The act was written by Senator Robert And what is the difference between apoptosis and necrosis? Your health insurer will pay 70% of your regular salary for a maximum of 78 weeks (over a three-year period) thereafter. (2) Notwithstanding anything contained in sub-section (1) or in any other law for the time being in force, the Tribunal shall not compel the Central Governmentor the Authority-. Bartering allows individuals to trade items that they own but are not using for items that they need,while keeping their cash on hand for expenses that cannot be paid throughbartering, such as a mortgage, medical bills, and utilities. (6) Any claim to any property attached under this section or any objection to such attachment shall be made by an application to the Court, and it shall be for the claimant or object or to adduce evidence to show that the property is not liable to attachment under this section, and the Court shall proceed to investigate the claim or objection in a summary manner. What's the difference between a psychiatrist and a psychologist? (2B) Where the Authority refuses registration; he shall record the reasons for such decision and shall furnish a copy thereof to the applicant. What makes it so important today? The lesson of that war and our lack of preparedness which brought it about will not be forgotten. (6) Where the nominee or, if there are more nominees than one, a nominee or nominees survive the person whose life is insured, the amount secured by the policy shall be payable to such survivor or survivors. Are your freshmen grades important to get into college? (2) In additional to the grounds on which such an order may be based, the Courtmayorder the winding up of an insurance company, (a) if with the sanction of the Court previously obtained a petition in this behalf is presented by shareholders not less in number than one-tenth of the whole body of shareholders and holding not less than one tenth of the whole share capital or by not less than fifty policy-holders holding policies of life insurance that have been in force for not less than three yearsand are of the total value of not less than fifty thousand rupees; or, (b) if the Authority, who is hereby authorised to do so, applies inthis behalf to the Court on any of the following grounds, namely. (1) Except where proceedings are instituted by the Authority or an Administrator appointed under Section 52A, no proceedings under this Act against an insurer or any director, managing agent, manager, secretary or other Officer of an insurer or any liquidator or any employee or agent of an insurer or any person who is liable under sub-section (2) of Sec. What kinds of scores are reported on the GRE, and how long will it take for me to get my scores? I have too many projects and not enough hours in the day. Rules of Civil Procedure other matter for which provision has to be made for enabling the High Court to effectively exercise its jurisdiction under this section. Functions of the executive committee of General Insurance Council, 64M. See the table of Where the premium is tendered by postal money-order or cheque sent by post, the risk may be assumed on the date on which the money-order is booked or the cheque is posted, as the case may be. (b) a declaration signed by every party concerned or in the case, (i) balance-sheet in respect of the insurance business of each of the insurers concerned in such amalgamation or transfer, prepared in the Form set forth in Part II of the First Schedule and in accordance with the regulations contained in Part I of that Schedule, and. (1) No insurer shall assume any risk in India in respect of any insurance business on which premium is not ordinarily payable outside India unless and until the premium payable is received by him or is guaranteed to be paid by such person in such manner and within such time as may be prescribed or unless and until deposit of such amount as may be prescribed, is made in advance in the prescribed manner. Power to make rules in respect of matters in this part. What tips can you give me for studying for a test on something I've read? Publication 525 (2021), Taxable and Nontaxable Income. We recognize the need for maintaining isolated wilderness areas to provide opportunity for future generations to experience some of the wilderness living through which the traditional American spirit of hardihood was developed. (7) Where the person contravening sub-section (6) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or any other officer of the company, and every partner of the firm who is knowingly a party to such contravention shall be punishable with fine which may extend to five hundred rupees. (G) Without prejudice to the powers conferred by sub-section (7), the Authority, if satisfied that the holder of any licence has made a statement which is falsein material particulars with regard to his eligibility for obtainingsuch licence or has, after the issue or renewal of such licence, acquired any of the disqualifications mentioned in sub-section (4) of Section 42, may, after giving a reasonable opportunity to the holder of such licence of being heard, by order cancel such licence and notify such cancellation in the official Gazette. 129, 12 U.S.C. "", What is a motif, and how can I find them in. Milton Friedman I can never remember. In an economic crunch, barteringcan be a great way to get the goods and services you need without having to pull money out of your pocket. addition of bonuses that attach to the policies or for reduced amounts); (d) such other course as he deems advisable. (1) The Court may order the winding up in accordance with the Indian Companies Act, 1913 (7 of 1913), of any insurance companyand the provisions of that Act shall, subject to the provisions of this Act apply accordingly. (8) If any dispute arises as to whether a person is or was a principal agentthe matter shall be referred to the Authority, whose decision shall be final. Continued balancing of the budget, to assure the financial strength of the country which is so vital to the struggle of the free world in its battle against Communism; and to maintain the purchasing power of a sound dollar, and the value