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The Insurance Act, 1938
Section 114C

The Insurance Act, 1938

Part V — MISCELLANEOUS

Section 114CConsultative Committee

Read in the full Act

Section 114C: Consultative Committee

Contents

Preamble
Part I — PRELIMINARY
1Short title, extent and commencement
2Definitions
2AInterpretation of certain words and expressions
2BAppointment of Controller of Insurance
Part II — PROVISIONS APPLICABLE TO INSURERS
2CProhibition of transaction of insurance business by certain persons
2CAPower of Central Government to apply provisions of this Act to Special Economic Zones and International Financial Services Centres set up in Special Economic Zones
2CBProperties in India not to be insured with foreign insurers except with the permission of Authority
2DInsurers to be subject to this Act while liabilities remain unsatisfied
2E[Omitted.]
3Registration
3APayment of annual fee by insurer
3AAForeign investment in equity
3BCertification of soundness of terms of life insurance business
4Minimum limits for annuities and other benefits secured by policies of life insurance
5Restriction on name of insurer
6Requirements as to capital
6ARequirements as to capital structure and voting rights and maintenance of registers beneficial owners of shares
6AA[Omitted.]
6BProvision for securing compliance with requirements relating to capital structure
6C[Omitted.]
7[Omitted.]
8[Omitted.]
9[Omitted.]
10Separation of accounts and funds
11Accounts and balance-sheet
12Audit
12AAppointment of Actuary by insurer
13Actuary Report
14Record of policies and claims
15Submission of returns
16[Omitted.]
17[Omitted.]
17A[Omitted.]
18Furnishing reports
19Abstract of proceedings of general meetings
20Custody and inspection of documents and supply of copies
21Powers of Authority regarding returns
22Powers of Authority to order revaluation
23Evidence of documents
24[Omitted.]
25Returns to be published in statutory forms
26Alterations in the particulars furnished with application for registration to be reported
27Investment of assets
27AOmitted
27BOmitted
27COmitted
27DOmitted
27EProhibition for investment of funds outside India
28Statement and return of investment of assets
29Prohibition of loans
30Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29
31Assets of insurer how to be kept
31AProvisions relating to managers, etc
31BPower to restrict payment of excessive remuneration
32[Omitted.]
32AProhibition of common officers and requirement as to whole-time officers
32BInsurance business in rural and social sectors
32CObligations of insurer in respect of rural or unorganised sector and backward classes
32DObligation of insurer in respect of insurance business in third party risks of motor vehicles
33Power of investigation and inspection by Authority
33APower to appoint staff
34Power of the Authority to issue directions
34AAmendment of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Controller
34BPower of Authority to remove managerial persons from office
34CPower of Authority to appoint additional directors
34DSections 34B and 34C to override other laws
34EFurther powers
34FPower of Authority to issue directions regarding re-insurance treaties, etc
34GOmitted
34HSearch and seizure
35Amalgamation and transfer of insurance business
36Sanction of amalgamation and transfer by Controller
37Statements required after amalgamation and transfer
37APower of Authority to prepare Scheme of Amalgamation
38Assignment and transfer of insurance policies
39Nomination by policy-holder
40Prohibition of payment by way of commission or otherwise for procuring business
40A[Omitted.]
40BLimitation of expenses of management in life insurance business
40CLimitation of expenses of management in general insurance business
41Prohibition of rebates
42Appointment of insurance agents
42AProhibition of insurance business through principal agent, special agent and multilevel marketing
42DIssue of registration to intermediary or insurance intermediary
42ECommission, brokerage or fee payable to intermediary or insurance intermediary
43Register of insurance agents
44[Omitted.]
44APower to call for information
45Policy not to be called in question on ground of mis-statement after two years
46Application of the law in force in India to policies issued in India
47Payment of money into Court
47A[Omitted.]
48[Omitted.]
48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company
48BFurther provision regarding directors
48C[Omitted.]
49Restriction On dividends and bonuses
50Notice of options available to the assured on the lapsing of a policy
51Supply of copies of proposals and medical reports
52Prohibition of business of dividing principle
52AWhen Administrator for management of insurance business may be appointed
52BPowers and duties of the Administrator
52BBPowers of Administrator respecting property liable to attachment under section 106
52CCancellation of contracts and agreements
52DTermination of appointment of Administrator
52EFinality of decision appointing Administrator
52FPenalty for withholding documents or property from Administrator
52GProtection of action taken under sections 52A to 52D
52H[Omitted.]
52-IOmitted
Part II — PROVISIONS APPLICABLE TO INSURERS
52J[Omitted.]
52K[Omitted.]
52L[Omitted.]
52M[Omitted.]
52N[Omitted.]
53Winding up by the Court
53AUnpaid-up share capital
54Voluntary winding up
