Insurance Regulatory And Development Authority Act, 1999
Sch. III - AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
THE THIRD SCHEDULE
(See section 32)
AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
(57 of 1972)
After section 24, insert the following :-
-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 insurane 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).-
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