an Auditor, approved by the Authority,

in respect of general insurance business or an actuary approved by the Authority in

respect of life insurance business, as the case may be, of his assets and liabilities

assessed in the manner required by this section as on the 31st day of March of each

year within such time as may be specified by the regulations.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 33

64VA. (1) Every insurer and re-insurer shall at all times maintain an excess of

value of assets over the amount of liabilities of, not less than fifty per cent. of the

amount of minimum capital as stated under section 6 and arrived at in the manner

specified by the regulations.

(2) An insurer or re-insurer, as the case may be, who does not comply with subsection

(1), shall be deemed to be insolvent and may be wound-up by the court on an

application made by the Authority.

(3) The Authority shall by way of regulation made for the purpose, specify a

level of solvency margin known as control level of solvency on the breach of which

the Authority shall act in accordance with the provisions of sub-section (4) without

prejudice to taking of any other remedial measures as deemed fit:

Provided that if in respect of any insurer the Authority is satisfied that either by

reason of an unfavourable claim experience or because of a sharp increase in the

volume of new business, or for any other reason, compliance with the provisions of

this sub-section shall cause undue hardship to the insurer, it may direct that for such

period and subject to such conditions as it may specify, the provisions of this

sub-section shall apply to that insurer with such modifications provided that such

modifications shall not result in the control level of solvency being less than what is

stipulated under sub-section (1).

(4) If, at any time, an insurer or re-insurer does not maintain the required control

level of solvency margin, he shall, in accordance with the directions issued by the

Authority, submit a financial plan to the Authority, indicating a plan of action to

correct the deficiency within a specified period not exceeding six months.

(5) An insurer who has submitted a plan, as required under sub-section (4), the

Authority shall propose modifications to the plan, if the Authority considers the same

inadequate, and in such an eventuality, the Authority shall give directions, as may be

deemed necessary, including direction in regard to transacting any new business, or,

appointment of an administrator or both.

(6) An insurer or re-insurer, as the case may be, who does not comply with the

provisions of sub-section (4) shall be deemed to have made default in complying with

the requirements of this section.

(7) The Authority shall be entitled at any time to take such steps as it may

consider necessary for the inspection or verification of the assets and liabilities of any

insurer or re-insurer, or for securing the particulars necessary to establish that the

requirements of this section have been complied with as on any date, and the insurer

or re-insurer, as the case may be, shall comply with any requisition made in this behalf

by the Authority, and in the event of any failure to do so within two months from the

receipt of the requisition, the insurer or re-insurer, as the case may be, shall be deemed

to have made default in complying with the requirements of this section.

(8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as

the case may be, who is a member of a group, the relevant amount for that insurer shall

be an amount equal to that proportion of the relevant amount which that group, if

considered as a single insurer, would have been required to maintain as the proportion

of his share of the risk on each policy issued by the group bears to the total risk on that

policy:

Provided that when a group of insurers ceases to be a group, every insurer in

that group who continues to carry on any class of insurance business in India shall

comply with the requirements of sub-section (1) as if he had not been an insurer in a

group at any time:

Sufficiency of

assets.

34 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Provided further that it shall be sufficient compliance of the provisions of the

foregoing proviso if the insurer brings up the excess of the value of his assets over the

amount of his liabilities to the required amount within a period of six months from the

date of cessation of the group:

Provided also that the Authority may, on sufficient cause being shown, extend

the said period of six months by such further periods as it may think fit, so, however

that the total period may not in any case exceed one year.

(9) Every insurer shall furnish to the Authority return giving details of solvency

margin in such form, time, manner including its authentication as may be specified by

the regulations.’’.

84. For section 64VC of the Insurance Act, the following section shall be substituted,

namely:—

‘‘64VC. No insurer shall, after the commencement of the Insurance (Amendment)

Act, 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.’’.

85. PART III and PART IIIA of the Insurance Act shall be omitted.

86. PART IV of the Insurance Act shall be omitted.

87. In section 102 of the Insurance Act, for the words "not exceeding five lakh rupees

for each such failure and punishable with fine", the words "of one lakh rupees for each day

during which such failure continues or one crore rupees, whichever is less" shall be

substituted.

