Search Results on regulation for query: "SU Regulation 7"
Related Section(s)(1) The Board may, with the previous approval of the
Central Government and in consultation with the Reserve Bank, by notification, make regulations not
inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the
purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the fees or allowances that may be paid to the directors or members of the Advisory Council; (b) the times and places of the meetings of the Board or the Executive Committee or the Advisory Council and the procedure to be followed at such meetings including the quorum necessary for the transaction of business; (c) the number of directors constituting the Executive Committee and the functions that such Committee shall discharge; (d) the manner and terms of issue and redemption of bonds and debentures by the National Bank; 1[(e) the manner of election of directors under clause (f) of sub-section (1) of section 6;] 2* * * * * (g) The form and manner in which the balance-sheets and the accounts of the National Bank shall be prepared or maintained; 2* * * * * (i) the duties and conduct, salaries, allowances and conditions of service of officers and other employees; (j) the establishment and maintenance of provident or other benefit funds for employees of the National Bank; and (k) such other matters for which the Board may consider it expedient or necessary to provide for by way of regulations. (3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act. (4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interest of any person to whom such regulation may be applicable. (5) The Central Government shall cause every regulation made under this Act to be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.
1. Subs. by Act 55 of 2000, s. 30, for clause (e) (w.e.f. 1-2-2001).
2. Clauses (f) and (h) omitted by s. 30, ibid. (w.e.f. 1-2-2001). | ||||||||||||||||
Related Section(s)(1) The Reserve Bank may, by notification, make regulations to
carry out the provisions of this Act and the rules made thereunder.
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for, 1[(a) the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6;] (b) the manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7; (c) the period within which and the manner of repatriation of foreign exchange under section 8; (d) the limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9; (e) the class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9; (f) the limit up to which foreign exchange acquired may be exempted under clause (d) of section 9; (g) the limit up to which foreign exchange acquired may be retained under clause (e) of section 9; 2[(ga) export, import or holding of currency or currency notes;] (h) any other matter which is required to be, or may be, specified. 3[(3) All regulations made by the Reserve Bank before the date on which the provisions of this section are notified under section 6 and section 47 of this Act on capital account transactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.]
1. Subs. by s. 144, ibid., for clause (a) (w.e.f. 15-10-2019).
2. Ins. by Act 20 of 2015, s. 144 (w.e.f. 15-10-2019). 3. Ins. by s. 144. ibid. (w.e.f. 15-10-2019). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, to carry out the
purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (r) 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; (s) the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D; (t) the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D; (u) the code of conduct under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (zc) the matters relating to redressal of grievances of policy-holders to protect their interest and to regulate, promote and ensure orderly growth of insurance industry; and (zd) any other matter which is to be, or may be, specified by the regulations made by the Authority or in respect of which provision is to be made or may be made by the regulations. (3) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)(1) The 1[Government] may, in addition to any rules
which it may make under any other enactment for the time being in force, make such rules,
consistent with this Act, as it thinks necessary for any of the following purposes, namely:--
(a) for regulating the time and hours at and during which, the speed at which, and the manner and conditions in and on which, vessels generally or vessels of any class defined in the rules, may enter, leave or be moved in any port subject to this Act; (b) for regulating the berths, stations and anchorages to be occupied by vessels in any such port; (c) for striking the yards and top masts, and for rigging-in the booms and yards, of vessels in any such port, and for swinging or taking-in davits, boats and other things projecting from such vessels; (d) for the removal or proper hanging or placing of anchors, spars and other things being in or attached to vessels in any such port: (e) for regulating vessels whilst taking-in or discharging passengers, ballast or cargo, or any particular kind of cargo, in any such port, and the stations to be occupied by vessels whilst so engaged; 2[(ee) for regulating the manner in which oil or water mixed with oil shall be discharged in any such port and for the disposal of the s ame;] 3[(eee) for regulating the bunkering of vessels with liquid fuel in any such port and the description of barges, pipe lines or tank vehicles to be employed in such bunkering;] (f) for keeping free passages of such width as may be deemed necessary wit hin any such port, and along or near to the piers, jetties, landing-places, wharves, (pays, docks, moorings and other works in or adjoining to the