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3AA
4. Minimum limits for annuities and other benefits secured by policies of
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. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
6B. Provision for securing compliance with requirements relating to capital structure
6C. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
7. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
8. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
9. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
16. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
17. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
17A. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
CONTENTS
20. Custody and inspection of documents and supply of copies
21. Powers of Authority regarding returns
22. Powers of Authority to order revaluation
23. Evidence of documents
24. [Repealed by the Insurance (Amendment) Act, 1941, w.e.f. 8-4-1941] 43
25. Returns to be published in statutory forms 43
26. Alterations in the particulars furnished with application for registration to be reported 43
27. Investment of assets
27A. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified]
27B. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified] 55
27C. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified] 55
27D. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified]
27E. Prohibition for investment of funds outside India
28. Statement and return of investment of assets
29. Prohibition of loans
30. Liability of directors, etc., for loss due to contravention of section 27 or section 29 61
31. Assets of insurer how to be kept 61
31A. Provisions relating to managers, etc. 62
31B. Power to restrict payment of excessive remuneration 64
32. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 64
32A. Prohibition of common officers and requirement as to whole-time officers 65
32B. Insurance business in rural or social sector 65
32C. Obligations of insurer in respect of rural or unorganised sector and backward classes 66
32D. Obligation of insurer in respect of insurance business in third party risks of motor vehicles 66
33A.
34A. Amendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Authority
34B. Power of Authority to remove managerial persons from office
34C.
34D.
34E.
34F.
34G. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
34H. Search and
CONTENTS
40A. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 92
40B. Limitation of expenses of management in insurance business 93
40C. Furnishing details of expenses of management by insurer 95
41. Prohibition of rebates 95
42. Appointment of insurance agents 95
42A. Prohibition of insurance business through principal agent, special agent and multilevel marketing 98
42B. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
42C. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
42D. Issue of registration to insurance intermediary
42E. Condition for insurance intermediary
43. Record of insurance agents
44. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 106
44A. Power to call for information
Special Provisions of Law
45. Policy not be called in question on ground of misstatement after three years 107
46. Application of the law in force in India to policies issued in India 109
47. Payment of money into Court 110
47A. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 111
48. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 111
48A. Insurance agent or insurance intermediary not to be director in insurance company 112
48B. Further provision regarding directors 112
48C. [Omitted by the Insurance (Amendment) Act, 1968, w.e.f. 1-6-1969] 113
49. Restriction on dividends and bonuses 113
50. Notice of options available to the assured on the lapsing of a policy 114
51. Supply of copies of proposals and medical reports 114
52. Prohibition of business on dividing principle 114
Management by Administrator
52A. When Board of Directors and the like, superseded and Administrator for management of insurance business may be appointed
52B. Powers and duties of the Administrator
52BB. Powers of Administrator respecting property liable to attachment under section 106
52C. Cancellation of contracts and agreements
52D. Termination of appointment of Administrator
52E. Finality of decision appointing Administrator
52F. Penalty for withholding documents of property from Administrator
52G. Protection of action taken under sections 52A to 52D
52H. to 52N. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
Winding up
53. Winding up by the Tribunal
53A. Unpaid up share capital
54. Voluntary winding up
55. Valuation of liabilities
56. Application of surplus assets of life insurance fund in liquidation or insolvency
57. Winding up of secondary companies
58. Scheme for partial winding up of insurance companies
59. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
60. Notice of policy values
61. Power of Tribunal to reduce contracts of insurance
61A. Appeal to National Company Law Appellate Tribunal
Special Provisions relating to External Companies
62. Power of Central Government to impose reciprocal disabilities on non-Indian companies
63. Particulars to be filed by insurers established outside India
64. Books to be kept by insurers established outside India
64A. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
64B. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
64C. Councils of Life Insurance and General Insurance
64D. Authorisation to represent in Councils
64E. Authorities of the Life Insurance Council and the General Insurance Council
64F. Executive Committees of the Life Insurance Council and the General Insurance Council
64G. Resignation and filling up of casual vacancies
64H. Duration and dissolution of Executive Committees
64-I. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014]
64J.