88. For sections 103 and 104 of the Insurance Act, the following sections shall be

substituted, namely:—

‘‘103. If a person carries on the business of insurance without obtaining a

certificate of registration under section 3, he shall be liable to a penalty not exceeding

rupees twenty-five crores and with imprisonment which may extend to ten years.

104. If a person fails to comply with the provisions of section 27, section 27A,

section 27B, section 27D and section 27E, he shall be liable to a penalty not exceeding

twenty-five crore rupees.’’.

89. In section 105 of the Insurance Act, for the words "not exceeding two lakh rupees

for each such failure", the words "not exceeding one crore rupees" shall be substituted.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 35

90. For sections 105B and 105C of the Insurance Act, the following sections shall be

substituted, namely:—

‘‘105B. If an insurer fails to comply with the provisions of section 32B, section 32C

and section 32D, he shall be liable to a penalty not exceeding twenty-five crore rupees.

105C.(1) For the purpose of adjudication under sub-section (2) of section 2CB,

sub-section (4) of section 34B, sub-section (3) of section 40, sub-section (2) of section

41, sub-sections (4) and (5) of section 42, sub-sections (8) and (9) of section 42D,

section 52F and section 105B, the Authority, shall appoint any officer not below the

rank of a Joint Director or an equivalent officer to be an adjudicating officer for holding

an inquiry in the prescribed manner after giving any person concerned a reasonable

opportunity of being heard.

(2) Upon receipt of the inquiry report from the officer so appointed, the Authority,

after giving an opportunity of being heard to the person concerned, may impose any

penalty provided in sections aforesaid.

(3) While holding an inquiry, the adjudicating officer shall have power to summon

and enforce the attendance of any person acquainted with the facts and circumstances

of the case to give evidence or to produce any document which in the opinion of the

adjudicating officer, may be useful for or relevant to the subject matter of the inquiry

and if on such inquiry, is satisfied that the person has failed to comply with the

provisions of any of the sections specified in sub-section (1), he may recommend such

penalty as he thinks fit in accordance with the provisions of any of those sections.

105D. While recommending the quantum of penalty under section 105C, the

adjudicating officer and while imposing such penalty, the Authority shall have due

regard to the following factors, namely:—

(a) the amount of disproportionate gain or unfair advantage, wherever

quantifiable, made as a result of the default;

(b) the amount of loss caused to the policyholders as a result of the

default; and

91. In section 106A of the Insurance Act, in sub-section (12),—

(i) clauses (a), (b) and (f) shall be omitted;

(ii) in clause (d), the words "or a provident society" shall be omitted.

92. Sections 107 and 107A of the Insurance Act shall be omitted.

93. For section 109 of the Insurance Act, the following section shall be substituted,

namely:—

"109. No court shall take cognizance of any offence punishable under this Act or

any rules or any regulations made thereunder, save on a complaint made by an officer

of the Authority or by any person authorised by it.".

36 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

94. For section 110 of the Insurance Act, the following section shall be substituted,

namely:—

"110. (1) Any person aggrieved—

(a) by an order of the Authority made on and after the commencement of the

Insurance Laws (Amendment) Act, 2015, or under this Act, the rules or regulations

made thereunder; or

(b) by an order made by the Authority by way of adjudication under this

Act,

may prefer an appeal to the Securities Appellate Tribunal having jurisdiction in the

matter.

(2) Every appeal made under sub-section (1) shall be filed within a period of

forty-five days from the date on which a copy of the order made by the Authority is

received by him and it shall be in such a form and be accompanied by such fees as may

be prescribed:

Provided that the Securities Appellate Tribunal may entertain an appeal after the

expiry of the said period of forty-five days if it is satisfied that there was sufficient

cause for not filing it within that period.

(3) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal

may, after giving parties to the appeal an opportunity of being heard, pass such orders

thereon as it thinks fit, conforming, modifying or setting aside the order appealed

against.

(4) The Securities Appellate Tribunal shall make available copy of order made by

it to the Authority and parties.

