National Insurance Commission Act

Arrangement of Sections

Part I: Establishment, Etc. of the National Insurance Commission and its Governing Board

1. Establishment, etc of the National Insurance Commission.

2. Governing Board of the Commission.

3. Tenure of office.

4. Removal from office.5.Allowance of members of the Board.

Part II: Objects, Functions

6. Objects of the Commission.

7. Functions of the Commission.

8. Powers of the Commission.

9. Powers of the Board.

Part III: Staff of the Commission

10. Appointment of Commissioner of Insurance.

11. Appointment, etc. of Deputy Commissioners.

12. Disqualification for appointment as Commissioner or Deputy Commissioner.

13. Commissioner and Deputy Commissioners to be fully devoted to the service of the Commission.

14. Directors and other employees of the Commission.15.Condition of service of staff.

Part IV: Financial Provisions

16. Resources of the Commission.

17. Funds of the Commission.

18. Operating Fund.

19. Education Fund.

20. Security and Development Fund.

21. General Reserve Fund.

22. Power to accept gifts.

23. Annual estimates, accounts and audits.

24. Annual reports.

Part V: Collection of Levy from Insurers, etc.

25. Returns for collection of levy.

26. Further Returns. etc.

27. Assessment by the Commission.

28. Appeal to the Minister.

29. Failure to pay sum due to or any installment thereof and recovery.

30. Offences under this Part.

Part VI: Supervision

31. Establishment, etc. and staff of the Inspectorate Department.

32. Powers of inspectors.

33. Duty of Insurance Institution to produce books, etc. to Inspector.

34. Report of Inspection.

35. Special Inspection.

36. Actuarial Investigation.

37. Other Forms of Supervision: General.

38. Requirement about investment.

39. Power to obtain information and production of documents.

40. Residual Powers to impose requirements to protect policy holders.

Part VII: Failing and Failed Insurers, etc.

41. Failing insurance institutions.

42. Control of failing insurance institutions.

43. Management of failing insurance institutions.

44. Application for order for revocation of certificate of insurance institution.

45. Duty to notify insurance institution or person to be affected.