same, and for marking out the spaces so to be kept free; (g) for regulating the anchoring, fastening, mooring and unmooring of vessels in any such port; (h) for regulating the moving and warping of all vessels within any such port and the use of warps therein; (i) for regulating the use of the mooring buoys, chains and other moorings in any such port; (j) for fixing the rates to be paid 4[in a port other than a major port] for the use of such moorings when belonging to the 5[Government], or of any boat, hawser or other thing belonging to the 1[Government]; 6[(jj) for regulating the use of piers, jetties, landing places, wharves, quays, warehouses and sheds when belonging to the Government; (jja) for fixing the rates to be paid for the use of piers, jetties, landing places, wharves, quays, warehouses and sheds of any port, other than a major port, when belonging to the Government;] 7[(k) for licensing and regulating catamarans plying for hire, and flats and cargo, passenger and other boats plying, whether for hire or not, and whether regularly or only occasionally, in or partly within and partly without any such port, and for licensing and regulating the crews of any such vessels; and for determining the quantity of cargo or number of passengers or of the crew to be carried by any such vessels and the conditions under which such vessels shall be compelled to ply for hire, and further for the conditions under which any licence may be revoked; (kk) for providing for the fees payable in respect of the services specified in clause (k) for any port, other than a major port;] (l) for regulating the use of fires and lights within any such port; (m) for enforcing and regultaing the use of signals or signal-lights by vessels by day or by night in any such port; (n) for regulating the number of the crew which must be on board any vessel afloat within the limits of any such port; (o) for regulating the employment of persons engaged in cleaning or painting vessels, or in working in the bilges, boilers or double bottoms of vessels in any such port; 2[(p) 3*** for the prevention of danger arising to the public health by the introduction and the spread of any infectious or contagious disease from vessels arriving at, or being in, any such port, and for the prevention of the conveyance of infection or contagion by means of any vessel sailing from any such port, and in particular and without prejudice to the generality of this provision, for]-- (i) the signals to be hoisted and the places of anchorage to be taken up by such vessels having any case, or suspected case, of any infectious or contagious disease on board, or arriving at such port from a port in which, or in the neighbourhood of which, there is believed to be, or to have been at the time when the vessel left such port, any infectious or contagious disease; (ii) the medical inspection of such vessels and of persons on board such vessels; (iii) the questions to be answered and the information to be supplied by masters, pilots and other persons on board such vessels; (iv) the detention of such vessels and of persons on board such vessels; (v) the duties to be performed in cases of any such disease by masters, pilots and other persons on board such vessels; (vi) the removal to hospital or other place approved by the health-officer and the detention therein of any person from any such vessel who is suffering or suspected to be suffering from any such disease; (vii) the cleansing, ventilation and disinfection of such vessels or any part thereof and of any articles therein likely to retain infection or contagion, and the destruction of rats or other vermin in such vessels; (viii) the disposal of the dead on such vessels; and] (q) for securing the protection from heat of the officers and crew of vessels in any such port by requiring the owner or master of any such vessel-- (i) to provide curtains and double awnings for screening from the suns rays such portions of the deck as are occupied by, or are situated immediately above, the quarters of the officers and crew; (ii) to erect windsails so far as the existing portholes or apertures in the deck admit of their being used for ventilating the quarters of the officers and. crew; (iii) when the deck is made of iron and not wood-sheathed, to cover with wooden planks or other suitable non-conducting material such portions of the deck as are situated immediately above the quarters of the officers and crew; (iv) when the quarters used by the crew and the galley are separated by an iron bulk-head only, to furnish a temporary screen of some suitable non-conducting material between such quarters and the galley. 10* * * * * (2) The power to make rules under sub-section (1) 11*** is subject to the condition of the rules being made after previous publication: Provided that nothing in this sub-section shall be construed to affect the validity of any rule in force immediately before the commencement of the Indian Ports Act, 1889 (10 of 1889) and continued by section 2, sub-section (2), of that Act. 12[(2A) Every rule made by the State Government under this Act shall be laid, as soon as may be after it is made, before the State Legislature. (2B) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.] (3) If any person disobeys any rule made under clause (p) of sub-section (1), he shall be punishable for every such offence with fine which may extend to one thousand rupees. (4) If a master fails wholly or in part to do any act prescribed by any rule made under clause (p) of sub-section (1), the health-officer shall cause such act to be done, and the reasonable expenses incurred in doing such act shall be recoverable by him from such master.
