In certain other situations, a law that was sunsetting would be allowed to disappear. the calendar year prepare withrespect tothat year-, statement showing separately for each class of contingencyseparately specified in Section 65, the number of new policies effected, the total amount insuredthereby and the total premium income received in respect thereofand the number of existing policies discontinued during the year with the total amount insured thereby, and. (7) When disposing of an application under sub-section (1), the Court shall, after giving all persons who appear to it to be interested in any property attached under this section an opportunity of being heard, make such order as it thinks fit respecting the disposal of any such property for the purpose of effectually enforcing any liability under this section, and all such persons shall be deemed to be parties to the proceedings under this section. (4) The Tribunal may, for the purpose of determining any compensation payable under Sec. Limitation of expenses of management in general insurance business, 42A. (3) The Authority shall be entitled at any time to take such steps as he may consider necessary for the inspection or verification of the assets and liabilities of any insurer. (6) The Authority may issue aduplicate licence to replace a licence lost, destroyed or mutilated on payment of such fee not exceeding rupees fifty as may be determined by the regulations. Clause (a) of Section 34E, 34F, 40C, 44A, 64U to 64UM (both inclusive), 64V, 64VA, 64VB, 64VC, l0lA, 101C, 110 D, 110G and 110H, shall also apply, so far as may be to and in relation to the general insurance business carried on by the Life Insurance Corporation of India and the provisions of Section 37A shall also apply to that Corporation if it becomes an acquiring insurer. (1) The Authority may, by notification in the Official Gazette, make regulations consistent with this Act and the rules made there under, to carry out the purposes of this Act. Although some aspects of the application process (such as underwriting and insurable interest provisions) make it difficult, life insurance policies have been used to facilitate exploitation and fraud. More importantly, the graduates will have a chance to make a difference in other peoples lives and throughout the rest of the world. (7) The Authority may, after giving reasonable notice to the insurer publish the report submitted by the Investigating Authority under sub-section (5) or such portion thereof as may appear to it to be necessary. Other wellness certifications are more extensive and are designed to train people to actually be a wellness coordinator or wellness program director. Manner of divesting excess shareholding by promoter in certain cases, 6B. [33] However, if the proceeds are included in the "estate" of the deceased, it is likely they will be subject to federal and state estate and inheritance tax. (4) The report of the actuary shall state in respect of each scheme whether the advantages, terms and conditions are workable and sound and, where no actuarial report such as is referred to in Section 81 has been made within the two years preceding the examination the report shall also state whether the assets of the society are sufficient to meet its liabilities under the existing schemes, and, if not how in the opinion of the actuary the existing contracts should be modified. We offer our customers a 100% money back guarantee if our program is not accepted by their employer. (5) An insurer shall not out of hiscontrolled fund invest or keep invest any sum in the shares or debentures of any private limited company. Trust law and taxation of trusts can be complicated, so any individual intending to use trusts for tax planning would usually seek professional advice from an independent financial adviser and/or a solicitor. (2) Any person appointed as additional director in pursuance of this section,. [clarification needed] Various AD&D policies have different terms and exclusions. (2) The transfer or assignment shall be complete and effectual upon the execution of such endorsement or instrument duly attested but except wherethe transfer or assignment is in favour of the insurer shall not be operative as against an Insurer and shall not confer upon the transferee or assignee, or his legal representative, any right to sue for the amount of such policy or the moneys secured thereby until a notice in writing of the transfer or assignment if and either the said endorsement or instrument itself or a copy thereof certified to be correctby both transferor and transferee or their duly authorised agents have been delivered to the insurer: (3) The date on which the notice referred to in sub-section (2) is delivered to the insurer shall regulate the priority of all claims under a transfer or assignment as between persons interested in the policy: and where there is more then one instrument of transfer or assignment, the priority of the claims under such instruments shall be governed by the order in whichthe notices referred to in sub-section (2) are delivered. (2) The manner and procedure for divesting the excess share capital under sub-section (1) shall be specified by the regulations made by the Authority. Investopedia does not include all offers available in the marketplace. any other reports on which the scheme of amalgamation or transfer was founded; and the balance-sheets, reports and abstracts referred, that the Authority may exempt the provident society or societies concerned from furnishing to him and from keeping open for inspection any one or more of the above documents. We think we offer the best value for money in the UK self-storage insurance market. (3) Any order passed by the Authority under sub-section (2), shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, or a company. The balance-sheet, profit and loss account, revenue account and profit and loss