(F.M. ACT 1 OF 1963)
INSURANCE ACT, 1963



Date of coming into operation :21st. January 1963
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ARRANGEMENT OF SECTIONS
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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.

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