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The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Renewal of Registration
1[3A. (1) An insurer who has been granted a certificate of registration under section 3 shall have the registration renewed annually for each year.
 
 
 
 
(2) An application for the renewal of a registration for any year shall be made by the insurer to the Chief Controller of Insurance before the 31st day of December of the preceding year, and shall be accompanied as provided in sub-section (3) by evidence of payment of a fee of 2[three Taka and fifty poisha] per thousand of gross direct premium written in Bangladesh during the year preceding the year ending on the said date.
 
 
 
 
(2A) and (2B) [Omitted by section 3 of the Insurance (Amendment) Ordinance 1984 (Ordinance No. L of 1984.]
 
 
 
 
(3) The prescribed fee for the renewal of a registration for any year shall be paid into the Bangladesh Bank or, where there is no office of that Bank, into the 3[Sonali Bank] acting as the agent of that Bank, or into any Government treasury, and the receipt shall be sent along with the application for renewal of the registration.
 
 
 
 
(4) If an insurer fails to apply for renewal of registration before the date specified in sub-section (2) the Chief Controller of Insurance may, so long as an application to the Court under sub-section (5D) of section 3 has not been made, accept an application for renewal of the registration on receipt from the insurer of the fee payable with the application and such penalty, not exceeding the prescribed fee payable by him as the Chief Controller of Insurance may require:
 
 
Provided that an appeal shall lie to the Government from an order passed by the Chief Controller of Insurance imposing a penalty on the insurer.
 
 
 
 
(5) The Chief Controller of Insurance shall, on fulfilment by the insurer of the requirements of this section, renew the registration and grant him a certificate of renewal of registration.]

  • 1
    Section 3A was inserted by section 4 of the Insurance (Amendment) Act, 1941 (Act No. XIII of 1941)
  • 2
    The words “three Taka and fifty poisha” were substituted for the words “one Taka and fifty poisha” by section 3 of the Insurance (Amendment) Act, 2004 (Act No. IV of 2004)
  • 3
    The words “Sonali Bank” were substituted for the words “National Bank of Pakistan” 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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Ministry of Law, Justice and Parliamentary Affairs