The Allianz and Stuttgarter Life Insurance Bank (Transfer) Ordinance, 1950

' • • .· , ' . . : . . . . . . • . . ' '• .. ' • f · ,, ·' ··' · . • , ... ✓• , . --. •' :.: ::· .. ' · · · · BANK (TRANSFER) ORDINANCE, 1950 .. , ' No. XXIV OF 1950 • "l ; . . . __ (Published in the Gazette of IndilJ E~traor_din~ry, Part 11, B_eotion [ . dal.e<l tlie • 1st September, 1950). • '- ·-- :· • .i1 Ord!nance to provide for the transfer of the business of the- . . ,.... A~anz Un~ Stu~tgarter Life Insurance Bank, Limited, to the ~:-(J United India Life Assurance Company, Limited and for [. matters connected therewith. ' :-.!" "· r, . f. ' · .. ... -. . . . • • . . • HE~EAS a Bill to provi~e for the transfer of the business of the· Allianz Und Stuttgarter Life Insurance Bank Limited to the United India Life Assurance Company, Limited, and for ~atters co~nected there­ with has been introduced in Parliament but has not yet been passed· .t ~ WHEREAS Parli~ment_ is not in s~ssion and the President is satisfied that ClIC':Imstanc~s exist which render 1t necessary for him to take imme­ diate action to give effect to the provisions of the said Bill; _Now, THERUo~, in ~e:xe!Cise of the __ powe~ conferred by clause (1) of ~t1cle_ ·123 . of ~he Const1tut1on, ihe President is plea~ to promu\g•~ -~ tallowing Ordinance:·- • 1. :Short title and eom1nenoe1aen~ .(1) This ,Ordinance -may be eaJJ.esl the Allianz Und ·Stuttgarter Life :I.nsurance :Bank (Transfer.) '.Ordinance 1950. • · -(2) It shall ~me ,into ·force .at~- " :2 .. D.eflnitions .. --:In .this • Ordin~ce, -~ess tb.e -.cont~t . oUterwi~ reqwres,- . " . _(a) ''the Act'' meaps the I~urance Ac~ .1938 (IV ()f .193~); (b) ·'~transferee company'' ·means the United India Life I\SS11rance Company, Limited, having its registered office .in ·Madras; . (c.) ,·,transferor company'' means the ·Allian_z Und_ Stµttg~rte.r Ljfe Insurance ·Bank, Limited. • 3. Transfer of assets and liabilities of the transferor :·eompany to the transferee ·company. All the assets and liabilities of the transferor com­ :.-•. i~Y .which relate to or arise out of the life insurance business of the . ~ransferor company carried on immediately before the commencement of • •• • I , , • .. . • this Ordinance by Messrs. A . . F. Ferguson anfi CJ)n1pany, Char~ered 0 ·- • Accountants of Bombay, under the Defence of India Rules shall, by virtue.._2_, .... ,..,. .. -;: .. ' .. . . ' . ~- . . . . :.: . . . --·· .. : . ,. ' . ... - . • !· ' ' • of this Ordinance stand transferred to and vest in the transferee company, subject to the pr~vtsio~s of this Ordinanc~ and t-o the terms and conditions specified in the First .Schedule. ~•. ·· Effect ·of transfer\ of ,assets aad: llabWtles • to -.ttansferee oompany .­ (Tl) ·Eve1-y contract of life insuraJ?-ce, en~ered into between tlle tra~sferor companv and the holder of any life policy before· the ~rnm~c~m~t of t_h_is .. Ordinance) shall .. have effect .. as . from ,S\1.ch com.me,icem.ent ~s 1f the . . . . . . . . .. . . . . ... . , .. '. . P,;ioe anna • 1 or l½d. , . ., . • - . . . " . I • . ' ' • ' . Utwl Btuttgartsr Life Inauranos Bank t . Allians (Transfer) • h d been a party to the contract instead of the t transferee company f!r any reference (however worded and w~ethe~na. press or impl1~ f lling to ·be done on or 8:f ter such commencement aa re!pects anything a f ee company and with such other rnodifica ! a reference to the tran~ e~ransfer rights, liabilities and obligations t!~na as may be necesfsary o nperf ormed, fro~ the transferor company to ther the con tract so ar ~s u e transfer~e company· ision in any such con.tract ~or the payment Provided that 1:1° P::S~·or dividend on-any life ppl1cy shall have eff of •ny bQnus. profit£ inte company except on the basis of an actuarial vJct ag_ainst th~e t~:Jn~;e of the transferor company ~ade after the ooru. at1on of t f thi -Ordinance and to the extent, 1f any, that may ~· mencement o s • .. recommended by the actuary. . (2) For the removal of doubts it is hereby declared that no~ithstand - d . • or rule of law to the contrary, no contract of life insur- ing any. ec111~~ed to in sub-section (l) shall be deemed to have been d~ce 1as J.s ~:r~ly by reason of the declaration that war had broken out b~t~e~~ the Government of the United Kingdom and Germany. · 5 Cessation of payment of commission to pa~t in~urance agents.-(J)1 Not~ithstanding anythin~ to .the contrary contained 1n the Act or in any • th r law for the time being 1n force or 1n -any contract, all contracts ot ~ge~cy entered into.befQre the 31s~ day of July, 1942, between an insur­ ance agent, a special agent or a;ch1ef· agen~ (by . whatever • name called)' and the transferor ~.C?1:11P.~11Y,. ~nd. any- .appoJ~~ment ~B:de befor~. the said date: wh~reby remunerat~C?n 1s. p~y~ble to any _per~o~ _ 1~ the forn~ of com .. iriissiori'"br borius, shall be deeme~ ~o have bee~ ternnn~ted with effeci from the said date and no comm1~s1on or bonus ~ue to such age_nt or person,: wh~ther I on _re~ewa! :pr_em1ums or--otherwise, shall·· ~e payable to wm.-.in respect -=of any life~ pol1c1es :p:ro.cured~ by.· or _through him be£ ore the • said date. (2) Notwithstanding anything t~the co~tra:ry .contained in any· law for the. t_ime .. ~~_ing in -~ore~!- ~o COJ?P'=ns~t1on .. shall_ be P,ayable to any petsbn ;for tne termination;·- 1n pursuance of·· tJi1s section, • of any contract of agency or oth~~ appointment. . • . • • . .. . .. ,' . . . : . ,. : . . . :- .. -' ,,., : ~ . ~ .: :; • : . • ' 6. Provision for· facilitating tratisfer.-Tne· ~entral Government may, by 1order: notified • 'in· th_e Offici~l·_Gazette,~ m~ke s~c~ incidental, supple- . mentary or · consequential prov1.s1ons· ·as, • 1n its op1n1on, are necessary to secure that the transfer. of the assets and liabilities of the transferor com-· p·ariy to the transferee company are fully and ·effectively carried out, and in particular and, without prejudice to the generality of such power, pro- vision may be ·made by ·order--· • , : • • . (a) for adapting the terms of contracts • entered into betwee .. • • the transferor company and any other person before the commenc . ment of th~s Ordina~ce, s~ as to ~onform to the changes co~sequent . _on the passing ef this Ordinance 1n the circumstances in which the . . contracts tvill fall to be performed after such commencement· ~ -. -.. . • • ' _:: • · • . (b) for requiring any person concerned with the keeping of the . register of the holders of any securities or investments now trans­ "'· ._.-~erred to the. transfe~ee c9~pa~y, to forthwith register the trans­ •· ._ eree c~mpany therein and to issue ·to =-·the transferee company the . s pen 1ng by .~r against the transferor company. . • ! . . .,, . . ,. . (·· y . • . . ·:.: . ' · . . . Allia.ns Und Stuttgarte, Life InauTano, B 1c (Transfer) an 8 '7 power to give directions.-(1) If any difficulty 1 the provisions of this Ordinance, the Controller ofa! ses 1n giving effect :. toe approval of the Central Govern~ent, give suer%~~ may, with :: : th ansf eree company as he may consider necessary and th t1or5 to th~ : . :mpanY shall be bound to comply with such directions. e ransferee • ./- (Z) If the transf_eree co~pany fails to comply with any direction . 'i' it under sub-section (1) 11, shall be deemed to have comm·tt d . given to ishable under section 102 of the Act. 1 e an offence j pun I f rt ·n n t1·fi • t· Th ·:·: 8 Repea o ce a1 o ca ions.