Question

what are the salient features of the insurance act 1938

Answer 1

THE INSURANCE ACT, 19381
[AS AMENDED BY INSURANCE (AMENDMENT) ACT, 2002]
[4 of 1938]
An Act to consolidate and amend the law relating to the business of insurance
Whereas it is expedient to consolidate and amend the law relating to the business of insurance; Definitions.
2. In this Act, unless there is anything repugnant in the subject or context, -
(1) “actuary” means an actuary possessing such 3a[qualifications as may be specified by the
regulations made by the Authority];
4
[(1A) “Authority” means the Insurance Regulatory and Development Authority established under sub-
section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999;]
(2) “policy-holder” includes a person to whom the whole of the interest of the policy-holder in the
policy is assigned once and for all, but does not include an assignee thereof whose interest in the
policy is defeasible or is for the time being subject to any condition;
(3) “approved securities,” means-
(i) Government securities and other securities charged on the revenue of the Central
Government or of the Government of a State or guaranteed fully as regards principal and interest by
the Central Government or the Government of any State;
(ii) debentures or other securities for money issued under the authority of any Central Act or
Act of a State Legislature by or on behalf of a port trust or municipal corporation or city
improvement trust in any Presidency-town;

(iii) shares of a corporation established by law and guaranteed fully by the Central
Government or the Government of a State as to the repayment of the principal and the payment of the
divided;
(iv) securities issued or guaranteed fully as regards principal and interest by the Government
of any Part B State and specified as approved securities for the purposes of this Act by the Central
Government by notification in the Official Gazette; and

(4) "Auditor" means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949), to
act as an auditor of companies ;
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Answer 2

Insurance act had its own advantages and disadvantages for the common people and this was done by the government.They had introduced different rules and regulations regarding insurance,they also proposed that insurance should be separate for different sections.Property were more expensive during this period of time as the income was low.