64N. Power of the Executive Committees to act together in certain cases
64-O. [Omitted by the Insurance (Amendment) Act, 1968, w.e.f. 1-6-1969] 139
64P. [Omitted by the Insurance (Amendment) Act, 1968, w.e.f. 1-6-1969] 139
64Q. [Omitted by the Insurance (Amendment) Act, 1968, w.e.f. 1-6-1969] 139
64R. General powers of Life Insurance Council and General Insurance Council
64S. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 140
64T. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 140
PART IIB
TARIFF ADVISORY COMMITTEE AND CONTROL OF TARIFF RATES
64U. to 64UL. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 140
64ULA. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified] 147
64UM. Surveyors or loss assessors 147
PART IIC
SOLVENCY MARGIN, ADVANCE PAYMENT OF PREMIUM AND RESTRICTIONS ON THE OPENING OF A NEW PLACE OF BUSINESS
64V. Assets and liabilities how to be valued 151 64VA. Sufficiency of assets 156
64VB. No risk to be assumed unless premium is received in advance 157
64VC. Restrictions on opening of new place of business 158
PART III
PROVIDENT SOCIETIES
65. to 94. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 158
PART IIIA
INSURANCE CO-OPERATIVE SOCIETIES
94A. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 172
PART IV
MUTUAL INSURANCE COMPANIES AND CO-OPERATIVE LIFE INSURANCE SOCIETIES
95. to 101. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 172
PART IVA
RE-INSURANCE
101A. Re-insurance with Indian re-insurers 174
CONTENTS
101B. Advisory Committee 175
101C. Examination of re-insurance treaties 176
PART V MISCELLANEOUS
102. Penalty for default in complying with, or act in contravention of, this Act or Insurance Regulatory and Development Authority Act, 1999 176
103. Penalty for carrying on insurance business in contravention of section 3 177
104. Penalty for contravention of sections 27 and 27E 177
105. Wrongfully obtaining or withholding property 177
105A. Offences by companies 177
105B. Penalty for failure to comply with sections 32B, 32C and 32D 178
105BA. Penalty for contravention of section 42D 178
105C. Power to adjudicate 179
105D. Factors to be taken into account by the adjudicating officer 179
105E. Factors to be taken into account before imposing penalty 179
106. Power of Court to order restoration of property of insurer or compensation in certain cases 180
106A. Notice to and hearing of Authority 183
107. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 184
107A. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 184
108. Power of Court to grant relief 184
109. Cognizance of offence 184
110. Appeal to Securities Appellate Tribunal 185
110A. Delegation of powers and duties of Chairperson of the Authority 186
110B. Signature of documents 186
110C. Power to call for information 186
110D. Certain claims for compensation barred 187
110E. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 187
110F. Provisions applicable to State Governments and the like 187
110G. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 187
110H. [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 188
110HA. Penalty to be recoverable as arrear of land revenue 188
111. Service of notices 188
112. Declaration of interim bonuses 189
113. Acquisition of surrender value by policy 189
114. Power of Central Government to make rules 190
114A. Power of authority to make regulations 193
114B. Subsidiary instructions 199
114C. Consultative Committee 200
115. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified] 200
116. Power to exempt from certain requirements 200
116A. Summary of returns to be published 200
117. Saving 201
118. Exemptions 201
118A. Powers of Authority not to apply to International Financial Services Centre 202
119. Inspection and supply of copies of documents related to registration 203
120. [Omitted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified] 203
121. [Omitted by the Repealing and Amending Act, 1957] 203
122. [Omitted by the Repealing and Amending Act, 1957] 203
123. [Omitted by the Repealing and Amending Act, 1957] 203
FIRST SCHEDULE: [Omitted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002] 203
SECOND SCHEDULE: [Omitted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002] 203
THIRD SCHEDULE: [Omitted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002] 203
FOURTH SCHEDULE: [Omitted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002] 204
FIFTH SCHEDULE: [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 204
SIXTH SCHEDULE: [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 204
SEVENTH SCHEDULE: Rule as to the valuation of the liabilities of an insurer in insolvency or liquidation 204
