E:\Web site\banking\Insurance Corporation Act, 2009_1.doc1 2010 mbi .........................bsAvBb Insurance Corporation Act, 1973 (Act No. VI of 1973) Gi AwaKZimskvabKcYxZ AvBb g~jAvBbcwi ewZZ AvBbge1.Sorttitle,extentand commencement: (1)ThisActmaybecalledthe Insurance Corporations Act, 1973. (2) It extends to the whole of Bangladesh. (3) It shall come into force at onceandshallbedeemedtohavetaken effect on the 14th May, 1973. Kvb cwi eZb bvB| 2.Definitions : (1)InthisAct,atonceandshall deemedtohavetakeneffecton the 14th May,1973. (a) Board means the Board of Directors of a Corporation: (b) Chairman means the Chairman of a Corporation; (c)Corporation means a Corporation established by section 4; (d) Director means a Director of a Corporation; (e) Insurer means an insurer as defined in the Insurance Act, 1938 (Act IV of 1938), who carries on insurance business in Bangladesh and includes a provident society as defined in section 65 of that Act; (f) Managing Director means a Managing Director of a Corporation; (h)Prescribedmeansprescribedby rules made under this Act. (2)Allotherwordsandexpressions usedinthisActbutnotdefinedand definedintheInsuranceAct,1938 (ActIVof1938),shallhavethe meaningsrespectivelyassignedto then in that Act. 2|ActVIof1973GiSection2 Gimskvab:-InsuranceCorporation Act, 1973 (Act No. VI of 1973), AZtci D ActewjqvDwjwLZ, Gi section 2Gi- (K)sub-section(1)Gi-clause(a) GicwieZwbic`yBwUclauses(a)Ges (aa) cwZvwcZnBe; h_v t- (a)AuthoritymeansInsurance RegulatoryAuthorityestablished undersection3(1)oftheInsuranceRegulatory Authority Ordinance, 2008 (Ordinance No. 46 of 2008); (aa)BoardmeanstheBoardof Directors ofaCorporation;; (Av)clause (e) GicwieZclause (e) cwZvwcZnBe; h_v t- (e)insurermeansaninsureras definedinsection2(23)ofthe Insurance Ordinance, 2008 (Ordinance No. 47 of 2008);; Ges (L)sub-section(2)GicwieZwbic sub-section (2) cwZvwcZnBe, h_vt- (2)Alotherwordsandexpressions usedinthisActbutnotdefinedand definedintheInsuranceOrdinance, 2008andtheInsuranceRegulatory Authority Ordinance, 2008, shall have themeaningsrespectivelyassignedto them in the said Ordinances.| E:\Web site\banking\Insurance Corporation Act, 2009_1.doc2 2 3. ThisActandRulesto overrideotherlaws:Theprovisions ofthisActandanyrulesmadethere undershallhaveeffect notwithstandinganythinginconsistent therewithcontainedinanyotherlaw for the time being in force. 4.Establishmentofthe Corporations : (1)Onthecommencementof thisActthereshallbeestablishment two corporations to be called the Jiban BimaCorporationandtheSadharan Bima Corporation. (2) Each Corporation shall be a bodycorporatehavingperpetual successionandacommonsealwith power, subject to the provisions of this Act,toacquire,holdanddisposeof property,bothmovableand immovable,andshallbyitsnamesue and be sued. 5.Capital:Theauthorized capitalofeachCorporationshallbe Taka 1[Twenty] crore to be subscribed bytheGovernmentfromtimetotime accordingtotherequirementsofthe Corporationandinsuchformand manner as may be prescribed. D Act Gi section 5GicwieZwbicsection 5 cwZvwcZnBe; h_vt- 5.Capital.-The authorized capital of JibonBimaCorporationshallbea minimumamountofTakathirtycrore andthatofSadharanBima Corporationshallbeaminimumof Takafortycroretobesubscribedby theGovernmentfromtimetotime accordingtotherequirementsofthe Corporationandinsuchformand manner as may be prescribed: 6.General direction : (1) Subject to rules made under thisAct,thegeneraldirectionand administration of the affairsand businessofeachCorporationshall vest in a board of Directors which may exerciseallpowersanddoall actsandthingswhichmaybe exercised or done by the Corporation. 1. Subs. by ordinance VIII of 1986. (2)EachBoardindischarging itsfunctionsshallactoncommercial considerationshavingdueregardto public interest generally. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc3 3 (3)EachBoardshallbeguided on questions of policy by such general or special instructions as may be given toitbytheGovernmentfromtimeto timeand,ifanyquestionarisesasto whetheranyquestionisaquestionof policyornot,thedecisionofthe Government shall be final. 