| [Repealed by Act 36 of 1957, Section 2 and Schedule I] |
| [Passed by the Indian Legislature.] |
| (Received the assent of the Governor General on the 3rd March, 1941.) |
An Act to provide for the reduction temporarily of the amounts payable as instalments of the sum to be deposited by an insurer under section 7 of the insurance Act, 1938.
Whereas, in consequence of conditions arising out of the present war, it is expedient to provide for the reduction temporarily of the amounts payable as instalments of the sum to be deposited by an insurer under section 7 of the Insurance Act, 1938 (V of 1938);
It is hereby enacted as follows:-
1. Short title and extent:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 1 read as:
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1. Short title and extent.- (1) This Act may bp called the Insurance Deposits (Temporary Reduction) Act, 1941.
(2) It extends to the whole of British India.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
2. Definition:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 2 read as:
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2. Definition.- In this Act "insurer" means an insurer as defined in clause (9) of section 2 of the Insurance Act, 1938 (V of 1938), except that it does not include a Mutual Insurance Company or a Co-operative Life Insurance Society to which Part IV of that Act applies.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
3. Reduction of instalments of deposit:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 3 read as:
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3. Reduction of instalments of deposit.- (1) An insurer entitled to the benefits of this Act shall, subject to the provisions of section 5, be deemed in respect of any instalment of the deposit to be made by him under section 7 of the Insurance Act, 1938 (V of 1938), which he was required to pay during the year commencing on the 1st day of January, 1940, or which he may be required to pay at any time after the end of that year and so long as this section continues to have effect, to have complied with the provisions of the said section 7 as to payment of instalments of deposits, if he has paid or pays in accordance with the provisions of that section not less than one half the total amount which would have been required by that section as the instalment, had the insurer not availed himself of the provisions of this Act.
(2) If an insurer entitled to the benefits of this Act, when paying an instalment of deposit, has, in respect of any instalment due during the year commencing on the 1st day of January, 1940, paid more than on half the total amount required by the said section 7 as the instalment, he may at his option have the amount of any such surplus payment appropriated to the payment of the next or any subsequent instalment of deposit required from him under the said section 7 read with sub-section (1) of this section.
(3) This section shall cease to have effect on the expiration of one year from such date as may be fixed, for the purposes of this Act, by the Central Government by notification in the official Gazette as the date of termination of the present hostilities.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
4. Insurers entitled to the benefits of this Act:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 4 read as:
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4. Insurers entitled to the benefits of this Act.- An insurer shall be entitled to the benefits of this Act only if-
(a) he carries on life insurance business only, and
(b) the date on which he first assumed risk on any policy issued by him was earlier than the 3rd day of September, 1939, but not earlier than the 3rd day of September, 1929.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
5. Ceaser of title to the benefits of this Act:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 5 read as:
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5. Ceaser of title to the benefits of this Act.- (1) An insurer otherwise entitled to the benofits of this Act shall cease to be so entitled in any year if in the preceding year his total premium income, including annuity considerations, as shown in the revenue-account prepared under the Insurance Act, 1938, exceeded rupees thirty thousand.
(2) An insurer otherwise entitled to the benefits of this Act shall cease to be so entitled in respect of any future instalment-
(a) if after the 1st day of January, 1941, he declares any bonus or dividend at a rate higher than the rate at which such bonuses or dividends were last declared by him before the 3rd day of September, 1939, or
(b) if the proportion of his renewal premium income spent by him in payment of commission and other expenses including capital expenditure, determined in accordance with Rule 25 of the Insurance Rules, 1939, exceeds in any year the proportion as so determined for the accounting period ending on the 31st day of December, 1939.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
6. Resumption of payment of instalments in accordance with Act IV of 1938:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 6 read as:
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6. Resumption of payment of instalments in accordance with Act IV of 1938.- (1) When section 3 ceases to have effect or if before that date an insurer ceases under Clause (a) or clause (b) of sub-section (2) of section 5 to be entitled to the benefits of this Act, instalments of deposits shall be paid in accordance with the provisions of section 7 of the Insurance Act, 1938 (except that no insurer shall be required to pay as an instalment an amount exceeding the amount which would have been payable by him had he not availed himself of the provisions of this Act) until the last instalment required to be paid under the said section 7 has been paid, and the balance of the deposit then remaining unpaid in consequence of the reduced instalments authorised under this Act shall be paid by the insurer in such further instalments, of such amount and at such times, as the Central Government may direct.
(2) If while section 3 continues to have effect an insurer ceases in any year under sub-section (1) of section 5 to be entitled to the benefits of this Act, instalments of deposit in that year shall be paid by him in accordance with the provisions of section 7 of the Insurance Act, 1938 (IV of 1938), except that he shall not be required to pay as an instalment an amount exceeding the amount which would have been payable by him had he not availed himself of the provisions of this Act, and the provisions of sub-section (1) of this section shall apply to the payment by such insurer of any balance of the deposit due from him which remains unpaid after the last instalment required to be paid under the said section 7 has been paid.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
7. Saving in respect of delayed payments of instalments of deposits:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 7 read as:
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7. Saving in respect of delayed payments of instalments of deposits.- For the purposes of the Insurance Act, 1938 (IV of 1938), an insurer entitled to the benefits of this Act who has failed to pay before the 1st day of January, 1941, an instalment of deposit due in the year 1940 shall not be liable to any consequences on that account in respect of a failure to comply with the provisions of section 7 of the said Act as to deposits if before the 15th day of February, 1941, he has paid as such instalment not less than one half the total amount required by the said section 7.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.
8. Removal of difficulties:- 1[* * *]
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Prior to repeal by Act 36 of 1957, Section 8 read as:
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8. Removal of difficulties.- If any difficulty arises in determining the amount payable as an instalment of deposit by an insurer under this Act, the matter shall be decided by the Central Government whose decision shall be final.
1 Repealed by Act 36 of 1957, Section 2 and Schedule I.