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Section 118: Exemptions

The Insurance Act, 1938Central Act · Act 4 of 1938

[118. Exemptions--Nothing in this Act shall apply--

(a) to any trade union registered under the Indian Trade Unions Act, 1926 (16 of 1926); or

(b) to any provident fund to which the provisions of the Provident Funds Act, 1925 (19 of 1925), apply; or

(c) if the Central Government so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to any insurance business carried on by the Central Government or a State Government or a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956); or

(d) if the [Authority] so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to--

(i) any approved superannuation fund as defined in clause (a) of section 58N of the Indian Income Tax Act, 1922 (11 of 1922); or

(ii) any fund in existence and officially recognised by the Central Government before the 27th day of January, 1937, maintained by or on behalf of Government Servants or Government pensioners for the mutual benefit of contributors to the fund and of their dependants; or

(iii) any mutual or provident insurance society composed wholly of Government servants or of railway servants which has been exempted from any or all of the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912).]

Where this provision sits

ActThe Insurance Act, 1938
Section118
Marginal noteExemptions
JurisdictionCentral
StatusIn 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.

  • substituted, Act 35 of 1957. . Subs. by Act 35 of 1957, s. 5, for section 118 (w.e.f. 1-9-1957).
  • substituted, Act 41 of 1999. . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).

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