7.Board : (1)TheBoardofeach Corporationshallconsistofthe ManagingDirectorandsixother Directorstobeappointedbythe Government,atleastthreeofwhom shall be from amongst persons who, in theopinionoftheGovernment,have hadtheexperienceandshown capacity in the field of insurance. (2)TheGovernmentshall appointoneoftheDirectors,other than the Managing Director,tobe the Chairman of the Board. (3)TheChairmanandother DirectorsofaCorporation,otherthan the Managingdirector,shall,unless removed earlier, hold office for a term of three years and shall be eligible for re-appointment: Provided that the government may atanytimeremoveanyDirector, including the Chairman,fromoffice andappointinhissteadanother person to fill the vacancy. (4)TheChairmanoranyother Directormayatanytimeresignhis officebynoticeinwritingaddressed to the Government: Providedthatnoresignation shalltakeeffectuntilithasbeen accepted by the Government. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc4 4 8.Managing Director : (1)TheManagingDirectorshallbe appointed by the Government for such periodandonsuchsalary,termsand conditionsastheGovernmentmay determine. (2) The Managing Director shall- a) be a Director of the Board; b) be a whole time officer and the chief executive of the Corporation; c) exercise such powers, perform such functionsanddischargesuchduties asmaybeentrustedtohimbythe Government or as time to time; and d) divest himself of any directorship held by him in any othercorporation, company or concernotherwise than on behalf of theCorporation. (3)If,intheopinionofthe Government,theManagingDirector appointed under sub-section(1) is,forillnessorforanyotherreason, incapableofperforminganother persontoperformthedutiesofthe ManagingDirectorduringtheperiod of such incapability, and the person so appointedshallbeexemptfromthe provisionofclause(d)ofsub-section (2). DActGisection8Gisub-section (1)GiGovernmentkwUici,in consultationwiththeAuthority, KgvwjGeskwj mwbewkZ nBe| 9. Qualificationsand disqualifications of Directors : No personshallbeorshallcontinueto be a Director of a Corporation who- a)isoratanytimehasbeenadjudicated insolvent; b)isfoundtobealunaticorof unsound mind; E:\Web site\banking\Insurance Corporation Act, 2009_1.doc5 5 c)isoratanytimehasbeen convictedofanoffencewhich,inthe opinion of theGovernment,isan offence involving moral turpitude; d) is a minor; e)Absentshimselffromthree consecutivemeetingoftheBoard without leave of absence granted by the Chairman or, in the case of the Chairman, by the Government; f)is,exceptinthecaseofthe ManagingDirector,asalariedofficial of the Corporation; org)isnotacitizenofBangladeshor acquiresthecitizenshipoforaffirms oracknowledgesallegianceto,a foreign State. 10.Meetings of the Board : (1) The meetings of a Board shall beheldassuchtimesandplacesas may be prescribed: Provided that a meeting may also beotherwiseconvenedbythe Managing Director, if the Chairman so directs.(2)Toconstituteaquorumata meetingoftheBoardnotlessthan three Directors, shall be present. (3)AtameetingofaBoardeach Directorshallhaveonevote,andin the event of equalityofvotesthe Chairmanshallhaveasecondor casting vote. (4)Nodirectorshallvoteonany matterinwhichheisdirectlyor indirectly interested.(5)Ifforanyreasonthe ChairmanofaBoardisunabletobe present at a meeting aDirector electedbytheDirectorspresentshall preside over the meeting. (6)Noactorproceedingofa Boardshallbeinvalidmerelyonthe ground of existence of any vacancy in, or any defect in the constitution of the Board. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc6 6 11.Committees:EachBoard mayappointsuchCommitteeor committees as it thinks fit to assist it intheefficientdischargeofits functions. 12.Functions : (1)Subjecttotherulesmade under this Act, it shall be the function of- a)the Jiban Bima Corporation tocarryonallkindsoflife insuranceandreinsurance business; and

