Print View

[Section Index]

The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Statement of investments of assets
 
 
 
 
28. (1) Every insurer registered under this Act carrying on the business of life insurance shall every year, within thirty-one days from the beginning of the year, submit to the Chief Statement of investments of assets
 
 
 
 
 
 
Controller of Insurance a return showing as at the 31st day of December of the preceding year the assets held invested in accordance with section 27, and all other particulars necessary to establish that the requirements of that section have been complied with, and such return shall be certified by a principal officer of the insurer.
 
 
 
 
(2) Every such insurer shall also furnish, within fifteen days from the last day of March, June and September, a return certified as aforesaid showing as at the end of each of the said months the assets held invested in accordance with section 27.
 
 
 
 
(3) The Chief Controller of Insurance may at his discretion require any insurer to whom sub-section (1) applies to submit before the 1st day of August in each or any year a return of the nature referred to in sub-section (1), certified as required by that sub-section and prepared as at the 30th day of June.
 
 
 
 
(4) In the case of an insurer having his principal place of business or domicile outside Bangladesh, the Chief Controller of Insurance may, on application made by the insurer, extend the periods of fifteen and thirty-one days mentioned in the foregoing sub-sections to thirty days and sixty days, respectively.
 
 
 
 
(5) The Chief Controller of Insurance shall be entitled at any time to take such steps as he may consider necessary for the inspection or verification of the assets invested in compliance with section 27 or for the purpose of securing the particulars necessary to establish that the requirements of that section have been complied with. The insurer shall comply with any requisition made in this behalf by the Chief Controller of Insurance, and if he fails to do so within two months from the receipt of the requisition he shall be deemed to have made default in complying with the requirements of this section.

Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs