Page 93 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices

Notes (ii) Has his or its principal place of business or is domiciled in India, or
(iii) With the object of obtaining insurance business, employs a representative, or
maintains a place of business, in India;

(b) Anybody corporate [not being a person specified in sub-clause (c) of this clause] carrying
on the business of insurance, which is a body corporate incorporated under any law for the
time being in force in India; or stands to any such body corporate in the relation of a
subsidiary company within the meaning of the Indian Companies Act, 1913 (7 of 1913), as
defined by sub-section (2) of section 2 of that Act, and
(c) Any person who in India has a standing contract with underwriters who are members of
the Society of Lloyd’s whereby such person is authorized within the terms of such contract
to issue protection notes, cover notes, or other documents granting insurance cover to
others on behalf of the underwriters.

But does not include a principal agent’ chief agent, special agent’ or an insurance agent or a
provident society as defined in Part III;
(10) “Insurance Agent” means an insurance agent licensed under Sec. 42 who receives agrees to
receive payment by way of commission or other remuneration in consideration of his soliciting
or procuring insurance business including business relating to the continuance, renewal or
revival of policies of insurance;
(10A) “Investment Company” means a company whose principal business is the acquisition of
shares, stocks debentures or other securities;
(10B) “Intermediary or Insurance Intermediary” shall have the meaning assigned to it in clause
(f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act,
1999 (41 of 1999);
(11) “Life Insurance Business” means the business of effecting contracts of insurance upon human
life, including any contract whereby the payment of money is assured on death (except death by
accident only) or the happening of any;
(12) “Manager” and “Officer” have the meanings assigned to those expressions in clauses (9) and
(11), respectively of Section 2 of the Indian Companies Act, 1913 (7 of 1913);
(13) “Managing Agent” means a person, firm or company entitled to the management of the
whole affairs of a company by virtue of an agreement with the company, and under the control
and direction of the directors except to the extent, if any, otherwise provided for in the agreement,
and includes any person, firm or company occupying such position by whatever name called.

Notes If a person occupying the position of managing agent calls himself manager or
managing director, he shall nevertheless be regarded as managing agent for the purposes
of Sec. 32 of this Act.
(13A) “Marine Insurance Business” means the business of effecting contracts of insurance upon
vessels of any description, including cargoes, freights and other interests which may be legally
insured, in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and
property of whatever description insured for any transit, by land or water, or both, and whether
or not including warehouse risks or similar risks in addition or as incidental to such transit, and
includes any other risks customarily included among the risks insured against in marine insurance
policies;

88 LOVELY PROFESSIONAL UNIVERSITY