CONTENTS PAGE
EIGHTH SCHEDULE: [Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014] 204
SUBJECT INDEX 205
GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
CHAPTER I
PRELIMINARY
1. Short title 213
2. Declaration as to the policy of the State 213
3. Definitions 214
CHAPTER II
TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS
4. Transfer of shares of Indian insurance companies 215
5. Transfer of undertakings of other existing insurers 216
6. Effect of transfer of undertakings 216
7. Transfer of service of existing employees in certain cases 217
8. Provident, superannuation, welfare and other funds 218
CHAPTER III
GENERAL INSURANCE CORPORATION OF INDIA
9. Formation of General Insurance Corporation of India 219
10. Transfer to Corporation of shares vested in Central Government 219
10A. Transfer to Central Government of shares vested in Corporation 220
10B. Enhancement of equity capital of General Insurance companies 220
CHAPTER IV
AMOUNTS
TO
BE PAID FOR ACQUISITIONS
11. Amounts to be paid for transfer and vesting of shares or undertakings 220
12. Disbursement of amounts by Corporation 220
13. Mode of payment 221
14. Amount payable to shareholders may be paid to named persons instead in certain cases 222
15. Payment into court in case of rival claims 222
CHAPTER V
SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS
16. Schemes for mergers of companies, etc.
17. Laying of schemes and notifications before Parliament
CHAPTER VA
TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES
17A. Power of Central Government to regulate the terms and conditions of service of officers and other employees
CHAPTER VI
FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT
18. Functions of Corporation
19. Functions of acquiring companies
20. Balance of profit how to be utilised
21. Interim provisions for management of Indian insurance companies
22. Power of Central Government to transfer employees
23. Power of Central Government to issue directions
CHAPTER VII
MISCELLANEOUS
24. Acquiring companies to have the exclusive privilege of carrying on general insurance business
24A. Exclusive privilege of Corporation and acquiring companies to cease
24B. Cessation of application of Act
25. [Omitted by the Insurance Laws (Amendment), Act, 2015, w.r.e.f. 26-12-2014]
26. Acquiring companies and income-tax
27. Power to reduce amounts of insurance in certain cases
28. Right of acquiring company to seek relief in respect of certain transactions
29. Duty to deliver possession of property and documents relating thereto
30. Penalty for withholding property, etc.
31. Officers and employees of Corporation or of acquiring companies to be public servants
CONTENTS
31A. Liability of director of specified insurer
32. Indemnity
33. Dissolution of Corporation and acquiring companies
34. Reference to existing insurer in other laws
35. Application of Insurance Act
35A. [Omitted by the Finance Act, 2002, w.e.f. 1-6-2002]
36. Exemptions
37. Vacancies, etc., not to invalidate proceedings
38. Protection of action taken in good faith
38A. Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre
39. Power to make rules
40. [Repeal by the Repealing and Amending Act, 1978, w.e.f. 26-111978]
SCHEDULE: Amounts to be paid
INSURANCE RULES, 1939
PRELIMINARY
5. Deposits with the
6. Changes in deposits
7. Maturing of deposits
8. Interest and dividends on deposits
9. Withdrawals, etc., of deposits
10. Information as regards deposits
SECURITIES AND INVESTMENTS
10A. Pakistan securities
10B. Assets deemed to be approved investments
10C. Returns of investments and changes in investments
10D. Charging Assets
PROSPECTUSES, TABLES AND PROPOSAL FORMS
11. Prospectuses and tables
12. Proposal Forms
COMMITTEES OF THE INSURANCE COUNCILS
12A. List of insurers
12B. Constituencies of insurers
12C. Duties of Dissolved Executive Committees
12D. Joint Meetings of Executive Committees
ELECTION OF DIRECTORS BY POLICYHOLDERS
13. Quali cations of elected directors of insurance companies
14. Election of directors under section 48
15. Period of of ce of directors and lling of vacancies
LICENCES AND CERTIFICATES
16. Licence fee for insurance agents and collection thereof
16A. Issue of licences to insurance agents
16B. Bona de insurance agents for the purposes of section 41
16C. Fee for principal, chief and special agents
16D. Issue of certi cates to principal, chief and special agents
16E. Issue of duplicate licences and certi cates
16F. Description of stamp
16G. Allowance for unused stamps
