Laws of Bangladesh

The Insurance Act, 1938

( ACT NO. IV OF 1938 )

Power of Government to make rules
114. (1) The Government may, subject to the condition of previous publication by notification in the official Gazette, make rules to carry out the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may prescribe-
(a) the qualifications to be possessed by actuaries;
1[(aa) the form and language of documents issued to the public by insurers;
(aaa) the qualifications and experience which the principal officer of an insurer and any other officer of a class specified in the rules shall possess;]
(b) the manner in which it shall be determined which of the transactions of an insurer are to be deemed for the purposes of this Act to be insurance business transacted in Bangladesh;
(c) the procedure to be followed by the Bangladesh Bank in dealing with deposits made in pursuance of this Act, including the receipt of, custody of, withdrawal of, and payment of interest on securities lodged as such deposits, and their inspection and verification by the Chief Controller of Insurance;
2[* * *]
(e) the manner in which the prospectuses and tables referred to in sub-section (1) of section 41 shall be published and the form in which they shall be drawn up;
(f) the matters to be prescribed for the purposes of section 48;
(g) the manner in which licences to act as insurance agents may be applied for, issued or cancelled;
(h) the contingencies other than those specified in clauses (a) to (f) of sub-section (2) of section 65 on the happening of which money may be paid by provident societies;
(i) the matters other than those specified in clauses (a) to (o) of sub-section (1) of section 74 on which a provident society shall make rules;
(j) the form of any account, return or register required by Part III and the manner in which such account, return or register shall be verified;
(k) subject to the provisions of this Act, the fees payable thereunder and the manner in which they are to be collected;
(l) the conditions and the matters which may be prescribed under sub-sections (5), (6), (10) and (12) of section 92;
(m) any other matter which is to be or may be prescribed.
(3) [Omitted by section 11 of the Insurance (Amendment) Act, 1993 (Act No. XII of 1993).]
(4) [Omitted by section 3 and the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).]

  • 1
    Clauses (aa) and (aaa) were inserted by section 37 of the Insurance (Amendment) Ordinance, 1970 (Ordinance No. XXV of 1970)
  • 2
    Clause (d) was omitted by section 48 of the Insurance (Amendment) Act, 1958 (Act No. XXVI of 1958)
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