(5) The appeal filed before the Securities Appellate Tribunal under sub-section (1)

shall be dealt with by it as expeditiously as possible and endeavour shall be made by

it to dispose of the appeal finally within six months from the date of receipt of appeal.

(6) The procedure for filing and disposing of an appeal shall be such as may be

prescribed.

(7) The provision contained in section 15U, section 15V, section 15W, section

15Y and section 15Z of the Securities and Exchange Board of India Act, 1992 shall

apply to the appeals arising out of the provisions of this Act, as they apply to the

appeals under the Securities and Exchange Board of India Act, 1992.’’.

95. Section 110E of the Insurance Act shall be omitted.

96. Sections 110G and 110H of the Insurance Act shall be omitted.

97. After section 110H of the Insurance Act, the following section shall be inserted,

namely:—

‘‘110HA. Any penalty imposed by the Authority under this Act shall be

recoverable as an arrear of land revenue.’’.

98. In section 111 of the Insurance Act,—

(a) in sub-section (1), the words ‘‘or provident society’’ occurring at both the

places shall be omitted;

(b) in sub-section (2), in the proviso, the words ‘‘or to a provident society’’ shall

be omitted.

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 37

99. For section 113 of the Insurance Act, the following section shall be substituted,

namely:—

"113. (1) A policy of life insurance shall acquire surrender value as per the norms

specified by the regulations.

(2) Every policy of life insurance shall contain the formula as approved by the

Authority for calculation of guaranteed surrender value of the policy.

(3) Notwithstanding any contract to the contrary, a policy of life insurance

under a non-linked plan which has acquired a surrender value shall not lapse by

reason of non-payment of further premiums but shall be kept in force to the extent of

paid-up sum insured, calculated by means of a formula as approved by the Authority

and contained in the policy and the reversionary bonuses that have already been

attached to the policy:

Provided that a policy of life insurance under a linked plan shall be kept in force

in the manner as may be specified by the regulations.

(4) The provisions of sub-section (3) shall not apply—

(i) where the paid-up sum insured by a policy, inclusive of attached

bonuses, is less than the amount specified by the Authority or takes the form of

annuity of amount less than the amount specified by the Authority; or

(ii) when the parties, after the default has occurred in payment of the

premium, agree in writing to other arrangement.".

100. In section 114 of the Insurance Act,—

(a) in sub-section (2),—

(i) clause (aa) shall be omitted;

(ii) after clause (aa) as so omitted, the following clause shall be inserted,

namely:—

"(aaa) the manner of ownership and control of Indian insurance

company under sub-clause (b) of clause (7A) of section 2;";

(iii) clause (c) and clause (f) shall be omitted;

(iv) after clause (l), the following clauses shall be inserted, namely:—

"(la) the manner of inquiry under sub-section (l) of section 105C;

(lb) the form in which an appeal may be preferred under sub-section (2)

and the fee payable in respect of such appeal and the procedure for filing

and disposing of an appeal under sub-section (6) of section 110;’’;

(b) in sub-section (3), 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" shall be omitted.

101. In section 114A of the Insurance Act, in sub-section (2),—

(i) for clauses (a) and (aa), the following clause shall be substituted, namely:—

"(a) manner of making application for registration and documents to be

accompanied under sub-section (2) of section 3;";

(ii) for clause (d), the following clause shall be substituted, namely:—

"(d) such annual fee to the Authority and manner of payment under

sub-section (1) of section 3A;";

(iii) after clause (d), the following clauses shall be inserted, namely:—

"(da) such minimum annuity and other benefits to be secured by the

insurer under section 4;

38 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(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;";

(iv) clause (e) shall be omitted;

(v) after clause (e), as so omitted, the following clause shall be inserted, namely:—

"(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;";

(vi) in clause (f), for the words, brackets, figures and letter "under sub-section (1A)

of section 11", the words, brackets and figures "under sub-section (1) of section 11"

shall be substituted;

(vii) for clause (g), the following clause shall be substituted, namely:—

"(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;";

(viii) after clause (g), the following clauses shall be inserted, namely:—

"(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;";

