Print View

[Section Index]

The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Actuarial examination of schemes
83. (1) Every provident society 1[shall cause every scheme of insurance which it proposes to put into operation] to be examined by an actuary, and shall not receive any premium or contribution in connection with the scheme until the actuary has certified that the rates, advantages, terms and conditions of the scheme are workable and sound, and such certificate has been forwarded to the Chief Controller of Insurance.
 
 
 
 
(2) The provisions of sub-section (1) shall apply to any alteration of a scheme already in operation but the Chief Controller of Insurance may, if he is of opinion that the alteration unfairly affects the interests of existing policy-holders, prohibit the alteration, and, if he does so, the society shall not put the altered scheme into operation, unless it first discharges to the satisfaction of the Chief Controller of Insurance all its liabilities to those of the existing policy-holders who dissent from the alteration.

  • 1
    The words “shall cause every scheme of insurance which it proposes to put into operation” were substituted for the commas, words and figure “, registered after the commencement of this Act, shall cause every scheme of insurance which it proposes to put into operation, and every provident society registered before the commencement of this Act under the provisions of the Provident Insurance Societies Act, 1912, shall cause any scheme which it proposes to put into operation for the first time after such commencement” by section 3 and the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973)
Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs