[24B. Cessation of application of Act.--(1) On and from the date on which the Central Government ceases to control any specified insurer, after the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2021, the provisions of this Act shall cease to apply in respect of that specified insurer.
(2) Notwithstanding anything contained in sub-section (1), on the date of cessation of applicability referred to in sub-section (1),--
(a) any scheme framed by the Central Government under sub-section (1) of section 17A in respect of the specified insurer referred to in sub-section (1) shall be deemed to have been adopted by the board of directors of such specified insurer:
Provided that the board of directors may make such additions, amendments or variations thereto, or frame new policy in place of such scheme, as it may deem appropriate;
(b) without prejudice to the generality of the power of the board of directors of the specified insurer under clause (a), all powers exercisable by the Central Government under a scheme framed by it in sub-section (1) of section 17A shall be exercisable by that board of directors.
Explanation 1.--For the purposes of this section, the expression control means the right of the Central Government, in relation to a specified insurer,
(i) to appoint a majority of its directors; or
(ii) to have power over its management or policy decisions,
by virtue of its shareholding rights or management rights under its articles of association or shareholders agreements or voting agreements or any other agreements executed with the specified insurer or any other person in relation to the specified insurer.
Explanation 2.--For the removal of doubts, it is hereby clarified that--
(i) the provisions of this section shall also apply to any rule, scheme, direction or notification made under this Act before the cessation of applicability;
(ii) the cessation of applicability shall not revive anything that was not already in force or in existence under this Act or affect anything previously done or suffered under this Act;
(iii) the board of directors of the specified insurer shall exercise the powers referred to in sub-section (2), subject to any requirement under any law for the time being in force.]