MUTUAL INSURANCE COMPANIES AND
CO-OPERATIVE INSURANCE SOCIETIES
Definitions95. (1) In this Part-
(a) “Mutual Insurance Company” means an insurer, being a company incorporated under the Companies Act, 1913, or under the Indian Companies Act, 1882, or under the Indian Companies Act, 1866, or under any Act repealed thereby, which has no share capital and of which by its constitution only and all policy-holders are members; and
119[(b) “Co-operative Insurance Society” means an insurer, being a society registered under any law governing the registration of co-operative societies.]
120[* * *]
(2), (3) and (4) 121[Omitted by section 12 of the Insurance (Amendment) Ordinance, 1984 (Ordinance No. L of 1984).]
Application of Act to Mutual Insurance Companies and Co-operative 122[* * *]Life Insurance Societies96. The provisions of sections 6 and 7 and of sub-section (2) of section 20, so far as those provisions are inconsistent with the provisions of this Part, shall not apply, and the provisions of this Part shall apply to Mutual Insurance Companies and Co-operative 123[* * *] Insurance Societies.
Working capital of Mutual Insurance Companies and Co-operative Insurance Societies124[97. No Mutual Insurance Company incorporated after the commencement of the Insurance (Amendment) Ordinance, 1984 (L of 1984), and no Co-operative Insurance Society registered after that date under any law governing the registration of co-operative societies shall be registered under this Act, unless it has as working capital a sum specified in the Seventh Schedule, exclusive of the deposit to be made before application for registration and of the preliminary expenses, if any, incurred in the formation of the company or society.
Deposits to be made by Mutual Insurance Companies and Co-operative Insurance Societies98. Every Mutual Insurance Company and every Co-operative Insurance Society shall deposit at the time of making application for registration and keep deposited with the Bangladesh Bank, for and on behalf of the Government, the amount specified in the Seventh Schedule either in cash or in approved securities estimated at the market value of the securities on the day of the deposit.
Prohibitions of loans98A. The provisions of section 29 shall apply to Co-operative Insurance Societies as they apply to other insurers.]
Transferees and assignees of policies not to become members99. No transferee or assignee of a policy issued by an insurer to whom this Part applies shall become a member of a Mutual Insurance Company or a Co-operative 125[* * *] Insurance Society merely by reason of any such transfer or assignment.
Publication of notices and documents of Mutual Insurance Companies and Co-operative 126[* * *] Insurance Societies100. Notwithstanding the provisions of section 79 and section 131 of the Companies Act, 1913, a Mutual Insurance Company or a co-operative 127[* * *] Insurance Society may, instead of sending the notices and the copies of the balance-sheet, revenue account and other documents which they are required to send to the members under those sections, publish such notices or documents once in a newspaper published in the English language and in a newspaper published in the local language circulating in the place where the principal office of the company is situated. 128[* * *]
Supply of documents to members101. Every Mutual Insurance Company and every Co-operative 129[* * *] Insurance Society shall, on the application of any member made within two years from the date on which any such document is furnished to the Registrar of Companies under the provisions of section 134 of the Companies Act, 1913, or to the Registrar of Co-operative Societies 130[* * *], furnish a copy of the document free of cost to the member within fourteen days of the application.