 |
|
|
|
|
|
|
||||||
|
 |
 |
|
|
||||||||
|
|
|||||||||||
 |
 |
|
||||||||||
 |
|
|||||||||||
|
||||||||||||
Report No. 190 Powers of the central government to acquire the undertaking of insurers in certain cases (Section 52H to 52N) 8.9.23 Section 52 H provides that the central government may acquire the undertaking of any insurer if the Authority reports to it that the insurer has persistently failed in complying with the directions given to it by the Authority under section 34, 34F or 34G or any order under section 34E or is managing its affairs in a manner detrimental to the public interest. 8.9.24 Section 52-I empowers the central government to prepare a scheme for acquisition of undertaking of any insurer and enumerates the powers for the same as also provides for the publication of such scheme if so made. section 52J provides for the compensation to be paid to the acquired insurer by the Central Government and if the amount of compensation is not acceptable to the insurer, then it may request the central government to refer the matter to the tribunal, constituted under section 52K by the central government for this purpose, which shall have the powers of civil court (s.52L) and regulate its own procedure (s.52M). Special provisions for dissolution of acquired insurers is set out in section 52N. 8.9.25 In view of the policy of permitting privatisation and moving away from nationalization, these powers of acquisition are no longer relevant and it is suggested that Sections 52H to 52N be deleted.    |
||||||||||||
|
||||||||||||
|
||||||||||||
 |
|
|||||||||||
 |
|
 |
|
|||||||||
Back