1. Subs. by the A.O. 1937, for "Local Government".
2. Ins. by Act 39 of 1923, s. 2. 3. Ins. by Act 9 of 1925, s. 2. 4. Ins. by Act 15 of 1997, s. 3 (w.e.f. 9-1-1997). 5. Subs. by the A.O. 1950, for "Crown which had been subs. by the A.O. 1937, for Government". 6. Subs. by Act 15 of 1997, s. 3, for clause (jj) (w.e.f. 9-1-1997). 7. Subs. by Act 15 of 1997, s. 3, for clause (k) (w.e.f. 9-1-1997). 8. Subs. by Act 4 of 1911, s. 2, for clause (p). 9. Certain words omitted by the A.O. 1937. 10. Sub-section (1A) omitted by Act 26 of 1938, s. 8.Earlier inserted by Act 15 of 1922, s. 2 11. The words, brackets, figure and letter and sub-section (IA) omitted by Act 26 of 1938, s. 8. Earlier inserted by Act 15 of 1922, s. 2. 12. Ins. by Act 20 of 1983, s. 2 and Schedule (w.e.f. 15-3-1984). | ||||||||||||||||
Related Section(s)(1) No regulation made by the Board under this Act
1[, other than a regulation made under sub-section (2) of section 17,] shall have effect until it has been
approved by the Central Government and until such approval has been published in the Official Gazette.
(2) No such regulation 2[other than a regulation made under section 28,] shall be approved by the Central Government until the same has been published by the Board for two weeks successively in the Official Gazette and until fourteen days have expired from the date on which the same had been first published in that Gazette. (3) Any regulation made under this Act other than a regulation made under section 28 may provide that a breach thereof shall be punishable with fine which may extend to 3[two thousand rupees], and where the breach is a continuing one, with further fine which may extend to 4[five hundred rupees] for every day after the first during which such breach continues. 5[(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
1. Ins. by Act 29 of 1974, s. 37 (w.e.f. 1-2-1975).
2. Ins. by Act 17 of 1982, s. 20 (w.e.f. 31-5-1982). 3. Subs. by s. 20, ibid., for "two hundred rupees" (w.e.f. 31-5-1982). 4. Subs. by s. 20, ibid., for "fifty rupees" (w.e.f. 31-5-1982). 5. Ins. by s. 20, ibid. (w.e.f. 31-5-1982). | ||||||||||||||||
Related Section(s)(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)A Board may make regulations, not inconsistent with this Act, to
provide for any one or more of the following matters, namely:--
(a) the appointment, promotion, suspension, 1[reduction in rank, compulsory retirement,] removal removal and dismissal of its employees; (b) their leave, leave allowances, pensions, gratuities, compassionate allowances and travelling allowances and the establishment and maintenance of a Provident Fund or any other fund for their welfare; (c) the terms and conditions of service of persons who become employees of the Board under clause (f) of sub-section (1) of section 29; (d) the time and manner in which appeals may be preferred under sub-section (2) of section 25 and the procedure for deciding such appeals; (e) any other matter which is incidental to, or necessary for, the purpose of regulating the appointment and conditions of service of its employees.