- e notifications sp .ft d .. ,;';i See~nd Schedule shall cease to h~ve effect on the commenc~~e~t 0 f ~e [:•i-•·. ordinance, except as respects things done or omitted to be d befthis ~--/.~ • --encement one ore ~ ~·-- 1. comm • ~·:;; ... • ~ t" • . ~\ ,_ •• THE FIRST SCHEDULE ~:,_ \,1 (See section 3) ' • Terms and conditions relating to the transfer of the business of the tTansfeTee company 1. The transfer~e co~pany shall maintain a separate account in which shall be show~ the business of the tra?sf eror company which has been transferr~d to 1~ and ~ separate val~a~1on thereof shall be made from . time to ~1me with a. ~~w to ascerta1nmg whether profits appertaining jo ;~ such business and d1v1s1ble among holders of life policies exist. ~ >. 2. The transferet: comp~ny. shall be bound to pay in full all claim1 ~> aris~g out of any Ille policy issued by the tr~nsf er?r company and ~ . mainmg to be paid at the commencement of this Ordinance or falling to be paid at any time after such commencement. - • • 3. Notwithstanding anything contained in Notification No. 168-1(23):.. W /41 of the Government of India in the Commerce Department, dated . the 27th day of June, 1942, the transferee company shall be liable to make .f , good in respect of ~very policy of life ins~rance :Which had f3:llen due for ••• payment before the commencement 0Mh1s Ordinance the difference be­ , • tween the amounts actually paid to the holder thereof by or on behalf o:I •• the transferor company in pur1uance of the said notification and the fuij • ~ amount which would have been payable if that,notification had not been .•. issued.. • ~ '· . . 7 : ____ 4. If the transferee company ~ecovers or receives any money from . ~ide India which relate to the assets now transferred to the transferee c· '.i:;i. pany the same shall be applied by the transferee company for th• . benefit of the life policies of the transferor company issued in India. THE SECOND SCHEDULE (See section 8) Repeals t.: f~I Notification No. and date . 1. No. 288-0R/39,' dated the 14th December, 1939, of the Government of India, Defence Co-ordination Department. • . . . , >, • • Contents of N otiflo.ation • Authorising Messrs. A. F. Ferguson and Oom• pany, Chartered Acco11ntsnt1 or Bombay ;· to carry on the business of the transferor company under rule 113A of the Def'enoo of India Rules, sif)oe continued in force; by the Trading with the Enemy (Oontinua.nne of Emergency- Provisions) Act, 194:r (XVI:. of1947). • . . ' .. , ' . . . ... . , ''. _. ___ £ _:i, ' ,. ' J • . . . • • ' ' • l . ·. . ' ; I ! , .. . • -~ • •·: ., ., . . . t I • ' • . . ' ' • . ,. . • • ' I , • ' ; . • i ; . . • • .. ; • , r ' ! . ·, ' •' . · . . . f; · • • ~-. . ' ' ., .. ' , • -' · . . . • . . • l s· ~ .. . . . . . . ' • • \ . . . . : • • . . ~ '· . Allians Und Stuttgarter Life Insurance Bank (Transfer) • [ ORD. XXl'V OF 19 5~J Notification No. and date Contents of Notific·ation I. Bo. 168-1(2)-W /39, dated the 22n~ February, Granting exemptions to Messr 1941, of the Government of India, Depart- guson and Company frorn t~· A. F. ~et. ment of Commerce. certain provisions of the A:t~peration 0 ; ... a. No. 168-1(23)-W/41, dated the 27th J11ne, . Exempting Mes81'8. A. F. Fer . 194.2, of the GovemmAnt of India, Depart- pany from the obligation rmson and Coin .' • meni of Ootr1meroe. contract of insurance in respe~~sefd by au; thereof as is in excess of 80 pe O 80 tnncb liability a.rising therefrom. r cent. of tbe- • RAJENDRA PRASAD ' President. . <., . . .. . . . . ' • . 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