appropriation account of every insurer, in the case of an insurer specified in sub-clause, 13. This desk is responsible for a portion of the financial institution's revenues, unrelated to client work while acting autonomously. In a case interpreting one ancestor of the modern "products-completed operations hazard" clause,[20] the Supreme Court of California complained: The instant case presents yet another illustration of the dangers of the present complex structuring of insurance policies. Areas of Study Bachelor's Master's Doctorate Other Degrees College/School Concentrations; Accounting: B: M : CD: bachelor's, master's, combination degree, graduate (4) An order of the Court confirming a scheme under this section whereby the memorandum of a company is altered with respect to its objects shall as respects the alteration have effect as if it where an order confirmed under Sec. (3) The Administrator shall receive such remuneration as the CentralGovernment may direct and the Central Government may at any time cancel the appointment and appoint some other person as Administrator. (12) So far as is not otherwise provided herein or is not otherwise prescribed under this Act, the liquidator shall so far as practicable follow the procedureto be followed by an official liquidator appointed by the Court for the windingup of a company under the Indian Companies Act, 1913 (7 of 1913). Certification of soundness of terms of life insurance business, 4. With-profit policies are used as a form of collective investment scheme to achieve capital growth. IAWHP has a mission to provide valuable information and services to health and wellness practitioners in the workplace. For the vast majority of insurance policies, the only page that is heavily custom-written to the insured's needs is the declarations page. (7) The Court shall cause notice to be given to every ascertained claimant of the fact that the amount has been paid into Court, and shall cause notice at the cost of any claimant applying to withdraw the amount to be given to every other ascertained claimant. Improving Decisions in the Most Misunderstood Industry. the matters including fee relating to the registration of insurers under section3; the manner of suspension or cancellation of registration under sub-section (5E) of section3; such fee, not exceeding five thousand rupees as may be determined by the regulations for issue of a duplicate certificate of registration under sub-section (7) of section 3; the matters relating to he renewal of registration and fee there for under section 3A; the manner and procedure for divesting excess share capital under sub-section 2 section 6AA; preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account under sub-section (1A) of section 11. the manner in which abstract of the report of the actuary to be specified under the fourth proviso to sub-section (1) of section 13; the form and manner in which the statement referred to in sub-section(4) of section 13 shall be appended; the time, the manner and other conditions of investment of assets held by an insurer under sub-sections (1), (1A) and (2) of section 27D; the minimum information to be maintained by insurer in their books, the manner in which such information should be maintained, the checks and other verifications to be adopted by insurers in that connection and all other matters incidental thereto under sub-section (8) of section 33; the manner for making an application, the manner and the fee for issue of a licence to act as an insurance agent, under sub-section (1) of section, 42; the fee and the additional fee to be determined for renewal of licence of insurance agent under sub-section (3) of section 42; the requisite qualifications and practical training to act as an insurance agent under clause (e) of sub-section (4) of section 42; the passing of examination to act as an insurance agent under clause (f) of sub-section (4) of section 42; the code of conduct under clause (g) of sub-section (4) of section 42; the fee not exceeding rupees fifty for issue of duplicate licence under sub-section (6) of section 42; the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section of section 42; the fee and the additional fee to be determined for renewal of licence of intermediaries or insurance intermediaries under sub-section (3) of section 42D; the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D; the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D; the code of conduct clause (g) of sub-section (5) of section 42 D; the fee for issue of duplicate licence under sub-section (7) of section 42D; matters as specified under sub-section (2) of section 64UB relating to the Tariff Advisory Committee. (2) Each Regional Committee shall consist of not more than seven persons of which not more than five shall be elected by such groups of insurers carrying on generalinsurance business in the region as may be prescribed and not morethan two shall be nominated by the Authority. For these individuals, simple one to two day wellness certification courses are available to give them the basic competency to get their program up and running. The analytical decision making of economicsEconomicsEquity Research refers to the study of a business, i.e., analyzing a company's financials, performing Ratio Analysis, Financial forecasting in Excel (Financial Modeling), & exploring scenarios to make insightful BUY/HOLD/SELL stock investment recommendations. This means that whatever you are trying to accomplish is VERY EASY. This industry has immense knowledge to offer and once you get on to the right track you also get good returns from both your investments and your insurance sales. 