16H. Cancellation of licences or certi cates
SHARES, OWNERSHIP AND DISPOSAL
17. Declaration as to the nature of ownership of shares
17A. Declaration as to beneficial interest in shares
17AA. Form for declaration
17B. Disposal of shares by Administrator-General 263
LIMITATION OF EXPENSES OF MANAGEMENT
17C. Statement of the bases of premiums
17D. Limitation of expenses of management in life-insurance business 264
17E. Limitation of expenses of management in general insurance business
17F. Head Office expenses
17FA. Principal Office expenses
17FB. Calculation of proper share of managerial expenses
CONTENTS
CONTRAVENTION OF LIMITATION OF EXPENSES AND TARIFF REGULATIONS
17G. Action against extravagant Life Insurers
17H. Action against extravagant General Insurers
17-I. [Omitted by the Insurance (Amendment) Rules, 1969, w.e.f. 1-6-1969]
17J. [Omitted by the Insurance (Amendment) Rules, 1969, w.e.f. 1-6-1969] 268
17K. [Omitted by the Insurance (Amendment) Rules, 1969, w.e.f. 1-6-1969] 268
PROVIDENT SOCIETIES
18. Transaction of bond investment business
19. Rules of provident societies
19A. Provident society to maintain registers
20. Forms of accounts and statements
21. Actuarial reports
22. Signatures on returns furnished by provident societies
23. Notices under section 92(6)
23A. Security from liquidator
FEES
24. Fees under the Act and the manner of collection
24A. Fees payable on referring disputed claims to Controller
24B. Fees payable to the Councils
MISCELLANEOUS
25. Additional particulars to be given by actuary
25A. Conditions to be complied
26. Form of declaration under section 16(2)(d)
27. Returns in respect of dividing insurance business
28. Accounts of receipts and payments
29. Business of an insurer
30. Activities of insurers
31. Statement of emoluments
32. Payment where nominee is a minor
33. Summary of balance-sheet and revenue account
RE-INSURANCE ADVISORY COMMITTEE
34. Term of of ce
35. Resignation and lling of casual vacancies
36. Secretary
37. Procedure for the conduct of business, etc., of the Committee
38. Allowances payable to members of the Advisory Committee
39. Minimum information to be maintained and the checks and other veri cations to be adopted
40. Search and seizure 281
TARIFF ADVISORY COMMITTEE
41. Constitution 283
42. [Omitted by the Insurance (Amendment) Rules, 2004, w.e.f. 20-9-2004] 284
43. Election of Members 284
44. to 52 [Omitted by the Insurance (Amendment) Rules, 2004, w.e.f. 20-9-2004] 284
53. The fees payable to the Tariff Advisory Committee 287 53A. Fund of the Tariff Advisory Committee and custody of its moneys 287 53B. Accounts, audit and annual report of the Tariff Advisory Committee 287
54. Apportionment of Provident Fund 288
LICENSING OF SURVEYOR AND LOSS ASSESSORS
55. Licence fee for Surveyors or Loss Assessors and Collection thereof 288
56. Issue of licences to Surveyors or Loss Assessors 288
56A. Additional technical qualifications for surveyors and loss assessors 289
SUFFICIENCY OF ASSETS
57. Manner of bringing up the excess of the value of assets over the amount of the liabilities to the relevant amount
58. Advance payment of premiums 291
59. Relaxation 291
CONSULTATIVE COMMITTEE
60. Term of office 295
61. Resignation and filling of casual vacancies 295
62. Secretary 295
63. Procedure for the conduct of business of the Committee 295
64. Allowances payable to members of the Consultative Committee 296
65. Fees of members
INDIAN INSURANCE COMPANIES (FOREIGN INVESTMENT) RULES, 2015
1. Short title and commencement
2. Definitions
3. Quantum of Foreign Direct Investment
6. [Omitted by the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2016, w.e.f. 16-3-2016]
INSURANCE (APPEAL TO SECURITIES APPELLATE TRIBUNAL) RULES, 2016
1. Short title and commencement
2. De nitions
3. Form and procedure of appeal
4. Appeal to be in writing
5. Presentation and scrutiny of memorandum of appeal
6. Fee
7. Contents of memorandum of appeal
8. Documents to accompany memorandum of appeal
9. Plural remedies
10. Notice of appeal to the respondent
11. Filing of reply to the appeal and other documents by the respondent
12. Date of hearing to be notified
13. Hearing of appeal
14. Dress regulations for the representatives of the parties
15. Order to be signed and dated
16. Publication of orders
17. Communication of orders
18. Orders and directions in certain cases
19. Fee for inspection of records and obtaining copies thereof
20. Seal and emblem
FORM
FORM
INSURANCE OMBUDSMAN RULES, 2017
1. Short title and commencement
2.
