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Report No. 190 8.4 Obligations of the insurers under the Act 8.4.1 These obligations can be broadly categorised as under: (i) Restriction on the name of the user (s.5); a. Maintaining of deposits (section 7) b. Maintaining separation of accounts and funds (section 10) c. Preparing accounts and balance sheet (section 11) d. Requirements as to audit (section 12) e. Submission of actuarial report and abstract (section 13) f. Maintaining register of policies (section 14) g. Submission of returns (section 15) h. Returns by insurers outside of India (section 16) i. Making of investments (section 27) j. Investment of controlled fund (section 27A) k. Investment by insurers carrying on general insurance business (section 27B) l. Investments not to be made outside India (section 27C) m. Submission of statement of investments of assets (section 28) n. Submission of return of investments (section28A & B) o. Prohibition on giving of loans (section29) p. Maintaining of assets (section31) q. Restriction on payment of excessive remuneration (section31B) r. Limitation on employment of managing agents (section32) s. Prohibition of common officers (section32A) t. Obligations in rural and social sector (section32B & C) u. Statements after amalgamation (section37A) v. Prohibition of payment of commission (section40) w. Payment of renewal commission [section40 (2A)] x. Heritable commission (section44) y. Limitation on expenses of management (section40B & C) z. Prohibition on rebates (section41) aa. Register of insurance agents (section43) bb. Restriction on dividends and bonus (section49) cc. Prohibition of business on dividing principle (section52) dd. Maintenance of solvency margin (section64V & VA) ee. Restriction on opening of new place of business (section64VC) 8.4.2 In relation to the above, several amendments are proposed and these are indicated in the table at Appendix I. In addition, there are provisions that are required to be deleted and these are indicated in Appendix II.    |
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