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1.Mandatory Registration.

No person shall, begin to carry on any insurance business in India,

unless he has obtained from the Authority a certificate of registration for the particular class of insurance business.

2. application for registration shall be

accompanied by

Every application for registration shall be made in such manner as may be determined by the regulations made by the Authority and shall be accompanied by-

a a certified copy of the memorandum and articles of association, b the name, address and the occupation, if any, of the directors .

c a statement of the class or classes of insurance business done or to be done, d where the provisions of section 6 or section 97 apply, a declaration verified by an

affidavit made by the principal officer of the insurer authorised in that behalf that the provisions of those sections as to paid-up equity capital or working capital have been complied with;

e in the case of an insurer having his principal place of business or domicile outside India, a statement verified by an affidavit made by the principal officer of the insurer setting forth the requirements (if any) not applicable to nationals of the country in which such insurer is constituted, .

f a certified copy of the published prospectus,

g the receipt showing payment of fee as may be determined by the regulations which shall not exceed Rs.50000/- for each class of business as may be specified by the regulations made by the Authority;

h such other documents as may be specified by the regulations made by the Authority.

(2A)

Registration by Authority.

(2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the Controller is satisfied that—

a) the financial condition and the general character of management of the applicant are sound;

b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;

c) the interest of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and

d) the applicant has complied with the provisions of Sections 2-C, 5, 31A and 32 and has fulfilled all the requirements of this section applicable to him,

the Authority may register the applicant as an insurer and grant him a certificate of registration.

(2C). Appeal to CG against Refusal.

Any person aggrieved by the decision of the Authority refusing registration may, within 30 days from the date on which a copy of the decision is received by him, appeal to the Central Government.

(2D) no appeal before court.

The decision of the Central Government on such appeal shall be final and shall not be questioned before any Court.

(3)Cancellation of Registratioin.

The Authority shall cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,

a if the insurer fails to comply with the provisions of section 7 or section 98 as to deposits, or

b if the insurer fails, at any time, to comply the provisions of Sec. 64VA as to the excess of the value of his assets over the amount of his liabilities; or c if the insurer is in liquidation or is adjudged an insolvent

d if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer

e if the whole of the deposit made in respect of insurance business has been returned to the insurer under Sec. 9, or

f if, in the case of an insurer specified in sub-clause (c)of clause (9) of section 2, the standing contract referred to in that sub-clause is cancelled or is suspended and continues to be suspended for a period of six months, or g if the Central Government so directs under section 33(4) and the Authority

may cancel the registration of an insurer-

h if the insurer makes default in complying with, or acts in contravention of any requirement of this Act or of any rule or any regulation or order made or, any direction issued there under, or

i if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular course of law, or

j if the insurer carries on any business other than insurance business or any prescribed business

k if the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999, or

l if the insurer makes a default in complying with, or acts in contravention of, any requirement of the

− Companies Act, 1956 or

− the Life Insurance Corporation Act, 1956 ,or

− General Insurance Business (Nationalisation) Act, 1972 , or − the Foreign Exchange management Act,1999.

(5B) Effect of cancellation

When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, continue as if the cancellation had not taken place.

7. Issue of duplicate certificate.

The Authority may, on payment of the prescribed fee, not exceeding five rupees, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where he is of opinion that the issue of a duplicate certificate is necessary.

N.K.SINGH 011-65568595 10.5