64UF. any property of the insurer in the possession of the delinquent; any property of the delinquent which belongs to him or is deemed to belong to him with the meaning of sub-section (5); property transferred by the delinquent within two years before the commencement of proceedings under sub-section (1) or during the pendency of such proceedings/ if the Court is satisfied by affidavit or otherwise that the transfer was otherwise than in good faith and for consideration. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. In addition to personal training, health coaching, and running, designing, and managing wellness programs, WellSteps employees wear multiple hats and have very broad job descriptions. (2) any notice or other document which is by this Act required to be sent to any policy-holder may be addressed and sent to the person to whom notices respecting such policy are usually sent and any notice so addressed and sent shall be deemed to be notice to the holder of such policy: that, where any person claiming to be interested in a policy as transferee, assignee or nominee has given to an insurer or to a provident society noticein writing of his interest, any notice which is by his Act required to be sent to policy-holders shall also be sent, 112. Delegation of powers and duties of Chairperson of the Authority. I have received some very good manuals and books from Massad Ayoob, free of charge. Particulars to be filled by insurers established outside India, 64. (10) This section shall apply notwithstanding that the act is one for which the person concerned may be criminally liable. 11. Power of Executive Committee of Life Insurance Council to hold examinations for Insurance agents. 64VA. (2) Notice of the meeting shall be sent to each person individually and shall be advertised in the local official Gazette and in at least two newspapers circulatingin the State in which the society is situated. For the purposes of this-section, the year 1961 shall be deemed to mean the period from the 1st April to the 31st December of that year. This situation arises when a client wants to trade a large amount of a single security or trade a highly illiquid security. to apply to general insurance business of the Life Insurance Corporation of. They are an organization known all around the world for their work in scientifically educating personal trainers and offering them accredited Certified Personal Training courses. Energy Risk and Insurance Specialist Broker vs. Market Maker: What's the Difference? Finally, if you check out public opinion polls, its because corporations are greedy and are jacking up prices. All UK insurers pay a special rate of corporation tax on the profits from their life book; this is deemed as meeting the lower rate (20% in 2005-06) of liability for policyholders. Incorporation of the Insurance Association of India, 64B. (4) Every contract between an insurer carrying on life insurance business and a special agent, or between a chief agent of such insurer and a special agent, shall be in writing and the terms contained in Part C of the Sixth Schedule shall be deemed to be incorporated in, and form part of, every such contract: (5) A certified copy of every contract as is referred to in sub-section (1) or sub-section (4) shall be furnished by the insurer or the chief agent to the Authority within thirty days of his entering into such contract, and intimation of any change in any such contract shall be furnished by the insurer or the chief agent with full particulars thereof to the Authority within thirty days of the making of any such change. a cash book in Which shall be entered separately for each class ofcontingency separately specified in Section 65 all sums received and expended by the society and matters in respect of which the receipt orexpenditure takes place, Revenue account, balance-sheet and annual statements. The Wellness Council of America, also known as WELCOA, is a nationally recognized organization for providing resources which promote better health and productivity in any work environment. This book is the only guide that will practically help you take the right risk management decision of your life. if the Authority as an alternative to canceling the registration of a society under sub-section (4) of Section 70 applies to the Court in thisbehalf; if while a society is in liquidation the Court thinks fit; if when a society has been proved to be insolvent the Court thinks fit to do so in place of making an order for the winding up of the society; or. (14) Nothing contained in this section shall be deemed to affect in any way the manner in which any moneys relating to the provident fund of any employee or to any security taken from any employee or over moneys of a like nature are required -to be held by or under any Central Act, or Act of a State Legislature. Recertification typically involves required continuing education hours, maintaining CPR/AED certifications, and a recertification fee. (2) Only and all persons holding otherwise than as assignees policies of life insurance issued by the company of such minimum amount and having been in force for such minimum period as may be prescribed shall unless disqualified under sub-section (2A) be eligible for election as directors under sub-section (1), and only and all persons holding policies of life insurance issued by the company and having been in force at the time of the election for not less than six months shall be eligible to vote at such elections: (2A) A person shall be ineligible for election as a director, under subsection (1) of any company if he is a director, officer, employee, or legal or technical adviser of that company, or any other insurer, and shall cease to be a director under sub-section (1) if after election he acquires any disqualification specified in this sub-section or no longer holds the qualifications required by sub-section (2): (3) The Central Government may, for such period, or to such extent and subject to such conditions as may be specified by it in this behalf, exempt from the operation of this section.
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