b)theSadharanBima Corporationtocarryonallkinds ofgeneralinsuranceand reinsurancebusiness,whetherin or outside Bangladesh. (2) Without prejudice to the generality oftheforegoingprovisions,every Corporationshall,inparticularhave power- a)toacquire,holdanddisposeof any property for the purpose of its business;b)totransferthewholeorany partofitsinsurancebusiness carried on outsideBangladeshtoanyother personorpersons,ifinthe interestoftheCorporationitis expedient so to do; c)tocarryonanyotherbusiness whichmayseemtothe Corporationtobecapableof beingconvenientlycarriedonin connectionwithitsbusinessand calculated directly or indirectly to renderprofitablethebusinessof the Corporation; d) to do all such things as may be incidentalorconducivetothe properexerciseofanyofthe powers of the Corporation. DActGisection12Gisub-section (1)Giclause(b)GicwieZwbic clause (b) cwZvwcZ nBe, h_v t- (b)theSadharanBima Corporationtocarryonallkindsof non-lifeinsuranceandreinsurance includingIslamicInsurancebusiness asdefinedinsection2(7)ofthe InsuranceOrdinance, 2008 whether in or outside Bangladesh. | E:\Web site\banking\Insurance Corporation Act, 2009_1.doc7 7 13.Head office : (1)Theheadofficeofeach Corporationshallbeatsuchplaceas theGovernmentmay,bynotification in the official Gazette, specify.

(2)EachCorporationmay establishasmanyotherofficesin Bangladesh and, with the previous approvaloftheGovernment,abroad as it thinks fit. 14.Transferofundertakingsof existing Bima Corporations : (1)Onthecommencementof thisAct,thereshallbetransferredto and vested in- (a) the Jiban Bima Corporation theentireundertakingsoftheSurma Jiban Bima Corporation and the Rupsa Jiban Bima Corporation established by theOrder,hereinafterinthisAct referredtoastheexistingBima Corporation; and (b)theSadharanBima Corporationtheentireundertakings oftheKarnaphuliBimaCorporation andtheTeestaBimaCorporation establishedbytheOrder,hereinafter inthisActreferredtoastheexisting Bima Corporations. (2)Theundertakingstransferredto and vested in a Corporation under sub-section(1)shallbedeemedtoinclude allbusiness,assets,rights,powers, authoritiesandprivilegesandall property, movable or immovable, cash balances,reservefunds,investments, depositsandallotherrightsand interestsin,orarisingoutof,such propertyaswereimmediatelybefore thecommencementofthisActinthe ownership,possession,poweror controloftheexistingBima Corporationinrelationtothe undertakingswithinorwithout Bangladesh,andallbooksofrelating thereto,andshallbedeemedto includeallborrowings,liabilitiesand obligationsofwhateverkindthen subsistingoftheexistingBima Corporations. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc8 8 (3)If,accordingtothelawsofany countryoutsideBangladesh,theprovisions ofthisActbythemselvesarenoteffective totransferorvestanyassetsituatedinthat countrywhichformspartofthe undertakingsofanexistingBima Corporationto,orin,theCorporation concerned,theaffairsoftheexistingBima Corporations in relation to such assets shall, on and from the commencement of this Act, stand entrusted to the chief executive officer forthetimebeingoftheCorporation concerned,andthechiefexecutiveofficer may exercise all such powers and doall such acts and things as may be exercised or donebytheexistingBimaCorporations for thepurposeofeffectivelytransferringsuch asset. (4) The chief executive officer of the Corporationconcernedshall,inexerciseof the power conferredonhimbysub-section(3),takeallsuchstepsasmaybe requiredbythelawsofanysuchcountry outsideBangladeshforthepurposeof effectingsuchtransferorvesting,andmay eitherhimselforthroughanyperson authorized by him in this behalf realize any asset of the existing Bima Corporations. (5)Allcontracts,deeds,bonds, agreements,powersofattorney,grantsof legal representation andotherinstruments ofwhatevernaturesubsistingorhaving effect,immediatelybeforethe commencement of this Act and to which an existingBimaCorporationwhose undertakinghasbeentransferredtoand vestedinaCorporationundersub-section (1) is a party or which are in favour of such existing Bima Corporation shall, in so far as theyrelatetosuchundertakingofthe existingBimaCorporation,beofasfull forceandeffectagainstorinfavourofthe Corporation,andmaybeenforcedoracted uponasfullyandeffectuallyasifinthe placeoftheexistingBimaCorporationthe Corporation had been a party thereto or as if theyhadbeenenteredintoorissued,in favour of the Corporation. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc9 9 (6)anysuit,appealorother proceedingofwhatevernature pendingonthedateofthe commencementofthisActbyor againstanexistingBimaCorporation inrelationtoanyofitsundertakings shallbedeemedtobesuit,appealor otherproceedingpendingbyor againsttheCorporationinwhichthe undertakinghasvestedundersub-section(1),andmaybecontinuedor prosecutedandenforcedbyoragainst the Corporation. (7)TheGovernmentmay,for the purpose of removing any difficulty arisingoutof,orinconnectionwith, thetransferofanyundertakingofan existingBimaCorporationtoa Corporationoranymatter supplementalorincidentalto,or consequentialupon,suchtransferor anyothermatterspecifiedinthis section,makesuchorderasit considersexpedientandanysuch order shall be deemed to be, and given effectto,aspartoftheprovisionsof this Act. 14A.Transferofcertain immovablepropertybya Corporations:Notwithstanding anything containedinthisAct,a Corporationshall,iftheGovernment sodirects,transferanyimmovable property transferred to and vested in it underthisActtoanyinsurerona price fixed by the Government. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc10 10 15.Appointmentofofficersand employees : (1)EachCorporationmay appointsuchofficersandother employeesasitconsidersnecessary fortheefficientperformanceofits functionsonsuchtermsand conditions as it may determine. (2) A Corporation may employ suchofficersandotheremployeesof an existing Bima Corporation, whoseundertakinghasbeen transferredtoandvestedinitunder sub-section (1) of section 14, as it may specify,andtheofficersandother employeessoemployedshallhold theirofficeorserviceinthe Corporationonsuchtermsand conditions as it may determine. Providedthatanofficeror other employee may, within such time asmaybespecifiedbythe Corporationwhichemployshim, exercisehisoptionnottocontinuein the service of that Corporation. (3) If any question arises out of thetransferofanofficerorother employee of an existing Bima Corporation under sub-section (2), the questionshallbereferredtothe Government whose decision shall be final. (4)Thetransferofserviceof any officer or other employee from an existingBimaCorporationtoa Corporationshallnotentitleanysuch officerorotheremployeetoany compensationandnosuchclamshall be entertained by any court, tribunal or other authority. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc11 11 (5)Notwithstandinganything containedinanyrules,regulations, contractoragreementrelatingtothe termsandconditionsofservicemade orenteredintobyanexistingBima Corporation,nopersonshallbe entitledtoanycompensationagainst theexistingBimaCorporationor against any Corporation for the loss of hisofficeorserviceorforthe prematureterminationofanycontract oragreementofmanagemententered intobyhimwiththeexistingBima Corporation. (6)Notwithstandinganything containedinthisAct,aCorporation shallnotdeterminethepayscalesof the different classes of its officers and otheremployeeswithouttheprevious approval of the Government. 16.Annualbudgetstatement: EachCorporationshall,bysuchdate ineachyearasmaybeprescribed, submittotheGovernmentfor approvalastatement,tobecalledthe annualbudgetstatement,inthe prescribedformforeveryyear showingtheestimatedreceiptsand expenditure during that year. 17.Investment:Subjecttothe provisionsoftheInsuranceAct,1938 (ActIVof1938),eachCorporation may invest its funds in such manner as its Board may think fit. DActGisection17GiInsurance Act,1938(ActVIof1938)kwj, Kgv, msLvwj I ebxicwieZ InsuranceOrdinance,2008kwj,KgvImsLv cwZvwcZ nBe| 18.Borrowing : Each Corporation may,withthepriorapprovalofthe Government,borrowsuchsums,with orwithoutsecurity,asmaybe requiredbyitdodischargeits functions under this Act. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc12 12 19.Accounts and audit : (1)EachCorporationshall maintainproperaccountsandshall,at the expiry of each year, preparein theprescribedformwithreferenceto thatyearabalancesheet,aprofitand loss accountandrevenueaccountsin respectofsuchclassofinsurance business together with suchother abstractsandstatementsasmaybe prescribed.