1. Ins. by s. 10, ibid. (w.e.f. 31-5-1982).
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Related Section(s)1[(1) Notwithstanding anything contained in the Indian Telegraph Act,
1885 (13 of 1885), the functions of the Authority shall be to--
(a) make recommendations, either suo motu or on a request from the licensor, on the following matters, namely:-- (i) need and timing for introduction of new service provider; (ii) terms and conditions of licence to a service provider; (iii) revocation of license for non-compliance of terms and conditions of licence; (iv) measures to facilitate competition and promote efficiency in the operation of telecommunication services so as to facilitate growth in such services; (v) technological improvements in the services provided by the service providers; (vi) type of equipment to be used by the service providers after inspection of equipment used in the network; (vii) measures for the development of telecommunication technology and any other matter relatable to telecommunication industry in general; (viii) efficient management of available spectrum; (b) discharge the following functions, namely:-- (i) ensure compliance of terms and conditions of licence; (ii) notwithstanding anything contained in the terms and conditions of the licence granted before the commencement of the Telecom Regulatory Authority of India (Amendment) Act, 2000 (2 of 2000), fix the terms and conditions of inter-connectivity between the service providers; (iii) ensure technical compatibility and effective inter-connection between different service providers; (iv) regulate arrangement amongst service providers of sharing their revenue derived from providing telecommunication services; (v) lay-down the standards of quality of service to be provided by the service providers and ensure the quality of service and conduct the periodical survey of such service provided by the service providers so as to protect interest of the consumers of telecommunication service; (vi) lay-down and ensure the time period for providing local and long distance circuits of telecommunication between different service providers; (vii) maintain register of inter-connect agreements and of all such other matters as may be provided in the regulations; (viii) keep register maintained under clause (vii) open for inspection to any member of public on payment of such fee and compliance of such other requirement as may be provided in the regulations; (ix) ensure effective compliance of universal service obligations; (c) levy fees and other charges at such rates and in respect of such services as may be determined by regulations; (d) perform such other functions including such administrative and financial functions as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act: Provided that the recommendations of the Authority specified in clause (a) of this sub-section shall not be binding upon the Central Government: Provided further that the Central Government shall seek the recommendations of the Authority in respect of matters specified in sub-clauses (i) and (ii) of clause (a) of this sub-section in respect of new licence to be issued to a service provider and the Authority shall forward its recommendations within a period of sixty days from the date on which that Government sought the recommendations: Provided also that the Authority may request the Central Government to furnish such information or documents as may be necessary for the purpose of making recommendations under sub-clauses (i) and (ii) of clause (a) of this sub-section and that Government shall supply such information within a period of seven days from receipt of such request: Provided also that the Central Government may issue a licence to a service provider if no recommendations are received from the Authority within the period specified in the second proviso or within such period as may be mutually agreed upon between the Central Government and the Authority: Provided also that if the Central Government, having considered that recommendation of the Authority, comes to a prima facie conclusion that such recommendation cannot be accepted or needs modifications, it shall refer the recommendation back to the Authority for its reconsideration, and the Authority may, within fifteen days from the date of receipt of such reference, forward to the Central Government its recommendation after considering the reference made by that Government. After receipt of further recommendation if any, the Central Government shall take a final decision.] (2) Notwithstanding anything contained in the Indian Telegraph Act, 1885 (13 of 1885), the Authority may, from time to time, by order, notify in the Official Gazette the rates at which the telecommunication services within India and outside India shall be provided under this Act including the rates at which messages shall be transmitted to any country outside India: Provided that the Authority may notify different rates for different persons or class of persons for similar telecommunication services and where different rates are fixed as aforesaid the Authority shall record the reasons therefor. (3) While discharging its functions 2[under sub-section (1) or sub-section (2)], the Authority shall not act against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality. (4) The Authority shall ensure transparency while exercising its powers and discharging its functions.
1 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 24-1-2000).
