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[Section Index]

The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Rates, terms and conditions of operation of an insurer
1[3B. If, when considering an application for registration under section 3 or at any other time, it appears to the Chief Controller of Insurance that the rates, advantages, terms and conditions offered or to be offered in connection with, or any
 
 
class, condition or warranty in, any proposal, policy or other forms of any class or sub-class of insurance business are in any respect not workable or sound or are in any respect unrealistic or un-reasonable in relation to the general experience of the business of that class or sub-class in Bangladesh or any provision in the memorandum and Articles of Association or the instrument constituting or defining the constitution of the insurer is objectionable or that the reinsurance arrangements of the insurer are not adequate, he may, by order in writing and after giving the insurer an opportunity of being heard, issue such directions to the insurer or require the insurer to make within such time as may be specified in the order such modifications, additions, or omissions in the said rates, advantages, terms, conditions, clauses, warranties, memorandum and articles of association, instrument or reinsurance arrangements as he may think necessary:
 
 
 
 
Provided that no directions under this section shall be issued without the prior approval of the Government to an insurer already registered under this Act.]

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    Section 3B was inserted by section 4 of the Insurance (Amendment) Act, 1946 (Act No. VI of 1946)
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