Short title, extent and commencement.

1)

1. This Act may be called Insurance Act, 2010.

2. It shall be effective immediately.

Definition

2. In this Act, unless there is anything repugnant in the subject or context, -

(1) " Approved Auditor” means the auditor appointed by the Authority in accordance

with the provisions of this Act;

(2) "Authorized Investments" means investments authorized by this Act as specified

in the notification of the Government Gazette;

(3) “Approved Securities,” means- Government securities and other securities charged on the revenue of the Government or guaranteed fully as regards principal and interest by the Government; and any debenture or securities which is issued by the parliament under any law, as the power to accumulate money, also included as approved securities that was set up as securities for the act by government gazette notice.

(4) "Participating policy" means a life insurance business concerning contract except money investment contract, health-related agreements, Group Life Insurance contract, Group Health related contract, and under the terms of the agreement the insurant will get profit or surplus arising from the life insurance of the insurer.However, the benefits under the policy, if it is specified by terms and conditions of the agreement and Optional capabilities of insurant are not applicable, and then to fulfill the purpose of this section, dividend or surplus will not to be considered for distribution.

(5) "Financial institution" means the institution which is defined in the Financial Institutions Act, 1993 (1993 Act, ACT No. 27) provisions 2 clause (b);

(6) "Electronic media" means the Internet, mobile, radio, television, tape recorder, cassettes and computer diskettes , CD ROM and anything that is used to promote any electronic medium;

(7) "The insurance business" means insurance business conducted in accordance with Islamic sariyaha;

(8) “Actuary” means an actuary possessing such [qualifications as may be specified by

the regulations made by the Authority];

(9) "Agent employer" means any chartered person under this Act who is employed full time or b - time employees for life insurance related insurer to collect the insurance business;

(10) “Authority” means the Insurance Regulatory Authority established under section

12 of the Insurance Regulatory and Development Authority Act, 2010.

(11) "Company" means a company which is defined in the Companies Act, provisions

2 of sub-section (1) of clause (d)

(12) "Companies Act" means the Companies Act, 1994 (1994 Law No. 18 ACT);

(13) "Continuing disability contract" means a contract when such benefits payable with

respect to following event, namely: -

a) Life insured person died in any reason that described in insurance contract.

b) Insured person became disabled or injured due to accident or illness.

c) Insured person is found as suffered from any disease or in treatment specified in

contract.

(14) "Schedule" means any schedule to this Act;

(15) "Scheduled Bank" means a Scheduled Bank that defined in Bangladesh Bank

Order, 1972 (PO 127 of 1972) of section 2 of clause (j);

(16) Liabilities means any mortgage of movable or immovable property, fined or

floating charge, hypothecation, page, equity transfer or deposit or otherwise interest

transfer by which legal and profitable ownership decreases;

(17) "Registration" means the registration under section 9 of this Act;

(18) "Family" means husband or wife, father, mother, son, daughter,

brother and sister, and shall include all those who are depending on the person;

(19) "Policy" means any insurance contract;

(20) “Reinsurance” means such contract that insurer transferred additional risk of the

insured amount to one or more reinsurer or other insurer in order to limit its liability for

his own interest.

(21) “Return Insurance” means any contract by which reinsurer redistributed

reinsurer’s specific liability to other insurer for his own interest.

(22) "certified" in relation to any copy or translation of a document required to be furnished by or on behalf of an insurer or a provident society as defined in Part III means certified by a principal officer of 6Esuch insurer or provident society to be a true copy or a correct translation, as the case may be;(23) "Regulations" means regulations made under this Act;