55Valuation of liabilities
56Application of surplus assets of life insurance fund in liquidation or insolvency
57Winding up of secondary companies
58Schemes for partial winding up of insurance companies
59[Omitted.]
60Notice of policy values
61Power of Court to reduce contracts of insurance
61AAppeal to National Company Law Appellate Tribunal
62Power of Central Government to impose reciprocal disabilities on non-Indian companies
63Particulars to be filed by insurers established outside India
64Books to be kept by insurers established outside India
64A[Omitted.]
64B[Omitted.]
64CCouncils of Life Insurance and General Insurance
64DAuthorisation to represent in Councils
64EAuthorities of the Life Insurance Council and the General Insurance Council
64FExecutive Committees of the Life Insurance Council and the General Insurance Council
64GResignation and filling up of casual vacancies
64HDuration and dissolution of Executive Committees
64-IOmitted
Part II — A LIFE INSURANCE COUNCIL AND GENERAL INSURANCE COUNCIL AND COMMITTEES THEREOF
64JOmitted
64KOmitted
64LFunctions of Executive Committee of General Insurance Council
64MExecutive Committee of General Insurance Council may advise in controlling expenses
64NPower of the Executive Committees to act together in certain cases
64-OOmitted
Part II — A LIFE INSURANCE COUNCIL AND GENERAL INSURANCE COUNCIL AND COMMITTEES THEREOF
64P[Omitted.]
64Q[Omitted.]
64RGeneral power of Life Insurance Council and General Insurance Council
64S[Omitted.]
64T[Omitted.]
64UOmitted
64UAOmitted
64UBOmitted
64UCOmitted
64UDOmitted
64UEOmitted
64UFOmitted
64UGOmitted
64UHOmitted
64U-IOmitted
Part II — B TARIFF ADVISORY COMMITTEE AND CONTROL OF TARIFF RATES
64UJOmitted
64UKOmitted
64ULOmitted
64ULAOmitted
64UMSurveyors and loss assessors
Part IIC — SOLVENCY MARGIN, ADVANCE PAYMENT OF PREMIUM AND RESTRICTIONS ON THE OPENING OF A NEW PLACE OF BUSINESS
64VAssets and liabilities how to be valued
64VASufficiency of assets
64VBNo risk to be assumed unless premium is received in advance
64VCRestrictions on the opening of a new place of business
65[Omitted.]
65A[Omitted.]
66[Omitted.]
67[Omitted.]
68[Omitted.]
69[Omitted.]
70[Omitted.]
70A[Omitted.]
70B[Omitted.]
71[Omitted.]
72[Omitted.]
73[Omitted.]
73A[Omitted.]
74[Omitted.]
75[Omitted.]
76[Omitted.]
77[Omitted.]
78[Omitted.]
79[Omitted.]
80[Omitted.]
81[Omitted.]
82[Omitted.]
83[Omitted.]
84[Omitted.]
85[Omitted.]
86[Omitted.]
87[Omitted.]
87A[Omitted.]
88[Omitted.]
89[Omitted.]
90[Omitted.]
90A[Omitted.]
91[Omitted.]
92[Omitted.]
93[Omitted.]
94[Omitted.]
94AOmitted
95[Omitted.]
96[Omitted.]
97[Omitted.]
98[Omitted.]
98A[Omitted.]
99[Omitted.]
100[Omitted.]
101[Omitted.]
Part IV — A RE-INSURANCE
101ARe-insurance with Indian re-insurers
101BAdvisory Committee
101CExamination of re-insurance treaties
Part V — MISCELLANEOUS
102Penalty for default in complying with, or act in contravention of this Act
103Penalty for carrying on insurance business in contravention of sections 3
104Penalty for contravention of sections 27, 27A, 27B, 27D and 27E
105Wrongfully obtaining or withholding property
105AOffences by companies
105BPenalty for failure to comply with sections 32B, 32C and 32D
10BAPenalty for Contravention of section 42D
Part V — MISCELLANEOUS
105CPower to adjudicate
105DFactors to be taken into account by the adjudicating officer
105EFactors to be taken into account before imposing penalty
106Power of Court to order restoration of property of insurer or compensation in certain cases
106ANotice to and hearing of Authority
107[Omitted.]
107AChairman, etc., to be public servants
108Power of Court to grant relief
109Cognizance of offences
110Appeal to Securities Appellate Tribunal
110ADelegation of powers and duties of Chairperson of the Authority
110BSignature of documents
110CPower to call for information
110DCertain claims for compensation barred
110E[Omitted.]
110FProvisions applicable to state Governments, etc
110G[Omitted.]
110H[Omitted.]
110HAPenalty to be recoverable as arrear of land revenue
111Service of notices
112Declaration of interium bonuses
113Acquisition of surrender value by policy
114Power of Central Government to make rules
114APower of Authority to make regulations
114BSubsidiary instructions
114CConsultative Committee
115Omitted
116Power to exempt from certain requirements
116ASummary of returns to be published
117Saving of provisions of Indian Companies Act, 2013
118Exemptions
118APowers of Authority not to apply to International Financial Services Centre
119Inspection and supply of copies of published prospectus, etc
120Omitted
121Repealed
122Repealed
123Repealed
Schedules
The First Schedule
The Second Schedule
The Third Schedule
The Fourth Schedule
The Fifth Schedule
The Sixth Schedule
The Seventh Schedule
The Eighth Schedule
Rules and regulations
Made under this Act
Commentary
Background and purpose
What it covers
Legislative history
Structure
Related laws
Sources

114C. Consultative Committee

Previous section 114B. Subsidiary instructions Next section 116. Power to exempt from certain requirements

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Not an official publication. This text has no legal authority and is not legal advice. Check the Gazette of India before relying on any provision.

Last updated 30 October 2026

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