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THE INSURANCE ACT, 1938

(ACT NO. IV OF 1938).
  Part No : Chapter No : Section No: [ 26th February, 1938  
  
 
এই আইনটি বীমা আইন, ২০১০ (২০১০ সনের ১৩ নং আইন) দ্বারা রহিত করা হইয়াছে।
     An Act to consolidate and amend the law relating to the business of insurance. 1 2
 
    WHEREAS it is expedient to consolidate and amend the law relating to the business of insurance;



It is hereby enacted as follows:-
 
CONTENTS
 
SECTIONS
 
PART I
PRELIMINARY
1. Short title, extent and commencement
2. Definitions
PART II
PROVISIONS APPLICABLE TO INSURERS
2A. Insurers to be subject to this Act while liabilities remain unsatisfied
2B. This Act not to apply to certain insurers ceasing to enter into new contracts before commencement of Act
2C. Prohibition of transaction of insurance business by certain persons
3. Registration
3A. Renewal of Registration
3AA. Insurers not to transact both life and general insurance business
3B. Rates, terms and conditions of operation of an insurer
3BB. Basis for determination of premium rates
3BBB. Determination of premium rates for general insurance business
3C. Provisions relating to collection of premiums
3D. Provisions relating to reinsurances and insurances abroad
3E. Licensing of branch offices of insurers
3F. Restriction on issue of certain policies at new rates, etc.
4. [Omitted.]
5. Restriction on name of insurer
6. Requirements as to capital and share-holdings
7. Deposits
8. Reservation of deposits
9. Refund of deposits
10. Separation of accounts and funds
11. Accounts and balance-sheet
12. Audit
12A. Special audit
13. Actuarial report and abstract
14. Register of policies and register of claims
15. Submission of returns
16.[Omitted.]
17. Exemption from certain provisions of the Companies Act, 1913
17A. [Omitted.]
18. Furnishing reports
19. Abstract of proceedings of general meetings
20. Custody and inspection of documents and supply of copies
21. Powers of Chief Controller of Insurance regarding returns
22. Power of Chief Controller of Insurance to order revaluation 23. Evidence of documents
23. Evidence of documents
24. [Omitted.]
25. Returns to be published in statutory forms
26. Alterations in the particulars furnished with application for registration to be reported
INVESTMENT, LOANS AND MANAGEMENT
27. Investment of assets
27A. Insurers of general insurance business to have assets invested in Bangladesh
27B. Restriction on certain investments, etc.
28. Statement of investments of assets
29. Prohibition of loans
30. Liability of directors, etc., for loss due to contraventions of sections 27 and 29
31. Assets of insurer how to be kept
32. Appointment of managing agent prohibited
32A. Power to restrict payment of excessive remuneration
32B. Provisions relating to managers, etc.
INVESTIGATION
33. Power of Chief Controller of Insurance to order investigation
34. Powers of investigator
34A. Power to give directions to the insurer
34B. Power to require calling of meeting of directors, etc.