Lawgist32AProhibition of common officers and requirement as to whole-time officers
1[32A. Prohibition of common officers and requirement as to whole-time officers. --(1) A managing director or other officer of an insurer 2*** carrying on life insurance business shall not be a managing director or other officer of any other insurer carrying on life insurance business or of a banking company or of an investment company:
Provided that the 3[Authority] may permit such managing director or other officer to be a managing director or other officer of any other insurer carrying on life insurance business for the purpose of amalgamating the business of the two insurers or transferring the business of one insurer to the other.
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1. Ins. by Act 47 of 1950, s. 24 (w.e.f. 1-6-1950).
2. The words, brackets, letter and figures "specified in sub-clause (b) of clause (9) of section 2 and," omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014).
3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
4. Sub-sections (2) and (3) omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014).
- 27 Investment of assets
- 27A Further provisions regarding investments
- 27B Provisions regarding investments of assets of insurer carrying general insurance business
- 27C Investment by insurer in certain cases
- 27D Manner and conditions of investment
- 27E Prohibition for investment of funds outside India
- 28 Statement and return of investment of assets
- 29 Prohibition of loans
- 30 Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29
- 31 Assets of insurer how to be kept
- 31A Provisions relating to managers, etc
- 31B Power to restrict payment of excessive remuneration
- 32 [Omitted.]
- 32A Prohibition of common officers and requirement as to whole-time officers
- 32B Insurance business in rural and social sectors
- 32C Obligations of insurer in respect of rural or unorganised sector and backward classes
- 32D Obligation of insurer in respect of insurance business in third party risks of motor vehicles
