No 1[ person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 2[ India] and no insurer carrying on any class of insurance business in 2[ India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3[ Controller] a certificate of registration 4[ for the particular class of insurance business]: 5[ Provided that in the case of an insurer who was carrying on any class of insurance business in 2[ India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this sub- clause shall not operate to invalidate any contract of insurance entered into by him if before 6[ such date 7[ as may be fixed in this behalf by the Central Government by notification in the Official Gazette], he has obtained that certificate.]
Every application for registration shall be accompanied by--
a certified copy of the memorandum and articles of association, where the applicant is a company and incorporated under the Indian Companies Act, 1913 (7 of 1913 ), 8[ or under the Indian Companies Act, 1882 (6 of 1882 ), or under the Indian Companies Act, 1866 (10 of 1866 ), or under any Act repealed thereby,] or, in the case of any other insurer specified in sub- clause (a) (ii) or sub- clause (b) of clause (9) of section 2, a certified copy of the deed of partnership or of the deed of constitution of the company, as the case may be,
or in the case of an insurer having his principal place of business or domicile outside 1[ India] the document specified in clause (a) of section 63;
the name, address and the occupation, if any, of the directors where the insurer is a company incorporated under the Indian Companies Act, 1913 (7 of 1913 ), 2[ or under the Indian Companies Act, 1882 (6 of 1882 ), or under the Indian Companies Act, 1866 (10 of 1866 ), or under any Act repealed thereby,] and in the case of an insurer specified in sub- clause (a) (ii) of clause (9) of section 2 the names and addresses of the proprietors and of the manager in 1[ India], and in any other case the full address of the principal office of the insurer in 1[ India], and the names of the directors and the manager at such office and the name and address of some one or more persons resident in 1[ India] authorized to accept any notice required to be served on the insurer;
a statement of the class or classes of insurance business done or to be done, and a statement that the amount required to be deposited by section 7 or section 98 before application for registration is made has been deposited together with a certificate from the Reserve Bank of India showing the amount deposited;
where the provision of section 6 or section 97 apply, a declaration verified by an affidavit made by the principal officer of the insurer authorized in that behalf that the provisions of those sections as to working capital have been complied with;
in the case of an insurer having his principal place of business or domicile outside 3[ India], a statement verified by an affidavit made by the principal officer of the insurer setting forth the requirements (if any) not applicable to nationals of the country in which such insurer is constituted, incorporated or domiciled which are imposed by the laws or practice of that country upon Indian nationals as a condition of carrying on insurance business in that country;
a certified copy of the published prospectus, if any, and of the standard policy forms of the insurer and statements
of the assured rates, advantages, terms and conditions to be offered in connection with insurance policies together with a certificate in connection with life insurance business by an actuary that such rates, advantages, terms and conditions are workable and sound: Provided that in the case of marine accident and miscellaneous insurance business other than workmen' s compensation and motor car insurance the above requirements regarding prospectus, forms and statements shall be complied with only in so far as the prospectus, forms and statements may be available; and
the 1[ receipt showing payment in the prescribed manner of the prescribed fee which shall not be] more than 2[ five] hundred rupees for each class of business.
3[ If, on receipt of an application for registration and after making such inquiry as he deems fit, the Controller is satisfied that--
the financial condition and the general character of management of the applicant are sound;
the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate;
the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and
the applicant has complied with the provisions of sections 2C, 5, 31A and 32 and has fulfilled all the requirements of this section applicable to him, the Controller may register the applicant as an insurer and grant him a certificate of registration.
Where the Controller refuses registration, he shall record the reasons for such decision and shall furnish a copy thereof to the applicant.
Any person aggrieved by the decision of the Controller refusing registration may, within thirty days from the date on which a
copy of the decision is received by him appeal to the Central Government.
The decision of the Central Government on such appeal shall be final and shall not be questioned before any court.]
1[ Notwithstanding anything contained in sub- section (2A), in the case of any insurer having his principal place of business or domicile outside India], the 2[ Controller] shall withhold registration or shall cancel a registration already made, if he is satisfied that in the country in which such insurer has his principal place of business or domicile India nationals are debarred by the law or practice of the country relating to, or applied to insurance from carrying on the business of insurance, or that any requirement imposed on such insurer under the provisions of section 62 is not satisfied.
3[ The 2[ Controller] shall cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,--
if the insurer fails to comply with the provisions of section 7 or section 98 as to deposits, or
4[ if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or]
if the insurer is in liquidation or is adjudged an insolvent, or
if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer, or
if the whole of the deposit made in respect of 5[ insurance business has been returned to the insurer under section 9,] 6[ or]
6[ if, in the case of an insurer specified in sub- clause (c) of clause (9) of section 2, the standing contract referred to in that sub- clause is cancelled or is suspended and continues to be suspended for a period of six months, 4[ or
if the Central Government so directs under sub- section (4) of section 33,] and the 2[ Controller] 7[ may cancel the registration of an insurer--
1[ if the insurer makes default in complying with, or acts in contravention of, any requirement of this Act or of any rule or order made thereunder, or]
if the 2[ Controller] has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular course of law, or
1[ if the insurer carries on any business other than insurance business or any prescribed business;]].]
When the 2[ Controller] withholds or cancels any registration under sub- section (3) or 3[ clause (a), 4[ clause (aa)] clause (e), 4[ clause (ee),] clause (f), clause (g) or clause (h) of sub- section (4)], he shall give notice in writing to the insurer of his decision, and the decision shall take effect on such date as he may specify in that behalf in the notice, such date not being less than one month not more than two months from the date of the reciept of the notice in the ordinary course of transmission.
5[ When the 2[ Controller] cancels any registration under clause (b), clause (c) or clause (d) of sub- section (4) the cancellation shall take effect on the date on which notice of the order of cancellation is served on the insurer.]
5[ When a registration is cancelled the insurer shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by him before such cancellation takes effect shall, subject to the provisions of sub- section (5D), continue as if the cancellation had not taken place.]
5[ Where a registration is cancelled under 6[ clause (a), 4[ clause (aa),] clause (e), clause (f), clause (g) or clause (h) of sub- section (4),] the 2[ Controller] may at his discretion revive the registration, if the insurer within six months from the date on which the cancellation took effect makes
the deposits required by section 7 or section 98, 1[ or complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities] 2[ or has his standing contract restored or has had an application under sub- section (4) of section 3A accepted], 3[ or satisfies the 4[ Controller] that no claim upon him such as is referred to in clause (g) of sub- section (4) remains unpaid 5[ or that he has complied with any requirement of this Act or of any rule or order made thereunder or that he has ceased to carry on any business other than insurance business or any prescribed business],] as the case may be, and complies with any directions which may be given to him by the 4[ Controller].]
6[ Where 7[ the registration of an insurance company is cancelled under sub- section (4), the 4[ Controller] may,] after the expiry of six months from the date on which the cancellation took effect, apply to the Court for an order to wind up the insurance company, or to wind up the affairs of the company in respect of a class of insurance business, unless the registration of the insurance company has been revived under sub- section (5C) or an application for winding up the company has been already presented to the Court. The Court may proceed as if an application under this sub- section were an application under sub- section (2) of section 53, or sub- section (1) of section 58, as the case may be.] 8[
3[ The 4[ Controller] may, on payment of the prescribed fee which shall not exceed twenty- five rupees, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where he is of opinion that the issue of a duplicate certificate is necessary.]