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Union of India - Section

Section 57 in The Insurance Rules, 1939

57. Manner of bringing up the excess of the value of assets over the amount of the liabilities to the relevant amount

.-(1) In the case of an insurer carrying on general insurance business at the commencement of the Insurance (Amendment) Act, 1968 (62 of 1968) the excess of the value of his assets over the amount of his liabilities shall be brought up to the "relevant amount" as defined in sub-section (1) of section 64-VA of the Act, in four stages as specified in the following table:--
Stage Dates Excess of the value of the assets over the amount of liabilities to be maintained as at the date mentioned in column (2) and thereafter, shall be not less than
(1) (2) (3)
I 31-12-1969 One-forth of the "relevant amount" arrived at in the manner specified in sub-section (1) of section 64-VA of the Act.
II 31-12-1970 One-forth of the "relevant amount" arrived at in the manner specified in sub-section (1) of section 64-VA of the Act.
III 31-12-1971 Three-fourths of the "relevant amount" arrive at in the manner specified in sub-section (1) of section 64-VA of the Act.
IV 31-12-1972 The "relevant amount" arrived at in the manner specified in sub-section (1) of section 64-VA of the Act.
(2)Where in the case of an insurer referred to in sub-rule (1) the Central Government has, under the provisions of the third proviso to sub-section (1) of section 64-VA extended the date of the 31st December, 1972 referred to in the said proviso to a subsequent date, the excess of the value of assets over the amount of the liabilities shall be brought up to the relevant amount in four stages in accordance with sub-rule (1) but the dates mentioned in column (2) of the table in that sub-rule shall be deemed to have been altered as follows:--
(a)the date against Stage I shall be extended by one-fourth of the interval between the 31st December, 1972 and the extended date;
(b)the date against Stage II shall be extended by one-half of the interval between the 31st December, 1972 and the extended date;
(c)the date against Stage III shall be extended by three-fourths of the interval between the 31st December, 1972 and the extended date;
(d)in Stage IV, the extended date shall be substituted in place of the 31st December, 1972 mentioned against that stage:
Provided that if any such altered date against Stage I, II or III is not the last day of a calendar month, it shall be changed to the last day of the immediately preceding calendar month">Provided that if any such altered date against Stage I, II or III is not the last day of a calendar month, it shall be changed to the last day of the immediately preceding calendar month">Provided that if any such altered date against Stage I, II or III is not the last day of a calendar month, it shall be changed to the last day of the immediately preceding calendar month">Provided that if any such altered date against Stage I, II or III is not the last day of a calendar month, it shall be changed to the last day of the immediately preceding calendar month.