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The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Prohibition of transaction of insurance business by certain persons
1[2C. (1) No person other than-
 
 
 
 
(a) a public company, or
 
 
 
 
(b) a society registered under 2[any] law for the time being in force in Bangladesh relating to co-operative societies, or
 
 
 
 
(c) a body corporate incorporated under the law of any country outside Bangladesh not being of the nature of a private company or a subsidiary of a private company,
 
 
 
 
shall start any insurance business in Bangladesh and a person, other than a person specified in clause (a), (b) or (c), who, immediately before the commencement of the Insurance (Amendment) Ordinance, 1958, was carrying on such business in Bangladesh shall, after the expiry of one year from such commencement, discontinue such business.
 
 
 
 
(2) No Mutual Insurance Company which was not registered, before the commencement of the Insurance (Amendment) Ordinance, 1958, for any class of insurance business, shall be registered for any class of general insurance business and no Mutual Insurance Company which was registered, before such commencement, for any class of insurance business, shall, be registered for any additional class of insurance business unless such company satisfies such conditions as may be prescribed.
 
 
 
 
Explanation.- In this section, ÔÇÿMutual Insurance Company' has the meaning assigned to it in Part IV of this Act and includes any company constituted or incorporated outside Bangladesh which is of the nature of a Mutual Insurance Company.]

  • 1
    Section 2C was inserted by section 3 of the Insurance (Amendment) Act, 1958 (Act No. XXVII of 1958)
  • 2
    The word “any” was substituted for the words, commas and figure “the Co-operative Societies Act, 1912, or under any other” by section 3 and the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973)
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