2 Subs. by Act 2 of 2000, s. 9, for "under sub-section (1)" (w.e.f. 24-1-2000). (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). (1) In this Act, unless the context otherwise requires,--
(a) "appointed day" means the date with effect from which the Authority is established under sub-section (1) of section 3; 1[(aa) "Appellate Tribunal" means the Telecom Disputes Settlement and Appellate Tribunal established under section 14;] (b) "Authority" means the Telecom Regulatory Authority of India established under sub-section (1) of section 3; (c) "Chairperson" means the Chairperson of the Authority appointed under sub-section (3) of section 3; (d) "Fund" means the Fund constituted under sub-section (1) of section 22; (e) licensee means any person licensed under sub-section (1) of section 4 of the Indian Telegraph Act, 1885 (13 of 1885) for providing specified public telecommunication services; 1[(ea) "licensor" means the Central Government or the telegraph authority who grants a licence under section 4 of the Indian Telegraph Act, 1885 (13 of 1885);] (f) "member" means a member of the Authority appointed under sub-section (3) of section 3 and includes the Chairperson and the Vice-Chairperson; (g) "notification" means a notification published in the Official Gazette; (h) "prescribed" means prescribed by rules made under this Act; (i) "regulations" means regulations made by the Authority under this Act; (j) "service provider" means the 2[Government as a service provider] and includes a licensee; (k) "telecommunication service" means service of any description (including electronic mail, voice mail, data services, audio tex services, video tex services, radio paging and cellular mobile telephone services) which is made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature, by wire, radio, visual or other electro-magnetic means but shall not include broadcasting services. 3[Provided that the Central Government may notify other service to be telecommunication service including broadcasting services.] (2) Words and expressions used and not defined in this Act but defined in the Indian Telegraph Act, 1885 (13 of 1885) or the Indian Wireless Telegraphy Act, 1933 (17 of 1933), shall have the meanings respectively assigned to them in those Acts. (3) Any reference in this Act to a law which is not in force in the State of Jammu and Kashmir* shall in relation to that State be construed as a reference to the corresponding law, if any, in that State.
1. Ins. by s. 3, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 3, ibid., for "Government" (w.e.f. 24-1-2000). 3. Ins. by Act 2 of 2000, s. 3 (w.e.f. 24-1-2000). *. Vide notification No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh. | ||||||||||||||||
Related Section(s)Notwithstanding anything
contained in this Act, the first regulations under this Act shall be made by the Central Government and
shall have effect on being published in the Official Gazette.
(1) A Board may, with the sanction of the Central Government, prescribe
the form in which Port Trust securities shall be issued by it and the mode in which, and the conditions
subject to which, they may be transferred.
(2) The holder of any Port Trust security in any form may obtain in exchange therefor, upon such terms as the Board may from time to time determine, a Port Trust security in any other form prescribed by regulations. (3) The right to sue in respect of moneys secured by Port Trust securities shall be exercisable by the holders thereof for the time being without preference in respect of priority of date. A Board may, from time to time, make regulations to
provide for all or any of the following matters, namely:--
(a) the person, if any, authorised to sign, and the mode of affixing the corporate seal and of attestation of documents relating to Port Trust securities issued or to be issued by the Board; (b) the manner in which payment of interest in respect of such Port Trust securities is to be made, recorded and acknowledged; (c) the circumstances and the manner in which such Port Trust securities may be renewed; (d) the circumstances in which such securities must be renewed before further payment of interest thereon can be claimed; (e) the form in which such securities delivered for renewal, conversion, consolidation or sub-division are to be receipted; (f) the proof which is to be produced by a person applying for duplicate securities; (g) the form and manner of publication of the notification mentioned in sub-section (2) of section 73 and the manner of publication of the list mentioned in sub-section (3) of that section; (h) the nature and amount of indemnity to be given by a person applying for the payment of interest on Port Trust securities alleged to have been wholly or partly lost, stolen or destroyed, or for the issue of duplicate Port Trust securities; (i) the conditions subject to which Port Trust securities may be converted, consolidated or sub-divided; (j) the amounts for which stock certificate may be issued; (k) generally, all matters connected with the grant of duplicate, renewed, converted, consolidated and sub-divided securities; (l) the fees to be paid in respect of the issue of duplicate securities and of the renewal, conversion, consolidation and sub-division of Port Trust securities; (m) the fees to be levied in respect of the issue of stock certificates. | ||||||||||||||||
