Section 7, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-F39]
As at 7 September 2026. In force from 26 January 1961.
7. Maintenance of records and furnishing of returns.—(1) Every policy-holder shall maintain such records and registers relating to the holding of a policy as may be prescribed and shall preserve them for a period of five years. (2) Every policy-holder shall furnish to the Authority a return in Form IRDA-2 within thirty days from the end of every financial year, and such other information as the Authority may, by order in writing, require.
Defined terms in this text (2)
Authority: Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1GEYJ] (In this Act, unless the context otherwise requires,—): "Authority" means the Insurance Regulatory and Development Authority of India established under section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)
Authority: 22 more definitions.
policy-holder: Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1GEYJ] (In this Act, unless the context otherwise requires,—): "policy-holder" includes a person to whom the whole of the interest of the policy-holder in the policy is assigned once and for all
policy-holder: 7 more definitions.
Made under this section, or naming it (0)
none
Cited by (2)
Section 58, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-GPN], 26 January 1961, Band A. "section 7".
Rule 6, Deposit Insurance and Credit Guarantee Corporation Act Rules, 1962 [S1H-9GT], 9 July 1962, Band A. "sub-section (2) of section 7 of the Act".
Not held (0)
none
Duties published under this section (1)
D10-TTT. Every policy-holder: Maintain records and registers of the holding of a policy; preserve for five years; furnish the annual return in Form IRDA-2; thirty days from the end of every financial year; Form IRDA-2. Published by Department of Financial Services, Ministry of Finance (synthetic record).