(ix) for clause (h), the following clause shall be substituted, namely:—

"(h) the fee for procuring a copy of return or any part thereof under

sub-section (I) of section 20;";

(x) for clause (i), the following clause shall be substituted, namely:—

"(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;";

(xi) for clauses (ia), (ib), (ic), (id) and (ie), the following clauses shall be substituted,

namely:—

"(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;

(id) the obligation of insurer in respect of rural or social or unorganised

sector and backward classes under sections 32B and 32C;

(ie) the minimum percentage of insurance business in third party risks of

motor vehicles under section 32D;";

(xii) for clause (j), the following clause shall be substituted, namely:—

"(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

SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 39

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;";

(xiii) after clause (j), the following clauses shall be inserted, namely:—

"(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;";

(xiv) clauses (k) and (l) shall be omitted;

(xv) for clause (m), the following clause shall be substituted, namely:—

"(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;”;

(xvi) clause (n) shall be omitted;

(xvii) for clause (o), the following clause shall be substituted, namely:—

"(o) the code of conduct under clause (h) of sub-section (3) of

section 42;";

(xviii) clause (p) shall be omitted;

(xix) clause (va) shall be omitted;

(xx) in clause (vb), the words, brackets and figure "sub-section (2) of" shall be

omitted;

(xxi) clause (w) shall be omitted;

(xxii) for clause (x), the following clauses shall be substituted, namely:—

"(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;";

(xxiii) for clause (y), the following clause shall be substituted, namely:—

"(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;";

(xxiv) for clause (za), the following clause shall be substituted, namely:—

"(za) the matters specified under sub-section (1) of section 64VA relating

to sufficiency of assets;";

(xxv) after clause (zaa), the following clauses shall be inserted, namely:—

"(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;";

(xxvi) after clause (zb), the following clause shall be inserted, namely:—

"(zba) the norms for surrender value of life insurance policy under

sub-section (1) of section 113;".

102. In the Insurance Act, the Fifth Schedule, the Sixth Schedule and the Eighth

Schedule shall be omitted.

CHAPTER III

AMENDMENTS TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972

103. In the General Insurance Business (Nationalisation) Act, 1972, after section 10A,

the following section shall be inserted, namely:—

"10B. The General Insurance Corporation and the insurance companies specified

in section 10A may, raise their capital for increasing their business in rural and social

sectors, to meet solvency margin and such other purposes, as the Central Government

may empower in this behalf:

Provided that the shareholding of the Central Government shall not be less than

fifty one per cent. at any time.".

104. Section 25 of the General Insurance Business (Nationalisation) Act, 1972 shall be

omitted.

CHAPTER IV

AMENDMENTS TO THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY Act, 1999

105. In section 2 of the Insurance Regulatory and Development Authority Act, 1999, in

sub-section (1),—

(i) in clause (b), after the words "Development Authority", the words" of India",

shall be inserted;

(ii) for clause (f), the following clause shall be substituted, namely:—

‘(f) "Intermediary" or "insurance intermediary" includes insurance brokers,

re-insurance brokers, insurance consultants, corporate agents, third party

administrator, surveyors and loss assessors and such other entities, as may be

notified by the Authority from time to time.’.

106. In section 3 of the Insurance Regulatory and Development Authority Act, 1999, in

sub-section (1), after the words ''Development Authority'' the words ''of India'' shall be

inserted.

107. In section 16 of Insurance Regulatory and Development Authority Act, 1999, in

sub-section (1), clause (c) shall be omitted.

108. (1) The Insurance Laws (Amendment) Ordinance, 2014, is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the Insurance

Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance

Regulatory and Development Authority Act, 1999 as amended by the said Ordinance, shall

be deemed to have been done or taken under the corresponding provisions of the said Acts,

as amended by this Act.

—————

DR. SANJAY SINGH,

Secretary to the Govt. of India.

GMGIPMRND—5570GI(S3)—24-03-2015.

PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI

AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI—2015.

40 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SEC. 1]

THE INSURANCE LAWS (AMENDMENT) ACT, 2015

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