Insurance Act and Companies Act
This query is : Resolved
02 September 2016
As per section 29 of the insurance act an insurance company can give loans or advances to any director, manager,actuary or auditor only on life insurance policy issued to them within surrender value..
Does this provision override section 140 subsection 3 and 4 regarding indebtedness of auditor... it was nowhere mentioned in section 29 of insurance act .
Amol S Joglekar
(Expert)
02 September 2016
No, it does NOT over ride....
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