(2)Theaccountsofeach Corporationshallbeauditedbynotless thanauditors,beingChartered Accountantswithinthemeaningofthe Chartered Accountants Act, 1961 (Or. X of 1961), who shall be appointed by the Governmentinconsultationwiththe ComptrollerandAuditor-Generalon suchtermsandconditionsasthe Governmentmayfix,andshall,in regard to the extent and method of their audit,beguidedbysuchdirectionsas maybegivenbytheComptrollerand Auditor-General. (3)Notwithstandinganything containedinsub-section(2),the provisions of sections 12A and 33 of the InsuranceAct,1938(ActIVof1938), shall apply to each Corporation. (4)Everyauditorappointed undersub-section92)shallbegivena copyoftheannualbalancesheetand otheraccountsoftheCorporationand shallexamineittogetherwiththe accountbooksandvouchersrelating thereto; and shall have a list delivered to himofallbookskeptbythe Corporation,andshallatallreasonable timeshaveaccesstothebooksof accountsandotherdocumentsofthe Corporation, and may in relation to such accountsexamineanyDirectoror officer of the Corporation. D Act Gi section 19Gi- (A)sub-section (1) GicwieZ wbicsub-section (1)cwZvwcZ nBe; h_vt- (1)EachCorporationshall mainrainproperaccountsandshall, at the expiry of each year, prepare in the form as may be prescribed by the Authority with reference to that year abalancesheet,aprofitandloss accountandrevenueaccountsin respectofsuchclassofinsurance businesstogetherwithsuchother abstractsandstatementsasmaybe prescribed by the Authority.; (L)sub-section(3)GicwieZwbicsub-section (3)cwZvwcZ nBe; h_vt- (3) Notwithstandinganything containedinsub-section(2),the provisionsofsections30and50of the Insurance Ordinance, 2008, shall apply to each Corporation. | E:\Web site\banking\Insurance Corporation Act, 2009_1.doc13 13 (5)Theauditorsshallreporttothe Governmentupontheannualbalance sheetandaccounts,anintheirreport theyshallstatewhetherintheiropinion thebalancesheetcontainsallnecessary particularsandisproperlydrawnupso astoexhibitatrueandcorrectviewof thestateofaffairsoftheCorporation and,iftheyhavecalledforany explanationorinformationfromthe Board,whetherithasbeengivenand whether it is satisfactory. (6)TheGovernmentmay,atany time,issuedirectionstotheauditors requiring them to report toitupon theadequacyofmeasurestakenbythe Corporationconcernedforthe protectionoftheinterestofthe Governmentandofthecreditorsofthe Corporationconcernedoruponthesufficiencyoftheprocedureinauditing the affairs of the Corporation concerned, and may , at any time, enlarge or extend thecopeoftheauditordirectthat differentprocedureinauditshallbe adoptedorthatanyotherexamination shallbemadebytheauditorsorany other person or persons if, in its opinion, the interest of the Government or of the creditor so requires. 20.Actuarialvaluation:TheJiban BimaCorporationshall,onceatleastin everytwoyearscauseaninvestigation tobemadebyactuariesintothe financialconditionofitsbusiness, includingavaluationofitsliabilitiesin respect thereto, and submit the report of theacquirestothe 3[ChiefControllerof Insurance] and also to the Government. DActGisection20GicwieZwbicsection20cwZvwcZnBe; h_vt- 20.Actuarialvaluation.