 bd1 no 7 of i"s j the insurance (a~ndment) bill, 1965 a billfurther to amend the insurance act, 1938 be it enacted by parli~t in the sixteenth year of the republic of india as follows:-1 this act may' be called the insurance (amendment) act, 1965 short title 2 in section 3 of the insurance act, 1938 (hereinafter referred ~end-  s to as the principal act) ,-ment elf section 3 (i) after sub-section (2), the folio~g 'sub-sectiod,s shall be inserted, namely:- - "(2a) if, on receipt of an application for registration and after making such inquiry as he deems fit, the controller is 10 satisfied tbat-is 20 ~ (a) the financial condition and the general character of management of the, applicant are sound; (b) the volwne of business likely to be available to, and' the capital structure and earning prospects of, the applicant will be adequate; (c) the interests of the general public will be served if the certifica~e of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and (d) the applicant has complied with the provisions of sections 2c, 5, 3la and 32 and has fuullled all' the requirements of this section applicable to him, the con,troller may register the applicant as an insurer and grant him a certificate of n:gistration (2b) where the controller refuses registration, he shall :record the reasons for such decision and shall furnish a copy thereof to the applicant (2c) any person aggrieved by' the decision of the controller refusing registration may, within thirty days from s the date on which a copy of the decision is received by him, appeal to the central government (2d) the decision of the central government on such· appeal shall he final and shall not be questioned before any court"'; 10 (ii) in sub-section (3) t for the words "in the case of any insurer having his principal 'place of business or domicile outside india", the following shall be substituted, namely:- ~witbstanding anything contained in sujbeection (2a), in the cue of- any insurer having his prin~ place is of business or domicile outside india";  (iii)  ~n (6) ahall be omitted3 in section 110 of the principal act, in clause (ei) of sub-section (1), the words "refusing to register, or" shall bel omitted  statement of objects and reasonsin terms of" sub-section (6) of section 3 of the insurance act, 1938, it is mandatory on the part of the controller of, insunnce to grant a certiftc:ate of registration to an applicant if the requirements as to registration under the act· are complied with it is not, howev~r, a requilreid:ent that the controller should satisfy himself about the financial condition and the general character of management of the applic:amt so that the interests of the polic:y holders are adequately safeguarded the government consider that such a requirement is neceary and that the entry of new insuren should be related to· the vo1w1~ of business available so that un~onomic units which may act as 11 drag on the insurance industry are not allowed to grow the bill is intended -mainly to give effect to these objects new j)ahi; t t krishnamachari the 19th l'eb'ml4ry, 1965 _   annexure extracts from the insultance a~, 1938| no4      ||-----------|| -         || -         || -         || -         || -         || registra- || tion     |3 (1) - - - - (3) in the case of any insurer having his principal place of business or domicile outside india, the controller shall withhold registration or shall cancel a registration already mad~ if he is satisfied that in the cowltry; in which such insurer has his principal place of business or domicile indian nationals a:re debarred by the law or practice of the cowltry relating to, or applied to insurance from carrying on the business of insurance, or that any requirement imposed on such insurer under the provisions of section 62 is not satisfied  - - - - - (6) subject to compliance with the provisions of sections 2c, 5, sa, io(2a), 3la and 32 and of any other order made under section 3b, the!ll controller shall, on being satisfied that the application has fulfilled all the requirements of this section applicable to him, register the insurer and grant him a certificate of registration - - - - - 110 (1) an appeal shall lie 10 the court having jurisdiction iirom any of the following orders, namely:-appeals (a) an order under section 3 refusing to register, or cancelling the registration of, an insurer; - - - - - - a bnl further to amend the insurance at;tt938 ,  (sjrri t t k~j _ minist of fmc,) 