How many sections are in The Insurance Act, 1938 (TIA)?

The The Insurance Act, 1938 (TIA) contains a total of 202 sections organized across 7 chapters. The chapters are: Chapter I — – Preliminary — 51 sections; Chapter II — – Provisions Applicable to Insurers — 101 sections; Chapter IIA — – Life Insurance Council and General Insurance Council and Committees Thereof — 15 sections; Chapter IIB — – Tariff advisory committee and control of tariff rates — 1 sections; Chapter IIC — – Solvency margin, advance payment of premium and restrictions on the opening of a new place of business — 1 sections; Chapter IVA — – Re-insurance — 3 sections; Chapter V — – Miscellaneous — 30 sections.

Where can I read the complete TIA bare act online for free?

You can read the complete, updated text of The Insurance Act, 1938 (TIA) with all 202 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does TIA deal with?

The Insurance Act, 1938 (TIA) is an Indian legislation enacted in 1938 passed by the Parliament of India. An Act to consolidate and amend the law relating to the business of insurance. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of TIA?

TIA stands for "The Insurance Act, 1938". It is an Indian legislation containing 202 sections across 7 chapters. You can read the complete TIA bare act with all sections at Law on Tips.

The Insurance Act, 1938 (TIA) - Complete Bare Act with All 202 Sections | Law on Tips

S.2CProhibition of transaction of insurance business by certain persons

S.2DInsurers to be subject to this Act while liabilities remain unsatisfied

S.3Registration

S.3APayment of annual fee by insurer

S.3BCertification of soundness of terms of life insurance business

S.4Minimum limits for annuities and other benefits secured by policies of life insurance

S.5Restriction on name of insurer

S.6Requirement as to capital

S.6ARequirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares

S.6BProvision for securing compliance with requirements relating to capital structure

S.10Separation of accounts and funds

S.11Accounts and balance-sheet

S.12Audit

S.13Actuarial report and abstract

S.14Record of policies and claims

S.15Submission of returns

S.18Furnishing reports

S.19Abstract of proceedings of general meetings

S.20Custody and inspection of documents and supply of copies

S.21Powers of Authority regarding returns

S.22Power of Authority to order revaluation

S.23Evidence of documents

S.25Returns to be published in statutory forms

S.26Alterations in the particulars furnished with application for registration to be reported

S.27Investment of assets

S.27AFurther provisions regarding investments

S.27BProvisions regarding investments of assets of insurer carrying general insurance business

S.27CInvestment by insurer in certain cases

S.27DManner and conditions of investment

S.27EProhibition for investment of funds outside India

S.28Statement and return of investment of assets

S.29Prohibition of loans

S.30Liability of directors, etc., for loss due to contravention of section 27, 27A, 27B, 27C, 27D or section 29

S.31Assets of insurer how to be kept

S.31AProvisions relating to managers, etc

S.31BPower to restrict payment of excessive remuneration

S.32AProhibition of common officers and requirement as to whole-time officers

S.32BInsurance business in rural and social sectors

S.32CObligations of insurer in respect of rural or unorganised sector and backward classes

S.32DObligation of insurer in respect of insurance business in third party risks of motor vehicles

S.33Power of investigation and inspection by Authority

S.33APower to appoint staff

S.34Power of the Authority to issue directions

S.34AAmendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority

S.34BPower of Authority to remove managerial persons from office

S.34CPower of Authority to appoint additional directors

S.34DSections 34B and 34 C to override other laws

S.34EFurther powers

S.34FPower of Authority to issue directions regarding re-insurance treaties, etc

S.34GPower ofAuthority to order closure of foreign branches

S.34HSearch and seizure

S.35Amalgamation and transfer of insurance business

S.36Sanction of amalgamation and transfer by Authority

S.37Statements required after amalgamation and transfer

S.37APower of Authority to prepare Scheme of Amalgamation

S.38Assignment and transfer of insurance policies

S.39Nomination by policy-holder

S.40Prohibition of payment by way of commission or otherwise for procuring business

S.40ALimitation of expenditure on commission

S.40BLimitation of expenses of management in life insurance business

S.40CLimitation of expenses of management in general insurance business

S.41Prohibition of rebates

S.42Appointment of insurance agents

S.42AProhibition of insurance business through principal agent, special agent and multilevel marketing

S.42BRegulation of employment or principal agents

S.42CRegulation of employment of chief agents and special agents

S.42DIssue of registration to intermediary or insurance intermediary

S.42ECommission, brokerage or fee payable to intermediary or insurance intermediary

S.43Record of insurance agents

S.44Prohibition of cessation of payments of commission

S.44APower to call for information

S.45Policy not to be called in question on ground of mis-statement after two years

S.46Application of the law in force in India to policies issued in India

S.47Payment of money into court

S.48AInsurance agent or intermediary or insurance intermediary not to be director in insurance company

S.48BFurther provision regrding direction

S.49Restriction on dividends and bonus

S.50Notice of options available to the assured on the lapsing of a policy

S.51Supply of copies of proposals and medical reports

S.52Prohibition of business on dividing principle

S.52AWhen Administrator for management of insurance business may be appointed

S.52BPowers and duties of the Administrator

S.52CCancellation of contracts and agreements

S.52DTermination of appointment of Administrator

S.52EFinality of decision appointing Administrator

S.52FPenalty for withholding documents of property from Administrator

S.52GProtection of action taken under sections 52A to 52D

S.52NSpecial provisions for the dissolution of acquired insurers

S.53Winding up by the Court

S.53AUnpaid-up share capital

S.54Voluntary winding up

S.55Valuation of liabilities

S.56Application of surplus assets of life insurance fund in liquidation or insolvency

S.57Winding up of secondary companies

S.58Scheme for partial winding up of insurance companies

S.60Notice of policy values

S.61Power of Tribunal to reduce contracts of insurance

S.61AAppeal to National Company Law Appellate Tribunal

S.62Power of Central Government to impose reciprocal disabilities on non-Indian companies

S.63Particulars to be filed by insurers established outside India

S.64Books to be kept by insurers established outside India

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The Insurance Act, 1938