Lawgist48BFurther 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.]
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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).
- 45 Policy not to be called in question on ground of mis-statement after two years
- 46 Application of the law in force in India to policies issued in India
- 47 Payment of money into Court
- 47A [Omitted.]
- 48A . Insurance agent or intermediary or insurance intermediary not to be director in insurance company
- 48B Further provision regarding directors
- 48C [Omitted.]
- 49 Restriction On dividends and bonuses
- 50 Notice of options available to the assured on the lapsing of a policy
- 51 Supply of copies of proposals and medical reports
- 52 Prohibition of business of dividing principle
