INDIA CODE
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26 January 1961. The pages below are read as at that date. Where a page holds no text for it, the page says so. Clear the date

Section 48, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-GC4]

As at 26 January 1961. In force from 26 January 1961.

In Deposit Insurance and Credit Guarantee Corporation Act, 1961 [A10-H3Z]. This text from 26 January 1961 to 23 October 1991. Other texts (1): from 24 October 1991.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 48, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-GC4]. Machine: S1G-GC4@1961-01-26.

48. Grant of licence.—(1) An application for a licence to undertake the business of an insurance intermediary shall be made to the Authority in Form IRDA-2, accompanied by a fee of one thousand rupees. (2) The Authority may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Authority may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.

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.

intermediary: Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1GEYJ] (In this Act, unless the context otherwise requires,—): "intermediary" includes insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors

intermediary: 25 more definitions.

Made under this section, or naming it (0)

none

Cited by (2)

Section 47, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-GBA], 26 January 1961, Band A. "section 48".

Section 2, Deposit Insurance and Credit Guarantee Corporation Act (Amendment) Act, 1991 [S1W-QGA], 24 October 1991, Band A. "section 48 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961)".

Not held (0)

none

Duties published under this section (0)

none

Section 48, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-GC4]