-TheJibon Bima Corporation shall, at least once in a year cause an investigation to be madebytheappointedactuaryinto thefinancialconditionofits business,includingvaluationofits liabilitiesinrespectthereto,in accordancewiththebasisspecified andshallcauseanabstractofthe actuarialreporttobemadeinsuch formandmannerasspecifiedinthe regulationsmadebytheAuthority andsubmitthereportofthe appointedactuarytotheAuthority and also to the Government.| E:\Web site\banking\Insurance Corporation Act, 2009_1.doc14 14 21.Returns, etc. : (1)EachCorporationshallfurnishto thegovernmentsuchreturns,reportsand statements as the Government may from time to time require. (2)EachCorporationshallfurnishto the Government and the 3[Chief Controller of Insurance],withinsixmonthsofthecloseof eachyear,theauditedaccounts,statements andabstractsreferredtoinsection19, togetherwithareportontheworkingofthe Corporation during that year. (3) The copies of the audited accounts andannualreportreceivedbythe Governmentundersub-section(2)shallbe publishedintheofficialGazetteandshallbe laid before Parliament. DActGisection21Gisub-section(2)GiChief ControllerofInsurance kwjicwieZAuthority kwUcwZvwcZnBe| 22.Profit : (1)Aftermakingprovisionforbadand doubtful debts, depreciation of assets and any othermatterdeterminedbytheBoard,the SadharanBimaCorporationmay,outofits netannualprofits,establishareservefund and surplus remaining thereafter shall be paid to the Government. (2)Ifasaresultofanyinvestigation undertakenbytheJibanBimaCorporation under section 20 any surplus emerges, ninety-fivepercentofsuchsurplusorsuchhigher percentagethereofastheGovernmentmay approveshallbeallocatedtoorreservedfor thelifeinsurancepolicy-holdersofthe Corporationandtheremaindershallbepaid to the Government. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc15 15 4[23.Publicpropertytobeinsured with the Sadharan Bima Corporation: 5[(1)Fiftypercentofallinsurance businessrelatingtoanypublicpropertyorto any risk or liability appertaining to any public propertyshallbeplacedwiththeSadharan BimaCorporationandtheremainingfifty percent of such business may be placed either withthatCorporationorwithanyother insurer in Bangladesh.] D Act Gi section 23A Gi sub-section(2)GiGeneral InsurancekwjicwieZ non-lifeinsurancekwjcwZvwcZnBe| (2)anypolicyofinsurancetakenor issued in contravention of sub-section (1) shall be void: Providedthatanyclaimforloss, damage,compensationorrefundof premium arising out of, or relating to, such policy shall be biding on the insurer.]

6[23A. Re-insurance : (1)Every,insurerregisteredandcarrying on insurance business in Bangladesh shall re-insure,ongenerallyacceptabletermsand conditions,suchportionofhisinsurance businessashecannotretainonhisown account. (2) Fifty per cent of the re-insurable general general insurance business shall be re-insured withtheSadharanBimaCorporationandthe remaining fifty per cent of such business may bere-insuredeitherwiththeCorporationor withanyotherinsurerwhetherinoroutside Bangladesh. (3)Thewholeoranyportionofthere-insurablelifeinsurancebusinessmaybere-insured with any insurer outside Bangladesh.