of savings, pensions and insurance. (4) If a provident society fails to apply for renewal of registration before the date specified in sub-section (2) the Authority may, so long as he has taken no action under Section 88 to have the society wound up, accept an application for renewal of registration on receipt from the society of the fee payable with the application and such penalty, not exceeding the prescribed fee payable by the society, as he may require. What kind of cash crops did they grow in the South in early America? Contracts, etc., to be effective by or against the Advisory Committee, 64UI. English is a language, so I don't think it should be a class. specify the percentage of the sum assured on each policy to be reinsured and different percentages may be specified for different classes of insurance: that no percentage so specified shall exceed thirty per cent of the sum assured on such policy; and. Power of Executive Committee of Life Insurance Council to hold examinations for Insurance agents. (7) Where the total paid-up holding of any person in the shares of a company referred to sub-section (1) on the date of the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), exceeds five per cent of its paid-up capital where that person is a banking company or an investment company, or ten per cent of its paid-up capital in any other case, he shall dispose of the excess holding of shares within three years from such commencement or such further period not exceeding two years as may be allowed to him by the Central Government. We shall maintain it ready, balanced and technologically advanced for these objectives only. Penalty for carrying on insurance business in contravention of, 104. Assets of insurer how to be kept. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. The Federal minimum wage has been raised for more than 2 million workers. (5) If any question arises whether any person or body of persons is or is not a provident society within the meaning of this section, the Authority shall decide the question and his decision shall be final. While some insurers have millions of members and others only have a few thousand, their service is unlikely to differ greatly. (2) Notwithstanding anything contained in this Part, the constitution of the Regional Councils established under Section 64-P, as in force immediately before the commencement of the Insurance (Amendment) Act, 1968 (hereafter referred to as the Regional Councils), and of the Sectional Committees formed there under, existing immediately before such commencement, shall continue to be in full force and be of full effect until the regulations made by the Advisory Committee for the first time under Section 64UB come into effect and as soon as such regulations have come into effect such constitutions shall cease to have effect. The Republican Party accepts the decision of the U.S.. Supreme Court that racial discrimination in publicly supported schools must be progressively eliminated. My school is having a blood drive and I am considering donating blood. Researching of Employment Law: Advantages and Disadvantages. (2) Every insurer referred to in sub-section (1) shall also submit to the Authority a return in the form specified by the regulations made by the Authority showing all the changes that occurred in the investments aforesaid during each of the quarters ending on the last day of March, June, September and December within thirty-one days from the close of the quarter to which it relates, and every such return shall be certified by a principal officer of the insurers. Commerce: What It Is, How It Differs From Business and Trade, Understanding Money: Its Properties, Types, and Uses, Guide to Payment Types, With Pros and Cons for Each, Currency: What It Is, How It Works, and How It Relates to Money, Payment-in-Kind (PIK): What It Is, How It Works, Pros and Cons, Trade Definition in Finance: Benefits and How It Works. My teacher talks about the Greatest Common Factor. Which foreign language looks the best on college applications? 201 et seq. (1)The Authority shall take or cause to be taken through such agency as he thinks fit such steps as may be necessary to have the names of all insurers and provident societies, who or which are entitled to have their names entered in the register of members and associate members of the Insurance Association of India maintained for this purpose entered therein. I'm kind of embarrassed to ask, because it's one of those words everyone assumes you know what it means. We have adopted the most modern methods of transportation, accounting and cost control, and other operating procedures; through them we have saved many millions of dollars a year for the taxpayers while advancing the delivery of billions of letters by a day or moreall this while reducing the enormous deficit of the Department from its all time high of almost three-quarters of a billion dollars in 1952 to less than half that amount in 1955. We are determined that our government remain warmly responsive to the urgent social and economic problems of our people. Explanation- For the purposes of this section,-, company means any body corporate, and includes-, an association of persons or a body of individuals, whether incorporated or not; and. Bureaucracy I have looked everywhere but I still can't find any information. Job satisfaction can be measured in cognitive (evaluative), affective (or emotional), and behavioral components. (2) After the 31st day of December, 1950, no insurer shall, in respect of life insurance business transacted by him in India, spend as expenses of management in any calendar year an amount in excess of the prescribed limits and in prescribing any such limits regard shall be had to the size and age of the insurer and the provision generally Made for expenses of management in the premium rates of insurers: (3) In respect of any statement mentioned in subsection (1), the Authority may require that it shall be submitted to another actuary, appointed by the insurer for the purpose and approved by the Authority, for certification by him, whether with or without modifications.
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