3. Application
4. Definitions
5. Council for Insurance Ombudsmen
6. Functions of the Council for Insurance Ombudsmen
7. Selection Committee for appointment of Insurance Ombudsman
7A. Qualification for appointment of Insurance Ombudsman
7B. Procedure and selection criteria for appointment of Insurance Ombudsman
8. Term of office of Insurance Ombudsman
9. Removal from office of Insurance Ombudsman
10. Remuneration, etc., of Insurance Ombudsman
11. Territorial jurisdiction of Insurance Ombudsman
12. Offices of Council for Insurance Ombudsmen and Insurance Ombudsman
13. Duties and functions of Insurance Ombudsman
14. Manner in which complaint to be made
15.
16.
17.
18.
19.
20.
SABKA BIMA SABKI RAKSHA
(AMENDMENT OF INSURANCE LAWS) ACT, 2025
Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 399
Insurance Act, 1938
[4 OF 1938]1
An Act to consolidate and amend the law relating to the 2[insurance business]
WHEREAS it is expedient to consolidate and amend the law relating to the 2[insurance business]; it is hereby enacted as follows:—
PART I PRELIMINARY
Short title, extent and commencement.
1. (1) This Act may be called the Insurance Act, 1938.
(2) It extends to the whole of India 3[***].
(3) It shall come into force on such date4 as the Central Government may, by notication in the Of cial Gazette, appoint in this behalf. De nitions.
2. In this Act, unless there is anything repugnant in the subject or context,—
5[(1) “actuary” means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006 (35 of 2006);]
1. Dated 26-2-1938.
The Act has been extended to Goa, Daman and Diu by the Goa, Daman and Diu (Laws) Regulation, 1962, w.e.f. 22-11-1962; Pondicherry by the Pondicherry (Laws) Regulation, 1963, w.e.f. 1-10-1963; Dadra and Nagar Haveli by the Dadra and Nagar Haveli (Laws) Regulation, 1963, w.e.f. 1-7-1965; Union Territory of Lakshadweep by the Laccadive, Minicoy and Amindivi Islands (Laws) Regulation, 1965 and State of Sikkim, w.e.f. 1-7-1965, vide S.O. 274(E), dated 24-6-1975.
2. Substituted for “business of insurance” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
3. Words “except the State of Jammu and Kashmir” omitted by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956.
4. With effect from 1-7-1939. Vide Notification No. 589-I(4)/38, dated 1-4-1939.
5. Substituted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014. Prior to its substitution, clause (1), as amended by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002, read as under :
‘(1) “actuary” means an actuary possessing such qualifications as may be specified by the regulations made by the Authority;’
6[(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 (41 of 1999);]
(2) “policy-holder” includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition;
(3) “approved securities” means—
(i) Government securities and other securities charged on the revenues of the Central Government or of the Government of a 7[***] State or guaranteed fully as regards principal and interest by the Central Government, or the Government of any 7[***] State;
(ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation 8[; and]
(iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 7[***] State as to the repayment of the principal and the payment of dividend;
(iv) 9[***]
(v) 10[***]
11[Explanation.—In sub-clauses (i) and (iii), “Government of a State” in relation to any period before the 1st November, 1956, means the Government of a Part A State;]
6. Substituted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014. Prior to its substitution, clause (1A), as inserted by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000, read as under : ‘(1A) “Authority” means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);’
7. Words “Part A” omitted by the Adaptation of Laws (No. 3) Order, 1956, w.r.e.f. 1-11-1956.
8. Substituted for “or city improvement trust in any presidency town;” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
9. Omitted, ibid. Prior to its omission, sub-clause (iv) read as under : “(iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette; and”
10. Omitted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002. Prior to its omission, sub-clause (v) read as under :
“(v) subject to the limitations contained in the proviso hereto, securities guaranteed fully as regards principal and interest by a Provincial Government in Pakistan or charged on the revenues of any part of that Dominion, and debentures or other securities for money issued by or on behalf of the trustees of the port of Karachi : Provided that securities or debentures specified in item (v) shall be recognised as approved securities only for such purposes and for such period and subject to such conditions as may be prescribed.”
