Download - How Safe is My Money
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SEPTEMBER 2006 AGENCY TRAINING
Section 27 of Insurance Act
Investment of Assets
65% GOVERNMENT SECURITIES
&
35% SPECIFIED STOCKS
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SEPTEMBER 2006 AGENCY TRAINING
Section 27C of Insurance Act
Prohibition for Investment of Funds outside INDIA
No Insurer shall directly
or
indirectly invest outside INDIA
THE FUNDS OF THE POLICY HOLDER
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SEPTEMBER 2006 AGENCY TRAINING
Section 29 of Insurance Act
Prohibition of Loans
No Insurer shall grant loans or temporary advances
either on hypothecation of property or on
personal security or otherwise , except loans on
life policies issued by him within the surrender value,
to any Director,
Manager ,
Managing Agent,
Actuary,etc.
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SEPTEMBER 2006 AGENCY TRAINING
Section 31 B of Insurance Act
Power to restrict payment of excessive remuneration
Remuneration by way of Salary or Commission
cannot be disproportionate according to
normal standards prevailing in the
insurance industry.
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SEPTEMBER 2006 AGENCY TRAINING
Section 34B of Insurance Act
Power of Authority to appoint Additional Directors
If affairs being conducted are detrimental to the
interest of policy holders then can remove fromoffice,with effect from such date as may be
specified in the order,any Director
or Chief Executive Officer,
by Whatever name called,
of the Insurer.
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SEPTEMBER 2006 AGENCY TRAINING
Section 34 C of Insurance Act
Power of Authority to appoint Additional Directors
If the authority is of opinion that in the publicinterest or in the interest of the Insurer,or in theinterest of his Policy Holders it is necessary to
do so,he may from time to time,by order in
writing appoint one or more persons asAdditional Directors.
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SEPTEMBER 2006 AGENCY TRAINING
Section 40 B of Insurance ActLimitation of Expenses of Management in
Life Insurance Business
No Insurer shall , in respect of life insurance
business transacted by him in India,spendas expenses of management in any
calendar year an amount in
excess of the prescribed limits.
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SEPTEMBER 2006 AGENCY TRAINING
Section 52 H of Insurance Act
Power of Central Government to acquire undertaking ofInsurers in certain cases.
In the interest of the Policy Holders or
Share Holders of such Insurer,it is necessaryto acquire the undertaking of such Insurer the
Central Government may, by notified order,
Acquire the undertaking of such Insurer.
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SEPTEMBER 2006 AGENCY TRAINING
Section 54 of Insurance Act
Voluntary winding up
Notwithstanding anything contained in theIndian Companies Act , 1913 ( 7 of 1913 ),
an Insurance company shall not be wound up
voluntarily except for the purpose of affecting anamalgamation or a reconstruction of the company
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SEPTEMBER 2006 AGENCY TRAINING
Yes,
YourMoney
is Absolutely
SAFE