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Report No. 190 8.2 Changes in definitions, deletions and other amendments 8.2.1 The definitions of various terms are required to be amended because of the legislative changes, establishment of IRDA replacing the Controller and 'controller', 'general insurance', 'life insurance business' and 'insurer'. The term insurer is required to be defined comprehensively so as to eliminate any ambiguity as regards application of the provisions of the Act. This term should indicate Indian insurance companies and insurance cooperative society. The inclusion of government organizations within this term may also be considered under exceptions/exemptions. 8.2.2 Some of the terms are required to be deleted from the definition part, e.g., manager, officer and managing agent in clauses (12) (13) of section 2 as also private and public company and special agent under clauses (16) and (17). The relevant definitions of the IRDA Act may be merged in section 2 of the Principal Act with necessary modifications. 8.2.3 For ready reference, a table showing the changes required in the definitions and amendments to certain provisions (other than those relating to the powers of the IRDA) is annexed to this paper as Appendix-I. Provisions that are required to be deleted as having become irrelevant/ redundant are indicated in a separate table as Appendix II. 8.2.4 There are large chunks of provisions in the Insurance Act, 1938 that are no longer required. Those pertaining to acquisition of undertaking of insurers as contained in section 52 H to section 52 N are no longer required. Likewise, the special provisions relating to External Companies as contained in section 62 to 64 are also no longer relevant since the present scheme is not to permit such External Companies. The whole of Part III pertaining to Provident Societies and Part IV relating to Mutual Insurance Companies and Co-operative Life Insurance Societies are also no longer relevant. The provisions contained in these Parts need to be deleted. These deletions are also indicated in Appendix-II.    |
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