Section 31A of IA : Section 31A: Provisions Relating To Managers, Etc

IA

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Explanation using Example

Imagine a scenario where XYZ Insurance Pvt. Ltd. has been operating for several years with its management structure in place. The company's CEO, Mr. Aman, has a contract that includes a clause allowing him to nominate his successor upon his retirement. Mr. Aman's compensation package also includes a significant bonus based on the company's life insurance valuation surplus.

However, under Section 31A of the Insurance Act, 1938, after one year from the commencement of the Insurance (Amendment) Act, 1950, XYZ Insurance Pvt. Ltd. must make changes to comply with the law:

  • Mr. Aman's contract clause allowing him to nominate ...

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