Section 37 of IA : Section 37: Statements Required After Amalgamation And Transfer

Explanation using Example

Imagine that two insurance companies, FastLife Insurance Co. and SecureFuture Insurance Ltd., have agreed to merge into a single entity to be named UnitedInsure Co. The amalgamation is intended to help both companies leverage their resources better and expand their market share. Upon the completion of this merger, UnitedInsure Co. is required by law, specifically under Section 37 of The Insurance Act, 1938, to report the details of this corporate action to the Authority, which is the regulatory body for insurance in the country.

To comply with Section 37, within three months following the merger, UnitedInsure Co. must submit the following to the Authority:

1. A certified copy ...

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