Related Section(s)1[(1) Notwithstanding anything contained in the Indian Telegraph Act,
1885 (13 of 1885), the functions of the Authority shall be to--
(a) make recommendations, either suo motu or on a request from the licensor, on the following matters, namely:-- (i) need and timing for introduction of new service provider; (ii) terms and conditions of licence to a service provider; (iii) revocation of license for non-compliance of terms and conditions of licence; (iv) measures to facilitate competition and promote efficiency in the operation of telecommunication services so as to facilitate growth in such services; (v) technological improvements in the services provided by the service providers; (vi) type of equipment to be used by the service providers after inspection of equipment used in the network; (vii) measures for the development of telecommunication technology and any other matter relatable to telecommunication industry in general; (viii) efficient management of available spectrum; (b) discharge the following functions, namely:-- (i) ensure compliance of terms and conditions of licence; (ii) notwithstanding anything contained in the terms and conditions of the licence granted before the commencement of the Telecom Regulatory Authority of India (Amendment) Act, 2000 (2 of 2000), fix the terms and conditions of inter-connectivity between the service providers; (iii) ensure technical compatibility and effective inter-connection between different service providers; (iv) regulate arrangement amongst service providers of sharing their revenue derived from providing telecommunication services; (v) lay-down the standards of quality of service to be provided by the service providers and ensure the quality of service and conduct the periodical survey of such service provided by the service providers so as to protect interest of the consumers of telecommunication service; (vi) lay-down and ensure the time period for providing local and long distance circuits of telecommunication between different service providers; (vii) maintain register of inter-connect agreements and of all such other matters as may be provided in the regulations; (viii) keep register maintained under clause (vii) open for inspection to any member of public on payment of such fee and compliance of such other requirement as may be provided in the regulations; (ix) ensure effective compliance of universal service obligations; (c) levy fees and other charges at such rates and in respect of such services as may be determined by regulations; (d) perform such other functions including such administrative and financial functions as may be entrusted to it by the Central Government or as may be necessary to carry out the provisions of this Act: Provided that the recommendations of the Authority specified in clause (a) of this sub-section shall not be binding upon the Central Government: Provided further that the Central Government shall seek the recommendations of the Authority in respect of matters specified in sub-clauses (i) and (ii) of clause (a) of this sub-section in respect of new licence to be issued to a service provider and the Authority shall forward its recommendations within a period of sixty days from the date on which that Government sought the recommendations: Provided also that the Authority may request the Central Government to furnish such information or documents as may be necessary for the purpose of making recommendations under sub-clauses (i) and (ii) of clause (a) of this sub-section and that Government shall supply such information within a period of seven days from receipt of such request: Provided also that the Central Government may issue a licence to a service provider if no recommendations are received from the Authority within the period specified in the second proviso or within such period as may be mutually agreed upon between the Central Government and the Authority: Provided also that if the Central Government, having considered that recommendation of the Authority, comes to a prima facie conclusion that such recommendation cannot be accepted or needs modifications, it shall refer the recommendation back to the Authority for its reconsideration, and the Authority may, within fifteen days from the date of receipt of such reference, forward to the Central Government its recommendation after considering the reference made by that Government. After receipt of further recommendation if any, the Central Government shall take a final decision.] (2) Notwithstanding anything contained in the Indian Telegraph Act, 1885 (13 of 1885), the Authority may, from time to time, by order, notify in the Official Gazette the rates at which the telecommunication services within India and outside India shall be provided under this Act including the rates at which messages shall be transmitted to any country outside India: Provided that the Authority may notify different rates for different persons or class of persons for similar telecommunication services and where different rates are fixed as aforesaid the Authority shall record the reasons therefor. (3) While discharging its functions 2[under sub-section (1) or sub-section (2)], the Authority shall not act against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality. (4) The Authority shall ensure transparency while exercising its powers and discharging its functions.
