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PART B DEFINITIONS i.Act: Means Insurance Act, 1938, as amended from timetotime.ii.Age: Means the age of the Primary Annuitant/Secondary Annuitant on the last birthday (as per the English calendar)iii.Assignee:
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The Insurance Act of 1938 is a legislation in India that regulates the insurance industry, outlining the framework for incorporating insurance companies, ensuring financial stability, and protecting policyholders' interests.
Insurance companies operating in India are required to file under the Insurance Act of 1938 to be legally incorporated and to maintain compliance with regulatory standards.
To fill out the Insurance Act of 1938 incorporating application, one must provide necessary details about the company, including its name, registered office, capital structure, management details, and other required documents along with the application form.
The purpose of the Insurance Act of 1938 is to provide a legal framework for the insurance business in India, promoting the orderly growth of the insurance sector, protecting the interests of policyholders, and ensuring the financial soundness of insurance companies.
The information that must be reported includes the company's name, registered office address, memorandum and articles of association, details of directors and shareholders, financial statements, and compliance with capital requirements.
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