insurance act

Insurance regulator IRDA today made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions and set guidelines for seeking approval. As per a IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of approval for registration of transfer of shares under the provisions of section 6A(4) of the Insurance Act, 1938 and for issue of share.. Full Article

SB Mathur, Secretary General of the Life Insurance Council, said either the proposal be changed to retain the present system of exempting a life insurance holder from tax at the time of withdrawal, or tax should be levied only on the real value of the withdrawn sum. Full Article

It appears that the appellant had issued a notice under Section 45A of the Employees State Insurance Act, 1948 (hereinafter for short 'the Act') for making employer's contribution towards the employee’s state insurance. The respondent No. 1 Board challenged that notice before the Employees State Insurance Court, Delhi. It appears that neither the workers concerned of the respondent No. 1 Board nor any one of them in representative capacity were made parties in the peti.. Full Article