Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-EYJ]

As at 7 September 2026. In force from 26 January 1961.

In Deposit Insurance and Credit Guarantee Corporation Act, 1961 [A10-H3Z]. This text from 26 January 1961. No other text held.

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

Cite: Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1G-EYJ]. Machine: S1G-EYJ.

2. Definitions.—In this Act, unless the context otherwise requires,— (a) "insurer" means an Indian insurance company or a statutory body established by an Act of Parliament to carry on insurance business; (b) "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; (c) "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); (d) "intermediary" includes insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors; (e) "premium" means the consideration payable under a policy; (f) "notification" means a notification published in the Official Gazette, and the expression "notified" shall be construed accordingly; (g) "prescribed" means prescribed by rules made under this Act.

Defined terms in this text (5)

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.

insurer: Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1GEYJ] (In this Act, unless the context otherwise requires,—): "insurer" means an Indian insurance company or a statutory body established by an Act of Parliament to carry on insurance business

insurer: 7 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.

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.

premium: Section 2, Deposit Insurance and Credit Guarantee Corporation Act, 1961 [S1GEYJ] (In this Act, unless the context otherwise requires,—): "premium" means the consideration payable under a policy

premium: 6 more definitions.

Made under this section, or naming it (0)

none

Cited by (1)

Rule 2, Deposit Insurance and Credit Guarantee Corporation Act Rules, 1962 [S1H-9C7], 9 July 1962, Band A. " (2) Words and expressions used herein and not defined but defined in the Act shall have the meanings respectively assigned to them in the Act".

Not held (0)

none

Duties published under this section (0)

none