fiduciary responsibility to act on behalf of their customers or provide full , to the extent they are not  realized within a period of thirty days; agents' balances and outstanding premiums outside. (c) after considering such objections and suggestions to the scheme so proposed. Dissolution of provident society, 96. (5) There shall be appended to every such abstract a statement signed by the actuary giving such information as may be prescribed. (ii) certified copies of any other reports on which the scheme of amalgamation or transfer was founded. (3) The provisions of sub-section (7) of Section 7 shall apply in respect of a co-operative life insurance society as if for the words "under the foregoing provisions of this section"   the words and figures "under the provisions of Sec. Section 101. (1) No provident society except a provident societyregistered under the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912), shall receive any premium or contribution until it has, obtained from the Authority, before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999, a certificate of registration. Notwithstanding anything to the contrary contained in the Indian Companies Act, 1913 (7 of 1913), the provisions of Sections 91, 92 and 93 shall apply to any liquidator appointed to     wind up a provident society, whether by the Court, the Authority or thesociety itself. (4) If an insurer fails to apply for renewal of registration before the date specified in sub-section (2) the Authority may, so long as an application to the Court under sub-section (5-D) of section 3 has not been made, accept an application for renewal of the registration on receipt from the insurer of the fee payable with the application and such penalty, not exceeding the fee as determined by the regulations made by the Authority, and payable by him, as the Authority may require: (5) The Authority shall, on fulfillment by the insurer of the requirements of this section, renew the registration and grant him a certificate of renewal of registration. (3) A copy of the memorandum and articles of association of the insurer, if a company shall on the application of any policy-holder, be supplied to him by the Insurer on payment of one rupee. Mathematical reserves also include specific provision for adverse deviations of the bases, such as mortality and morbidity rates, interest rates, and expense rates, and any explicit provision made in the valuation of liabilities in accordance with the regulations made by the Authority for this purpose; “net incurred claims” means the average of the net incurred claims during the specified period of not exceeding three preceding financial years; “sum at risk”, in relation to a life insurance policy, means a sum which is-, in any case in which an amount is payable in consequence of death other than a case falling within sub-clause (b) below, the amount payable on death, and. (1) The Central Government may, for the purposes of Sections 52-H to 52J, constitute a tribunal which shall consist of a Chairman and two other members. Powers and duties of the Administrator, 52BB. The Life Insurance Council may, with the approval of the Authority authorise its Executive Committee to hold examinations for individuals wishing to qualify themselves as insurance agents for the purpose of procuring life insurance business, and if the Authority, by notification in the official Gazette, so declares, then, not withstanding anything contained in Sec. he shall be liable to a penalty not exceeding five lakh rupees for each such failure and punishable with fine. “Mathematical reserves” means the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising  from deposit back arrangement in relation to any policy whereby an amount  is deposited by re-insurer with the cedant) arising under or in connection with policies or contracts for life insurance business. Power of Central Government to impose reciprocal disabilitieson Non-, 63. (5) Every person who has any interest in any share of a company referred to in sub-section (4) which stands in the name of another person in the register of members of the company, shall, within thirty days from the commencement of the Insurance (Amendment) Act, 1950 (47 of l950), or from the date on which he acquires such interest, whichever is later, make a declaration in the prescribed form (which shall be countersigned by the person in whose name the share is registered) to the company declaring his interest in such share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in that share: (6) If the total paid-up holding of any person in the shares of a company referred to in sub-section (1) on the commencement of the Insurance (Amendment) Act 1950 (47 of 1950), exceeds two and a half per cent of its paid-­up capital where that person is a banking company or an investment company, or five per cent of its paid-up capital in any other case, he shall not be entitled to any vote as a shareholder of the company in respect of such excess holding of shares. (2) The Authority may, if he has reason to believe that an insurer is entering into or is likely to enter into re-insurance treaties or other re-insurance contracts which are not favourable to the insurer or are detrimental to the public interest, he may, by order, direct that the insurer shall not enter into such re-insurance treaty or other re-insurance contract unless a copy of such treaty or contract has been furnished to him in advance and the terms and conditions thereof have been approved by him and if the insurer fails to comply with such order he shall be deemed to have failed to comply with the requirements of this Act. Assets and liabilities of the General Insurance Council to vest in the, 64UG. Related to this Item. (7) Where an investment is in partly paid-up shares, the uncalled liability on such shares shall be added to the amount invested for the purpose of computing the percentages referred to in Clause (a) of sub-section (4) and Clause (a) of sub-section (5). 52E. Power to exempt from certain requirements, 117. Inquiry by or on behalf of Authority, 87A. (3) The prescribed fee for the renewal of a registration for any year shall be paid into the Reserve Bank of India, or, where there is no office of that Bank, into the Imperial Bank of lndia acting as the agent of that Bank, or into any Government treasury, and the receipt shall be sent along with the application for renewal of the registration. An agent acts as a conduit to provide information to insurance buyers. (3) Where, in the opinion of the Authority, an insurer has, at any time, failed to comply with any of the conditions imposed on him under this section, the Authority may, by order in writing and after affording reasonable opportunity to the insurer for showingcause against the action proposed to be taken against him, revoke any permission grantedunder this section. (2) In the winding up of an insurance company carrying on the business of life insurance or in the insolvency of any other insurer carrying on such business where anyproportion of the profits of the insurer was before the commencement of the windingup or insolvency allocated to policy-holders, if, when the assets and liabilitiesof the insurer have been ascertained, there is found to be a surplus of assets over liabilities (hereinafter referred to as a, if in any case there has been no such allocation or if it appears to the Court that by reason of special circumstances it would be inequitablethat the amount to be added to the liabilities of the insurer in respect of the life insurance business should be an amount equal to such proportion as aforesaid, the amount to be so added shall be such amount as the Court may direct, and, (b) for the purpose of the application of this sub-section to any casewhere before the commencement of the winding up or insolvency a proportion of such profits as aforesaid of a branch only of the life insurancebusiness in question has been allocated to policy-holders, the value of the assets and liabilities of the insurer in respect of that branch shall be separately ascertained in like manner as the value of his assets and liabilities in respect to the life insurance business was ascertained, andthesurplus so found, if any, of assets over liabilities shall, for the purpose of determining the amount to be added to :the liabilities of the insurerinrespect of the life insurance business be deemed to be the. General powers of Life Insurance Council and General Insurance Council, 1) For the efficient performance of its duties, the Life InsuranceCouncil or the General Insurance Council, as the case may be, may­. (3) Before making any order under Sections 34, 34A, 34B, 34C, 34E, 34F, 34G, sub-sections (4) and (7) of Section 64UM and Section 64VC, the Authority shall consult the Consultative Committee constituted under sub-section (1). every such order shall also be published in the official Gazette. Saving of provisions of Indian Companies Act, 1913. this Act shall affect the liability of an insurer being a company or a provident society as defined in Part III being a company to comply with the provisions of the Indian Companies Act, 1913 (7 of 1913), in matters not otherwise specifically provided for by this Act. Wrongful acts of the agent are the responsibility of the company; these bind the company to the customer. 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