LawgistThe General Insurance Business (Nationalisation) Act
24Acquiring companies to have the exclusive privilege of carrying on general insurance business
(1) Except to the extent expressly provided in this Act, on and from the appointed day, the Corporation and the acquiring companies shall have the exclusive privilege of carrying on general insurance business in India.
(2) Subject to the provisions of section 36, any certificate of registration granted under the Insurance Act to any insurer other than an insurer referred to in sub-section (1) shall, on and from the appointed day, cease to have effect:
Provided that nothing in this sub-section shall apply to the carrying on by the Life Insurance Corporation of life insurance business and capital redemption and annuity certain business.
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MISCELLANEOUS
- 24 Acquiring companies to have the exclusive privilege of carrying on general insurance business
- 24A Exclusive privilege of Corporation and acquiring companies to cease
- 25 Omitted
- 26 Acquiring companies and income-tax
- 27 Power to reduce amounts of insurance in certain ease
- 28 Right of acquiring company to seek relief in respect of certain transactions
- 29 Duty to deliver possession of property and documents relating thereto
- 30 Penalty for withholding property, etc
- 31 Officers and employees of Corporation or of acquiring companies to be public servants
- 32 Indemnit
- 33 Dissolution of Corporation and acquiring companie
- 34 Reference to existing insurer in other law
- 35 Application of Insurance Act
- 35A Omitted
- 36 Exemption
- 37 Vacancies, etc., not to invalidate proceedings
- 38 Protection of action taken in good faith
- 39 Power to make rules
- 40 Repealed