11. Inserted by the Adaptation of Laws (No. 3) Order, 1956, w.r.e.f. 1-11-1956.
(4) “Auditor” means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to act as an auditor of companies;
(4A) “banking company” and “company” shall have the meanings respectively assigned to them in clauses (c) and (d) of 12[section 5 of the Banking Regulation Act, 1949 (10 of 1949)];
(5) “certified” in relation to any copy or translation of a document required to be furnished by or on behalf of an insurer 13[***] means certified by a principal officer of such insurer 14[or any person authorised by it] to be a true copy or a correct translation, as the case may be;
15[(5A) “class of insurance business” means the class of—
(a) life insurance business;
(b) general insurance business;
(c) health insurance business;
(d) re-insurance business; or
(e) such other class of insurance business as may be notified by the Central Government in consultation with the Authority from time to time;]
16[(5B) “Controller of Insurance” means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and perform the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Development Authority Act, 1999;]
(6) “Court” means the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction;
(6A) “fire insurance business” means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies;
(6B) “general insurance business” means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them;
12. Substituted for “sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949)” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
13. Words “or a provident society as defined in Part III” omitted, ibid.
14. Substituted for “or provident society”, ibid.
15. Inserted, ibid. Earlier, clause (5A) was omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.
16. Substituted by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000. Prior to its substitution, clause (5B) read as under : ‘(5B) “Controller of Insurance” or “Controller” means the officer appointed by the Central Government to perform the duties of the Controller of Insurance under this Act;’
17[(6C) “health insurance business” means the business of effecting the contracts of insurance that provide sickness benefits or pay for medical and health expenses and includes,—
(i) the personal accident insurance business of effecting the contracts of insurance that provide for payment of money in the event of death, disablement or hospitalisation arising out of an accident; and
(ii) the travel insurance business of effecting the contracts of insurance that provide for sickness benefits or pay for medical and health expenses or payment of money in the event of death, disablement or hospitalisation arising out of an accident or for losses suffered, in the course of travel;
(6D) “insurance business” means the business of effecting insurance contracts and includes any other form of contract as may be notified by the Central Government in consultation with the Authority from time to time.
Explanation.––In this clause, the expression “insurance contract” means the contract whereby the insurer, on payment of premium, undertakes to assume risk and to pay to the insured person an agreed compensation for loss, damage or liability arising from a contingent event on such terms and conditions and subject to such limitations as may be agreed;]
(7) “Government security” means a Government security as defined in the Public Debt Act, 1944 (18 of 1944);
18[(7A) “Indian insurance company” means an insurer which is a company formed and registered under the Companies Act, 2013 (18 of 2013), as a public company and whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;]
17. Clauses (6C) and (6D) substituted for clause (6C) by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (6C), as inserted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014, read as under :
‘(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 outpatient travel cover and personal accident cover;’
18. Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (7A), as inserted by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000 and substituted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014 and later on amended by the Insurance (Amendment) Act, 2021, w.e.f. 1-4-2021, read as under :
‘(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 (18 of 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 seventy-four per cent of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed;
(Contd. on p. 5)
(8 ) 19[***]
20[(8A) “insurance co-operative society” means an insurer being a co-operative society formed and registered on or after the commencement of the Insurance (Amendment) Act, 2002 (42 of 2002), as a co-operative society under—
(a) the provisions of the Co-operative Societies Act, 1912 (2 of 1912);
(b) any other law for the time being in force in any State relating to co-operative societies; or
(c) the provisions of the Multi-State Co-operative Societies Act, 2002 (39 of 2002),
and whose sole purpose is to carry on life insurance business or general insurance business or health insurance business in India;]
21[(9) “insurer” means a person who carries on insurance business;]
(Contd. from p. 4)
(c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;’
19. Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014. Prior to its omission, clause (8), as amended by the Companies (Second Amendment) Act, 2002, read as under:
‘(8) “insurance company” means any insurer being a company, association or partnership which may be wound up under the Companies Act, 1956 (1 of 1956), or to which the Indian Partnership Act, 1932 (9 of 1932), applies;’
20. Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (8A), as inserted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002 and later on amended by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014, read as under : ‘(8A) “insurance co-operative society” means any insurer being a co-operative society,—
(a) which is registered on or after the commencement of the Insurance (Amendment) Act, 2002, as a co-operative society under the Co-operative Societies Act, 1912 (2 of 1912) or under any other law for the time being in force in any State relating to co-operative societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);
(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;
(c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty-six per cent of the capital of such co-operative society;
(d) whose sole purpose is to carry on life insurance business or general insurance business or health insurance business in India;’
21. Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (9), as amended by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956 and later on substituted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014, read as under :
‘(9) “insurer” means—
(a) an Indian Insurance Company, or
(b) a statutory body established by an Act of Parliament to carry on insurance business, or
(c) an insurance co-operative society, or
(d) a foreign company engaged in re-insurance business through a branch established in India.
