(F.M. ACT 1 OF 1963)
INSURANCE ACT, 1963
Date of coming into operation :
21st. January 1963
___________________________
ARRANGEMENT OF SECTIONS
___________________________
Preamble
PART I - PRELIMINARY
Section
1.
Short title.
Section
2.
Classification of insurance business, and construction of references to matters connected with insurance.
PART II - CONDUCT OF INSURANCE BUSINESS
General restriction on insurers
Section
3.
Requirements for carrying on business as insurer.
Registration of Federation insurers
Section
4.
Registration by Commissioner.
Section
5.
Appeal against refusal of registration
.
Section
6.
Cancellation of registration.
Deposits, registers of policies and insurance funds
Section
7.
Deposits
.
Section
8.
Bank covenants in lieu of deposits.
Section
9.
Register of policies.
Section
10.
Establishment and maintenance of insurance funds, and allocation of surplus.
Section
11.
Requirements as to assets of insurance funds.
Section
12.
Requirements as to documents evidencing title to assets of insurance funds.
Section
13.
Enforcement of requirements as to registers of policies and insurance funds.
Miscellaneous requirements as to conduct of business
Section
14.
Payment in Federation currency of policy moneys under life policies.
Section
15.
Regulation of premiums under life policies
.
Section
16.
Control of form of proposals, policies, and brochures.
Section
17.
Requirements as to prospectuses and statements of capital.
Section
18.
General obligation to furnish information.
Subsidiary
Section
19.
Insurance agents and brokers.
Section
20.
Provision for members of associations of underwriters to carry on general business.
Section
21.
Saving for validity of policies.
PART III - RETURNS, INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Returns
Section
22.
Annual accounts and audit.
Section
23.
Actuarial investigations and reports as to life business.
Section
24.
Power to require returns under sections 22 andd 23 to be rectified.
Section
25.
Additional provisions as to returns under sections 22 and 23.
Section
26.
Returns of changes in registration particulars.
Investigations
Section
27.
Investigation of affairs of insurer.
Section
28.
Proceedings after investigation.
Winding up
Section
29.
General provisions as to winding up.
Section
30.
Special provision for insurers directed to cease insurance business.
Section
31.
Co-operative societies doing insurance business.
Transfers of business
Section
32.
Schemes for transfer of business.
Section
33.
Confirmation of schemes.
Section
34.
Documents to be filed when scheme confirmed.
PART IV - MISCELLANEOUS AND GENERAL
Administration and enforcement
Section
35.
The Commissioner.
Section
36.
Annual reports.
Section
37.
Statistics.
Section
38.
Service of notices.
Section
39.
General provisions as to offences.
Miscellaneous amendments of law
Section
40.
Insurable interest required for life insurances.
Section
41.
Capacity of infant to insure.
Section
42.
Life policy moneys to be paid without deduction.
Section
43.
Life policies (surrenders: non-payment of premiums: paid-up policies).
Section
44.
Payment of life policy claims without probate, etc.
Supplementary
Section 45.
Regulations.
Section 46.
Accounting periods of insurers.
Section 47.
Miscellaneous definitions.
Section 48.
Repeals and consequential amendments.
First Schedule.
Second Schedule.
Third Schedule.
Fourth Schedule.
Fifth Schedule.
Copyright © 2006 PNMB-LawNet. All rights reserved.