Section 7, Emergency Risks (Under-Takings) Insurance Act, 1971 [S1M-YK7]
As at 7 September 2026. In force from 1 December 1971.
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, Emergency Risks (Under-Takings) Insurance Act, 1971 [S1MYER] (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, Emergency Risks (Under-Takings) Insurance Act, 1971 [S1MYER] (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 36, Emergency Risks (Under-Takings) Insurance Act, 1971 [S1M-ZG5], 1 December 1971, Band A. "section 7".
Rule 6, Emergency Risks (Under-Takings) Insurance Act Rules, 1973 [S1P-3Q4], 20 December 1973, Band A. "sub-section (2) of section 7 of the Act".
Not held (0)
none
Duties published under this section (1)
D11-2WH. 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).