(4)Whoevercontravenestheprovisionsof thissectionshallbepunishablewithfine whichmay extend to ten thousand taka] E:\Web site\banking\Insurance Corporation Act, 2009_1.doc16 16 24.Guaranteeofpolicies:Thesums suredbyallpoliciesissuedbyaCorporation includinganybonusesdeclaredinrespect thereofandthesumsassuredbyallpolicies issuebyanyexistingBimaCorporationthe liabilitiesunderwhichhavevestedina CorporationunderthisAct,andallbonuses declared in respect thereof, whether before or afterthecommencementofthisAct,shallbe guaranteedstopaymentincashbythe Government. 7[Providedthatthisprovisionshall not apply in the case of any policy issued by a Corporation after the commencement of the InsuranceCorporations(Amendment)Act, 1990 (29 of 1990)] 25.WindingupoftheCorporations: Noprovisionsoflawrelatingtothewinding up of companiesshallapplytoa CorporationandaCorporationshallnotbe wound up save by orderofthe Governmentandinsuchmannerasitmay direct. 26.8[] 27.Indemnity:Nosuit,prosecutionor otherlegalproceedingsshalllieagainstthe GovernmentoranyDirector,officeror employeeofaCorporationforanything which is in good faith done or intended to be done under this Act. 28.DelegationofPowers:The Governmentmaybygeneralorspecialorder inwriting,directthatanypowerwhichbyor underanyoftheprovisionsofthisActis conferredonitshall,subjecttosuch conditions,ifany,asmaybespecifiedinthe order,beexercisablealsobythe 9[Chief Controller of Insurance] DActGisection28GiChiefControllerof InsurancekwjicwieZ AuthoritykwUcwZvwcZnBe| E:\Web site\banking\Insurance Corporation Act, 2009_1.doc17 17 29.ActIVof1938toapply:The provisions of the Insurance Act, 1938 (Act IV of1938),shall,asfarasmaybe,applytoa Corporation a they apply to any other insurer. DActGisection29GicwieZwbicsection29c wZ vwcZnBe; h_vt- 29.OrdinanceNos.46and47 of2008,etc.toapply.-The provisionsoftheInsurance Ordinance, 2008 (Ordinance No. 47of2008)andtheInsurance Regulatory Authority Ordinance, 2008(OrdinanceNo.46of 2008),shall,asfarasmaybe, applytoaCorporationasthey apply to any other insurer.| 30.Power to make rules : (1)TheGovernmentmay,by notification in the official Gazette, make rules for carrying out the purposes of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for- (a) the for and manner in which capital of a Corporation may be subscribed; (b)themannerofappointmentofa Director of a Corporation; (c) the terms and conditions of service oftheChairmanandotherDirectorofa Corporation; (d) the powers, functions and duties of theChairmanandotherDirectorofa Corporation; (e)thetimeandplaceatwhich meeting of a Board may be held; (f)theformsinwhichtheannual report of a Corporation shall be prepared; and (g) any other matter which has to be or may be prescribed. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc18 18 31.Power to make regulations : (1)EachCorporationmay,withthe previousapprovaloftheGovernment,make regulations,notinconsistentwiththe provisions of this Act and the rules, to provide forallmattersforwhichprovisionin necessaryorexpedientforthepurposeof giving effect to the provisions of this Act. (2)Allregulationsmadeunderthis sectionshallbepublishedintheofficial Gazetteandshallcomeintoforceonsuch publication. 32.DissolutionoftheJatiyaBima Corporation : (1) On the commencement of this Act, theBangladeshJatiyaBimaCorporation establishedbytheOrder,hereinafterinthis sectionreferredtoasthesaidCorporation, shallstanddissolvedandtheentire undertakingofthesaidCorporationshall standtransferredto,andvestedin,the Government. (2) The undertaking transferred to and vestedintheGovernmentundersub-section (1)shallbedeemedtoincludeallassets, rights,powers,authoritiesandprivilegesand allproperty,movableorimmovable,cash balances, reserve funds, investments, deposits and all other rightsandinterestsin,or arisingoutof,suchpropertyaswere immediatelybeforethecommencementof thisActintheownership,possession,power orcontrolofthesaidCorporationinrelation totheundertakingandallbooksofaccount, registers,recordsandallotherdocumentsof whatevernaturerelatingthereto,andshallbe deemedtoincludeallborrowings,liabilities andobligationsofwhateverkindthen subsistingofthesaidCorporationinrelation to such undertaking. