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Report No. 190 Chapter II Changes in Definitions and Deletion of Redundant Provisions 2.1.1 Towards the conclusion of Chapter I, para 1.7.2, we have referred to seven items which fall for discussion finally. In this Chapter, we propose to deal with the first two topics among the seven, viz.,: (i) Changes in definitions including replacement of references in the Insurance Act, 1938 to older enactments by corresponding new legislations and reclassification of insurance businesses including changed definitions of the terms 'insurance' and 'insurer'; and (ii) Deletion of provisions of the Insurance Act, 1938 that are redundant and deletion of transitional provisions of the Act. Changes in definitions as proposed in the Consultation Paper 2.1.2 Appendix I to the Consultation Paper had set out all the proposed changes to the various provisions in the Insurance Act, 1938 to reflect: (a) the changed definition of various terms including 'insurance', 'insurer', 'insurance companies' etc.; (b) the replacement of references to the older Companies Act with the present Companies Act, 1956; and (c) the reclassification of insurance businesses.    |
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