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As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false within 2 yrs from the date of the issuance of the policy or commencement of the risk.
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The same can be utilised by way of amalgmating the NBFC company with Non NBFC company.
When did the Federal Deposit Insurance Corporation Improvement Act pass?
The Federal Deposit Insurance Corporation Improvement Act passed in 1991
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Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) is exempted from income-tax. However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.
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it is based on the equity principle of common law section 80, of marine insurance act refers to rateable share to strangers may insecure separately but need to contribute in case of a loss to the insecure
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The same can be utilised by way of amalgmating the NBFC company with Non NBFC company.
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