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc19 19 (3)Allcontracts,deeds,bonds, agreements,powersofattorney,grantsof legal representation andotherinstruments of whatever nature subsisting or having effect immediatelybeforethecommencementof this Act and to which the said Corporation is a party or which are in favour ofthesaid Corporationshall,insofarastheyrelateto suchundertakingofthesaidCorporation,be of as full and defect against or in favour of the Government,andmaybeenforcedoracted uponasfullyeffectuallyasifintheplaceof thesaidCorporationtheGovernmenthad beenapartytheretoorasiftheyhadbeen enteredintoorissuedinfavourofthe Government. (4)Anysuit,appealorother proceedingsofwhatevernaturependingon thedateofthecommencementofthis Act by oragainstthesaidCorporationinrelationto itsundertakingshallbedeemedtobesuit, appealorotherproceedingpendingbyor againsttheGovernmentandmaybe continuedorprosecutedandenforcedbyor against the Government. (5)TheGovernmentmaymakesuch arrangementsortakesuchmeasureswith respect to the officers and other employees of the said Corporation as it thinks fit; and, until theGovernmentotherwisedirects,such officers and employees shall be deemed to be intheirrespectiveemploymentonthesame termsandconditionsaswereinforce immediatelybeforethecommencementof thisAct,andsuchofficersandemployees mayalsobetransferredtosuchCorporation as the Government may specify. (6)Whereanofficerorother employeeofthesaidCorporationis transferred to a Corporation under sub-section (5)heshallholdhisofficeorserviceinthat Corporationonsuchtermsandconditionsas that Corporation may decide; Providedthatanofficerofotheremployee may, within such time as may be specified by theCorporationtowhichheistransferred, exercisehisoptionnotocontinueinthe service of that Corporation. E:\Web site\banking\Insurance Corporation Act, 2009_1.doc20 20 (7)Noofficerorotheremployeeof thesaidCorporationshallbeentitledtoany compensationforanyarrangementor measure made or taken by the Government in respect of him or for his transfertoany Corporationorforthelossofhisofficeor service,andnosuchclaimsshallbe entertainedbyanyCourt,tribunalorother authority. (8)Notwithstandinganything contained in this Act the Government may, by orderinwriting,transfertosuchCorporation asmaybespecifiedthereinthewholeora part of the undertaking vested in it under sub-section91);andonsuchtransfer,all contracts, deeds, bonds, agreements in respect ofsuchundertakingshallbeofasfullforce andeffectagainstor,asthecasemaybe,in favouroftheCorporation,andmaybe enforcedoracteduponasfullyand effectuallyasifintheplaceofthe Government the Corporation had been a party theretoorasiftheyhadbeenenteredintoor issuedinfavouroftheCorporation;andall suits, appeals or other proceedings pending by or against the Government in relation to such undertakingshallbedeemedtobesuits, appealsorotherproceedingspendingbyor against the Corporation. 33. Exemptionfromregistration:The Corporationsshallbeexemptfrom registrationundertheprovisionsofthe Insurance Act, 1938 (Act IV of 1938). DActGisection33GiInsurance Act, 1938 (Act VI of 1938)kwj,Kgv,msLvwjI ebxicwieZInsurance Ordinance,2008kwj,KgvI msLv cwZvwcZ nBe| 34.Repeal : (1)TheInsuranceCorporations Ordinance, 1973 (ordinance No. VII of 1973), is hereby repealed (2)Notwithstandingsuchrepeal, anythingdoneoranyactiontaken,including anyordermade,notificationissuedor direction given under the said Ordinance shall bedeemedtohavebeendone,taken,made, issued or given, as the case may be, under the corresponding provision of this Act.