(Contd. on p. 6)
(10) “insurance agent” means an insurance agent 22[***] 23[***] who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance;
(10A) “investment company” means a company whose principal business is the acquisition of shares, stocks, debentures or other securities;
24[(10B) “insurance intermediary” includes—
(a) insurance brokers;
(b) re-insurance brokers;
(
c) insurance consultants;
(
d) corporate agents;
(
e) third party administrator;
(
f) surveyors and loss assessors;
(g) managing general agents;
(
h) insurance repositories; and
(i) such other entities, as may be notified by the Authority from time to time;]
(11) “life insurance business” means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include—
(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance,
(b) the granting of annuities upon human life, and
(
c) the granting of superannuation allowances and 25[benefit] payable out of any fund applicable solely to the relief and maintenance of
(Contd. from p. 5)
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;’
22. Words “licensed under section 42” omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.
23. Words “being an individual” omitted by the Insurance (Amendment) Act, 1957, w.r.e.f. 1-9-1957.
24. Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (10B), as inserted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002, read as under : ‘(10B) “intermediary or insurance intermediary” shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);’
25. Substituted for “annuities” by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.
persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons.
26[Explanation.—For the removal of doubts, it is hereby declared that “life insurance business” shall include any unit linked insurance policy or scrips or any such instrument or unit, by whatever name called, which provides a component of investment and a component of insurance issued by an insurer referred to in clause (9) of this section;]
(12) 27[***]
(13) 27[***]
(13A) “marine insurance business” means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water, or both and whether or not including warehouse risks or similar risks in addition, or as incidental to such transit, and includes any other risks customarily included among the risks insured against in marine insurance policies;
(13B) “miscellaneous insurance business” means the business of effecting contracts of insurance which is not principally or wholly of any kind or kinds included in clauses (6A), (11) and (13A);
28[(13BA) “National Company Law Tribunal” means the National Company Law Tribunal constituted under 29[section 408] of 30[the Companies Act, 2013 (18 of 2013)];
(13BB) “National Company Law Appellate Tribunal” means the National Company Law Appellate Tribunal constituted under 31[section 410] of the 30[Companies Act, 2013 (18 of 2013)];]
26. Inserted by the Securities and Insurance Laws (Amendment and Validation) Act, 2010, w.r.e.f. 9-4-2010.
27. Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014. Prior to their omission, clauses (12) and (13) read as under : ‘(12) “manager” and “officer” have the meanings assigned to those expressions in clauses (9) and (11) respectively of section 2 of the Indian Companies Act, 1913 (7 of 1913); (13) “managing agent” means a person, firm or company entitled to the management of the whole affairs of a company by virtue of an agreement with the company, and under the control and direction of the directors except to the extent, if any, otherwise provided for in the agreement, and includes any person, firm or company occupying such position by whatever name called.
Explanation. —If a person occupying the position of managing agent calls himself manager or managing director, he shall nevertheless be regarded as managing agent for the purposes of section 32 of this Act;’
28. Inserted by the Companies (Second Amendment) Act, 2002, w.e.f. 1-4-2003.
29. Substituted for “section 10FB” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
30. Substituted for “Companies Act, 1956 (1 of 1956)” by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.
31. Substituted for “sub-section (1) of section 10FR” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
32[(13BC) “premium” means the amount paid or payable as consideration to the insurer by the policyholder for a contract of insurance;]
(14) “prescribed” means prescribed by rules made under 33[this Act]; and
34[(14A) “principal officer” means an officer of an insurer, authorised as such for the purposes of this Act;]
(15) 35[***]
(16) “private company” and “public company” have the meanings respectively assigned to them in 36[clause (68) and 37[clause (71)] of section 2 of the Companies Act, 2013 (18 of 2013)];
38[(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 (41 of 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 (15 of 1992);]
(17) 39[***]
32. Inserted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
33. Substituted for “section 114” by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000.
34. Inserted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Earlier, clause (14A) was omitted by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956 and inserted by the Adaptation of Laws Order, 1950.
35. Omitted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014. Prior to its omission, clause (15) read as under : ‘(15) “principal agent” means a person who, not being a salaried employee of an insurer, in consideration of any commission,— (i) performs any administrative and organising functions for the insurer, and (ii) procures general insurance business whether wholly or in part by employing or causing to be employed insurance agents on behalf of the insurer;’
36. Substituted for “clauses (13) and (13A) of section 2 of the Indian Companies Act, 1913 (7 of 1913)” by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.
