Special Economic Zone Act, 2005

-THIRD SCHEDULE

(See section 57)

AMENDMENT TO CERTAIN ENACTMENTS

PART I

AMENDMENTS TO THE INSURANCE ACT, 1938

(4 of 1938)

1. In section 2C, in sub-section (1), after the third proviso, insert:-

"Provided also an insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of this sub-section carrying on the business of insurance, may carry on any business of insurance in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005".

2. After section 2C, insert-

"2CA. Power of Central Government to apply provisions of this Act to Special Economic Zones. - The Central Government may, by notification, direct that any of the provisions of this Act,-

(a)	-	shall not apply to insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005; or
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