Lawgist24AExclusive privilege of Corporation and acquiring companies to cease
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].]
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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).
- 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- 40 Repealed