37. Substituted for “clause (72)” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
38. Clauses 16A to 16C inserted by the Insurance Laws (Amendment) Act, 2015, w.r.e.f. 26-12-2014.
39. Omitted, ibid. Prior to its omission, clause (17) read as under :
‘(17) “special agent” means a person who, not being a salaried employee of an insurer, in consideration of any commission, procures life insurance business for the insurer whether wholly or in part by employing or causing to be employed insurance agents on behalf of the insurer, but does not include a chief agent.’
40[Interpretation of certain words and expressions.
2A. Words and expressions used and not de ned in this Act but de ned in the Life Insurance Corporation Act, 1956 (31 of 1956), the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) shall have the meanings respectively assigned to them in those Acts.]
Appointment of Controller of Insurance.
2B. 41[(1) If at any time, the Authority is superseded under sub-section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by noti cation in the Of cial Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub-section (3) of section 19 of that Act.]
(2) In making any appointment under this section, the Central Government shall have due regard to the following considerations, namely, whether the person to be appointed has had experience in industrial, commercial or insurance matters and whether such person has actuarial quali cations.
PART II
PROVISIONS APPLICABLE TO INSURERS
Prohibition of transaction of insurance business by certain persons.
2C. (1) Save as hereinafter provided, no person shall, after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), begin to carry on any class of insurance business in 42[India] and no insurer carrying on any class of insurance business in 42[India] shall after the expiry of one year from such commencement, continue to carry on any such business unless 42a[it] is—
(
(
a) a public company, or
b) a society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State relating to co-operative societies 43[or the Multi-State Co-operative Societies Act, 2002 (39 of 2002)], or
43[(ba) a statutory body established by an Act of Parliament for time being in force to carry on insurance business; or]
40. Inserted by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000. Earlier section 2A was omitted by the Adaptation of Laws (No. 3) Order, 1956, w.r.e.f. 1-11-1956.
41. Substituted by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000 Prior to its substitution, sub-section (1) read as under : “(1) The Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance under this Act.”
42. Substituted for “the States” by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956.
42a. Substituted for “he” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
43. Inserted, ibid
44[(c) a company or a body established or incorporated under a law of any country outside India and engaged in re-insurance business that establishes a branch in India for the purpose of re-insurance business exclusively and includes Lloyd’s established under the Lloyd’s Act, 1871 (34 of 1871) (UK) (United Kingdom) or any of its Members:]
Provided that the Central Government may, by noti cation in the Of cial Gazette, exempt from the operation of this section to such extent for such period and subject to such conditions as it may specify, any person or insurer for the purpose of carrying on the business of granting, superannuation allowances and annuities of the nature speci ed in sub-clause (c) of clause (11) of section 2 or for the purpose of carrying on any general insurance business :
Provided further that in the case of an insurer carrying on any general insurance business no such noti cation shall be issued having effect for more than three years at any one time :
45[Provided also that no insurer other than an Indian insurance company shall begin to carry on any class of insurance business in India under this Act on or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 :]
46[Provided also that no company or a body established or incorporated under a law of any country outside India shall carry on any class of insurance business, other than re-insurance:]
47[Provided also 48[that an insurer carrying on insurance business], may carry on any 49[insurance business] in any Special Economic Zone as de ned in clause (za) of section 2 of the Special Economic Zones Act, 2005.]
(2) Every noti cation issued under sub-section (1) shall be laid before Parliament as soon as may be after it is issued.
50[(3) Notwithstanding anything contained in sub-section (1), an insurance co-operative society may carry on any class of insurance business in India under this Act on or after the commencement of the Insurance (Amendment) Act, 2002.]
44. Substituted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified. Prior to its substitution, clause (c), as amended by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956, read as under : “(c) a body corporate incorporated under the law of any country outside India not being of the nature of a private company :”
45. Inserted by the Insurance Regulatory and Development Authority Act, 1999, w.e.f. 19-4-2000.
46. Inserted by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
47. Inserted by the Special Economic Zones Act, 2005, w.e.f. 10-2-2006.
48. Substituted for “an insurer, being an Indian Insurance Company, insurance co-operative society or, a body corporate referred to in clause (c) of this sub-section carrying on the business of insurance” by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, with effect from a date yet to be notified.
49. Substituted for “business of insurance”, ibid
50. Inserted by the Insurance (Amendment) Act, 2002, w.e.f. 23-9-2002.
