Section 35 of IA : Section 35: Amalgamation And Transfer Of Insurance Business

Explanation using Example

Imagine a scenario where Insurance Company A wants to merge with Insurance Company B. According to Section 35 of the Insurance Act, 1938, they cannot simply decide to merge and start operating as a single entity. Instead, they must first prepare a detailed scheme outlining how the transfer or amalgamation will occur. This scheme must then be approved by the Insurance Regulatory and Development Authority (IRDA).

Before applying for approval, Company A and Company B must inform the IRDA about th...

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