1 Subs. by s. 9, ibid., for sub-section (1) (w.e.f. 24-1-2000).
2 Subs. by Act 2 of 2000, s. 9, for "under sub-section (1)" (w.e.f. 24-1-2000). (1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the times and places of meetings of the Authority and the procedure to be followed at such meetings under sub-section (1) of section 8, including quorum necessary for the transaction of business; (b) the transaction of business at the meetings of the Authority under sub-section (4) of section 8; 1* * * * * (d) matters in respect of which register is to be maintained by the Authority 2[under sub-clause (vii) of clause (b)] of sub-section (1) of section 11; (e) levy of fee and lay down such other requirements on fulfilment of which a copy of register may be obtained 3[under sub-clause (viii) of clause (b)] of sub-section (1) of section 11; (f) levy of fees and other charges 4[under clause (c)] of sub-section (1) of section 11;
1.. Cl. (c) omitted by s. 14, ibid. (w.e.f. 24-1-2000).
2. Subs. by s. 14, ibid., for under clause (l) (w.e.f. 24-1-2000). 3. Subs. by s. 14, ibid., for under clause (m) (w.e.f. 24-1-2000). 4. Subs. by s. 14, ibid., for under clause (p) (w.e.f. 24-1-2000). | ||||||||||||||||
Related Section(s)The
term of office, the salaries and allowances payable to and the other terms and conditions of service of the
Technical Member (Petroleum and Natural Gas) shall be the same as applicable to the other members of
the Appellate Tribunal.
| ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, to carry out the
purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (r) 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; (s) the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D; (t) the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D; (u) the code of conduct under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (zc) the matters relating to redressal of grievances of policy-holders to protect their interest and to regulate, promote and ensure orderly growth of insurance industry; and (zd) any other matter which is to be, or may be, specified by the regulations made by the Authority or in respect of which provision is to be made or may be made by the regulations. (3) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). | ||||||||||||||||
Related Section(s)1[114A. Power of Authority to make regulations.--(1) The Authority may, by notification in the
Official Gazette, make regulations consistent with this Act and the rules made thereunder, to carry out the
purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: -- 2[(a) manner of making application for registration and documents to be accompanied under sub-section (2) of section 3;] (b) the manner of suspension or cancellation of registration under sub-section (5E) of section 3; (c) such fee, not exceeding five thousand rupees, as may be determined by the regulations for issue of a duplicate certificate of registration under subsection (7) of section 3; 3[(d) such annual fee to the Authority and manner of payment under sub-section (1) of section 3A;] 4 [(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section (I) of section 6A;] 5* * * * * 4[(ea) separation of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-section (1) and sub-section (2AA) of section 10; and its waiver under the said section;] (f) the preparation of balance-sheet, profit and loss account and a separate account of receipts and payments and revenue account 6[under sub-section (1) of section 11]; 7[(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;] 4[(ga) maintenance of records of policies and claims under clause (c) of sub-section (1) of section 14; (gb) manner and form of issuance of policies in electronic form under sub-section (2) of section 14;] 8[(h) the fee for procuring a copy of return or any part thereof under sub-section (I) of section 20;] 9[(i) investment of assets and further provisions regarding investments by an insurer and investment by insurers in certain cases under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;] 10[(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;] 11[(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications in that connection and all other matters incidental thereto under sub-section (7) of section 33;] 12[(ja) the form in which balance-sheets in respect of the insurance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of section 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of section 37A; (jc) the fee to be charged by the insurer under sub-section (3) of section 39; (jd) the manner