Lawgist.Download the App Now!
Get our Android app for fast and offline Access.
We heard you! Soon we are bringing you the biggest update yet with Updated & New acts, all Central and State acts, the Constitution of India, and a dedicated Mobile App! 🚀
1[24A. Exclusive privilege of Corporation and acquiring companies to cease.-- Notwithstanding
anything contained in this Act, the exclusive privilege of the Corporation and the acquiring companies of
carrying on general insurance business in India shall cease on and from the commencement of the
Insurance Regulatory and Development Authority Act, 1999 and the Corporation and the acquiring
companies shall, thereafter, carry on general insurance business in India in accordance with the provisions
of the Insurance Act, 1938 (4 of 1938):
2[Provided that the Corporation shall, on and from the commencement of the General Insurance
Business (Nationalisation) Amendment Act, 2002, cease to carry on general insurance business].]
Download our fully-offline, High speed android app.- Click here
1. Ins. by Act 41 of 1999, s. 32 and the Third Schedule (w.e.f. 19-4-2000).
2. Ins. by Act 40 of 2002, s. 7 (w.e.f. 21-3-2003).