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Report No. 190 Management by administrator (Sections 52A-52G) 8.9.10 Section 52A to 52G deal with the management by an administrator. These sections were added in 1950 in order to protect the interest of policyholders of life insurance. 8.9.11 Section 52A provides that, if the Authority has reason to believe that an insurer is acting in a manner prejudicial to the interest of holders of life insurance policies, then the Authority may after giving the insurer an opportunity to be heard make a report to the Central Government and the central government may after considering the report, appoint an administrator to manage the affairs of the insurer. 8.9.12 IRDA is a high powered body and competent to decide and act in a given situation. Hence, it is suggested that Authority after giving an opportunity to the insurer and after taking into consideration the interest of policy holders, is of the opinion that it is necessary and proper to appoint an administrator to manage the affairs of the insurer carrying on life insurance business, the Authority may, by an order, do so. The administrator shall receive such remuneration as the Authority may direct. The Authority may appoint some other person as an administrator if the one appointed earlier is not able to manage the affairs of the insurer. 8.9.13 In the context of the proposed suggestions, sub-sections (1), (2) and (3) of section 52A may be amended to give effect to the aforesaid proposals. 8.9.14 At present, the provisions of section 52A do not mention the period for which an administrator will initially be appointed. It may be appropriate if the limit in this regard is provided in the statute subject to the proposed provisions of section 52 D.    |
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