Controller of Insurance definition

Controller of Insurance means the officer appointed by the Central Government under section 2B to exercise all the powers, discharge the functions and performs the duties of the Authority under this Act or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) or the Insurance Regulatory and Deve-lopment Authority Act, 1999;
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Controller of Insurance or "Controller" means the officer appointed by the Central Government to perform the duties of the Controller of Insurance under this Act;
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Examples of Controller of Insurance in a sentence

  • Insurance Industry Basics8 1.3 State Promotion of InsuranceAccording to the Chief Controller of Insurance, the state’s role in the promotion of insurance has been limited to regulation and supervision.

  • The office of the Controller of Insurance under the Ministry of Commerce was abolished by the Insurance Development and Regulatory Authority Act 2010; and Insurance Development and Regulatory Authority (IDRA) is functioning under the of the Ministry of Finance (previously under the Ministry of Commerce).

  • If at any time, the Authority is superseded under sub-section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub-section (3) of section 19 of that Act.”.6.

  • The Controller of Insurance was appointed by the Government under the provisions of the Insurance Act.

  • Private insurance companies are currently regulated by the Office of the Chief Controller of Insurance (OCCI), Ministry of Commerce, under the Insurance Act, 1938.

  • It was registered with the Controller of Insurance in November 1995 to carry out non-life insurance business comprising fire, marine, motor, aviation, engineering, transportation, etc.

  • This will be maintained for depositing amounts required for payment of insurance/reinsurance premia and for receiving insurance/reinsurance claims against covers taken in foreign currency outside Pakistan with the approval of the Controller of Insurance or with State Bank’s approval from an insurer in Pakistan, provided that amounts not required for meeting expenditure in foreign exchange will be repatriated to Pakistan and converted into rupees.

  • UNCTAD advisory services on this issue in 1996-1997 assisted the PA Controller of Insurance in brokering the insurance law, defining the role of the supervisory authority and the effective operation of the motor accident victims’ fund.

  • The Act provides the relevant legal framework for the regulation and supervision of insurers and insurance intermediaries (insurance brokers and insurance agents).Classes of Insurance Business Carried on by Insurers Long Term (15) General (19) 031207 Prior to the promulgation of the Act, the insurance industry was regulated by the Controller of Insurance acting under the powers vested by the Control of Insurance Act, No. 25 of 1962.

  • It was registered with the Controller of Insurance in November 1995 to carry out non−life insurance business comprising fire, marine, motor, aviation, engineering, transportation, health, etc.

Related to Controller of Insurance

  • In-Orbit Insurance means, with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any Restricted Subsidiary, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of co-insurance in an amount up to $150.0 million) or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and conditions set forth in this Indenture.

  • Controller of Examinations means the Controller of Examinations of the University;

  • Certificate of Insurance means a document showing that an insurance policy has been written and includes a statement of the coverage of the policy.

  • Blanket insurance policy means a group policy covering a defined class of

  • contract of insurance means an agreement between the Secretary of Education and either the Trustee or the Seller providing for the insurance by the Secretary of Education of the principal of and accrued interest on a FFELP Loan to the maximum extent permitted under the Higher Education Act.

  • Period of Insurance means the period commencing from the retroactive date and terminating on the expiry date as shown in the Policy Schedule.

  • FHA Insurance means the Federal mortgage insurance authorized pursuant to Section 220, 221(d)(3), 221 (d)(4) or 223(f) of Title II of the National Housing Act of 1934, as amended.

  • Insurance Regulator means, with respect to any jurisdiction, the Governmental Authority charged with the supervision of insurance companies in such jurisdiction.

  • Insurance Advisor means Aon Risk Services and any replacement thereof appointed by the Required Secured Parties and, if no Event of Default shall then be occurring, after consultation with the Borrower.

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • Insurance Administration means, with respect to each Shared Policy, the accounting for premiums, retrospectively-rated premiums, defense costs, indemnity payments, deductibles and retentions, as appropriate, under the terms and conditions of each of the Shared Policies; and the reporting to excess insurance carriers of any losses or claims which may cause the per-occurrence, per claim or aggregate limits of any Shared Policy to be exceeded, and the distribution of Insurance Proceeds as contemplated by this Agreement.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Blanket travel insurance means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group.

  • FHA Mortgage Insurance means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Required Insurance shall have the meaning provided in Section 9.03.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Insurance Commissioner means the Insurance Commissioner

  • Environmental Insurance Policy means, with respect to any Mortgage Loan or the related Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgage Loan, Mortgaged Property or REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • FHA Mortgage Insurance Contract means the contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

  • Primary Mortgage Insurance Insurance obtained from a Primary Mortgage Insurer which insures the holder of a Mortgage Note against loss in the event the related Borrower defaults under such Mortgage Note or the related Security Instrument, including all riders and endorsements thereto.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.