and amount of remuneration or reward to be paid or received by way of commission or otherwise to an insurance agent or an intermediary or insurance intermediary under section 40; (je) the manner and form of expenses of management under sections 40B and 40C;] 13* * * * * 14* * * * * 15[(m) the requisite qualifications or practical training or examination to be passed for appointment as an insurance agent under clause (e) of sub-section (3) of section 42;] 16* * * * * 17[(o) the code of conduct under clause (h) of sub-section (3) of section 42;] 18* * * * *] (q) the manner and the fees for issue of a licence to an intermediary or an insurance intermediary under sub-section (1) of section 42D; (r) 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; (s) the requisite qualifications and practical training of intermediaries or insurance intermediaries under clause (e) of sub-section (5) of section 42D; (t) the examination to be passed to act as an intermediary or insurance intermediary under clause (f) of sub-section (5) of section 42D; (u) the code of conduct under clause (g) of sub-section (5) of section 42D; (v) the fee for issue of duplicate licence under sub-section (7) of section 42D; 19[ 20* * * * * (vb) the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary under 21*** section 42E; (vc) the form of balance-sheet, as may be specified by the Authority under sub-section (1) of section 49;] 22* * * * * 23[(x) academic qualifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;] 24[(y) the manner of exclusion of certain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing statement under sub-section (3) of section 64V;] (z) the valuation of assets and liabilities under sub-section (3) of section 64V; 25[(za) the matters specified under sub-section (1) of section 64VA relating to sufficiency of assets;] (zaa) the manner of receipt of premium to be specified under sub-section (6) of section 64VB;] 26[(zab) the form, time, manner including authentication of the return giving details of solvency margin under sub-section (9) of section 64VA; (zac) the manner of opening and closing places of business under section 64VC;] (zb) the matters relating to re-insurance under sections 101A and 101B; 27[(zba) the norms for surrender value of life insurance policy under sub-section (1) of section 113;] (zc) the matters relating to redressal of grievances of policy-holders to protect their interest and to regulate, promote and ensure orderly growth of insurance industry; and (zd) any other matter which is to be, or may be, specified by the regulations made by the Authority or in respect of which provision is to be made or may be made by the regulations. (3) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 41 of 1999, s. 30 and the First Schedule (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 101, for clauses (a) and (aa) (w.e.f. 26-12-2014). 3. Subs. by Act 5 of 2015, s. 101, for clause (d) (w.e.f. 26-12-2014). 4. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 5. Clause (e) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 6. Subs. by s. 101, ibid., for "under sub-section (1A) of section 11" (w.e.f. 26-12-2014). 7. Subs. by s. 101, ibid., for clause (g) (w.e.f. 26-12-2014). 8. Subs. by s. 101, ibid., for clause (h) (w.e.f. 26-12-2014). 9. Subs. by s. 101, ibid., clause (i) (w.e.f. 26-12-2014). 10. Subs. by s. 101, ibid., for clauses (ia), (ib), (ic), (id) and (ie) (w.e.f. 26-12-2014). 11. Subs. by Act 5 of 2015, s. 101, for clause (j) (w.e.f. 26-12-2014). 12. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 13. Clause (k) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 14. Clause (l) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 15. Subs. by s. 101, ibid., for clause (m) (w.e.f. 26-12-2014). 16. Clause (n) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 17. Subs. by s. 101, ibid., for clause (o) (w.e.f. 26-12-2014). 18. Clause (p) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 19. Ins. by Act 42 of 2002, s. 17 (w.e.f. 23-9-2002). 20. Clause (va) omitted by Act 5 of 2015, s. 101 (w.e.f. 26-12-2014). 21. The words, brackets and figure "sub-section (2) of" omitted by s. 101, ibid. (w.e.f. 26-12-2014). 22. Clause (w) omitted by s. 101, ibid. (w.e.f. 26-12-2014). 23. Subs. by s. 101, ibid., for clause (x) (w.e.f. 26-12-2014). 24. Subs. by s. 101, ibid., for clause (y) (w.e.f. 26-12-2014). 25. Subs. by s. 101, ibid., for clause (za) (w.e.f. 26-12-2014). 26. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). 27. Ins. by s. 101, ibid. (w.e.f. 26-12-2014). |
