The Insurance 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 


1[3A. Payment of annual fee by insurer.-- (1) An insurer who has been granted a certificate of
registration under section 3 shall pay such annual fee to the Authority in such manner as may be specified
by the regulations.

(2) Any failure to deposit the annual fee shall render the certificate of registration liable to be
cancelled.] 

LAWGIST

# 3A Payment of annual fee by insurer