The Insurance Act

The Insurance Regulatory and Development Authority Act

Prohibition of transaction of insurance business by certain persons

Power of Central Government to apply provisions of this Act to Special Economic    Zones

Properties in India not to be insured with foreign insurers except with the permission of    Authority

Insurers to be subject to this Act while liabilities remain unsatisfied

[Omitted.]

Registration

Payment of annual fee by insurer

Certification of soundness of terms of life insurance business

Minimum limits for annuities and other benefits secured by policies of life insurance

Restriction on name of insurer

Requirements as to capital

Requirements as to capital structure and voting rights and maintenance of registers    beneficial owners of shares

Provision for securing compliance with requirements relating to capital structure

Separation of accounts and funds

Accounts and balance-sheet

Audit

Actuarial report and abstract

Record of policies and claims

Submission of returns

Furnishing reports

Abstract of proceedings of general meetings

Custody and inspection of documents and supply of copies

Powers of Authority regarding returns

Powers of Authority to order revaluation

Evidence of documents

Returns to be published in statutory forms

Alterations in the particulars furnished with application for registration to be reported


PROVISIONS APPLICABLE TO INSURERS 


Every insurer shall furnish to the 1[Authority] a certified copy of every
report on the affairs of the concern which is submitted to the members or policy-holders of the insurer
immediately after its submission to the members or policy-holders, as the case may be. 


LAWGIST

# 18 Furnishing reports