Lawgist116Power to exempt from certain requirements
1[(1)] The Central Government may, by notification in the Official Gazette, exempt any insurer constituted, incorporated or domiciled in 2[any country or State outside 3[India]] 4[from any of the provisions of this Act which may be specified in the notification] either absolutely or subject to such conditions or modification as may be specified in the notification.
5* * * * *
6[(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.]
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1. Section 116 renumbered as sub-section (1) thereof by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).
2. Subs. by Act 47 of 1950, s. 60, for "a Part B State" (w.e.f. 1-6-1950).
3. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956).
4. Subs. by Act 20 of 1940, s. 17, for certain words (w.e.f. 10-4-1940).
5. The proviso omitted by Act 47 of 1950, s. 60 (w.e.f. 1-6-1950)
6. Added by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).
- 102 Penalty for default in complying with, or act in contravention of this Act
- 103 Penalty for carrying on insurance business in contravention of sections 3
- 104 Penalty for contravention of sections 27, 27A, 27B, 27D and 27E
- 105 Wrongfully obtaining or withholding property
- 105A Offences by companies
- 105B Penalty for failure to comply with sections 32B, 32C and 32D
- 105C Power to adjudicate
- 105D Factors to be taken into account by the adjudicating officer
- 106 Power of Court to order restoration of property of insurer or compensation in certain cases
- 106A Notice to and hearing of Authority
- 107 [Omitted.]
- 107A Chairman, etc., to be public servants
- 108 Power of Court to grant relief
- 109 Cognizance of offences
- 110 Appeal to Securities Appellate Tribunal
- 110A Delegation of powers and duties of Chairperson of the Authority
- 110B Signature of documents
- 110C Power to call for information
- 110D Certain claims for compensation barred
- 110E [Omitted.]
- 110F Provisions applicable to state Governments, etc
- 110G [Omitted.]
- 110H [Omitted.]
- 110HA Penalty to be recoverable as arrear of land revenue
- 111 Service of notices
- 112 Declaration of interium bonuses
- 113 Acquisition of surrender value by policy
- 114 Power of Central Government to make rules
- 114A Power of Authority to make regulations
- 115 Alteration of forms
- 116 Power to exempt from certain requirements
- 116A Summary of returns to be published
- 117 Saving of provisions of Indian Companies Act, 191
- 118 Exemption
- 119 Inspection and supply of copies of published prospectus, etc
- 120 Determination of market value of securities deposited under this Act
- 121 Repealed
- 122 Repealed
- 123 Repealed
