Section 24: Acquiring companies to have the exclusive privilege of carrying on general insurance business.

The General Insurance Business (Nationalisation) Act, 1972Central Act · Act 57 of 1972

(1) Except to the extent expressly provided in this Act, on and from the appointed day, the Corporation and the acquiring companies shall have the exclusive privilege of carrying on general insurance business in India.

(2) Subject to the provisions of section 36, any certificate of registration granted under the Insurance Act to any insurer other than an insurer referred to in sub-section (1) shall, on and from the appointed day, cease to have effect:

Provided that nothing in this sub-section shall apply to the carrying on by the Life Insurance Corporation of life insurance business and capital redemption and annuity certain business.

Where this provision sits

Act	The General Insurance Business (Nationalisation) Act, 1972
Section	24
Marginal note	Acquiring companies to have the exclusive privilege of carrying on general insurance business.
Jurisdiction	Central
Status	In force as published by the source

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