Lawgist logo - L! Lawgist.
The Insurance Act

48BFurther provision regarding directors

1[48B. Further provision regarding directors.--(1) An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.

(2) The 2[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section--

(a) any insurer, who is a subsidiary company of another insurer, or

(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]

Download our fully-offline, High speed android app.- Click here

1. ns. by Act 47 of 1950, s. 40 (w.e.f. 1-6-1950).

2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).

Download the App Now!

Get our Android app for fast and offline Access.

Get it on Google Play
Lawgist is not a law firm and does not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and are not intended to be a substitute for professional legal advice. Use of this site is subject to our Terms and Conditions, Disclaimer, and Privacy Policy.About Us Made in ♥ with India, Internet and Lots of Courtroom Dramas