Question
What is the paid up equity capital requirement for a
life insurance company?Solution
The Insurance Act, 1938. S. 6. Requirement as to capital .--(1) No insurer not being an insurer as defined in sub-clause (d) of clause (9) of section 2, carrying on the business of life insurance, general insurance, health insurance or re-insurance in India or after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall be registered unless he has,-- (i) a paid-up equity capital of rupees one hundred crore, in case of a person carrying on the business of life insurance or general insurance; or
Where a person who is in a position to dominate the will of another, enters into a contract with him, and the transaction appears, on the face of it or ...
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