tailieunhanh - THS INSURANCE ACT, 1938

This is the third FinCEN study of SARs filed on transactions involving insurance companies and insurance products. A report issued in May 2007 provided a sum- mary of SARs filed in the 10-year period prior to May 2006 by all types of financial institutions regarding suspicious transactions involving insurance companies, insur- ance agents, and insurance brokers. 6 A report issued in February 2003 provided a summary of SARs filed between 1996 and 2002 by all types of financial institutions regarding transactions specifically involving life insurance products. 7 The current study highlights findings in an analysis of SARs filed within a timeframe. | CONTENTS THS INSURANCE ACT 1938 Arrangement of Sections PART I PRELIMINARY 1. Short title extent and commencement 2. Definitions 2A. Interpretation of certain words and expressions 2B Appointment of Authority of Insurance PART II PROVISIONS APPLICABIJE TO INSURERS 2C. Prohibition of transaction of insurance business by certain persons 2D. Insurers to be subject to this Act while liabilities Main unsatisfied 2E. This Act not to apply to certain insurers ceasing to enter into new Contracts before commencement of Act 3. Registration 3 A. Renewal of registration 3B. Certification of soundness of terms of life insurance business 4. Minimum limits for annuities and other benefits secured by policies of life insurance 5. Restriction on name of insurer 6. Requirement as to capital 6A. Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares 6AA. Manner of divesting excess shareholding by promoter in certain cases 6B. Provision for securing compliance with requirements relating to Capital structure 6C. Conversion of company limited by shares into company limited by guarantee 7. Deposits 8. Reservation of deposits 9. Refund of deposit 10. Separation of accounts and funds 11 Accounts and balance sheet 12. Audit 13 Actuarial report and abstract 14. Register of policies and register of claims 15. Submission of returns 16. Returns by insurers established outside India 17. Exemption from certain provisions of the Indian Companies Act 1913 17A. This Act not to apply to preparation of accounts etc. for periods prior to this Act coming into force 18. Furnishing reports 19. Abstract of proceedings of general meetings 20. Custody and inspection of documents and supply of copies 21. Powers of Authority regarding returns 22. Powers of Authority to order revaluation .