Section 38A: Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre.

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

[38A. Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre.--Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Insurance Regulatory and Development Authority of India under this Act,

(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);

(b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]

Where this provision sits

Act	The General Insurance Business (Nationalisation) Act, 1972
Section	38A
Marginal note	Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act 50 of 2019. . Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).

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