Section 48B: Further provision regarding directors.

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

[48B. Further provision regarding directors.--(1) An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.

(2) The [Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section--

(a) any insurer, who is a subsidiary company of another insurer, or

(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]

Where this provision sits

Act	The Insurance Act, 1938
Section	48B
Marginal note	Further provision regarding directors.
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.

other, Act 47 of 1950. . ns. by Act 47 of 1950, s. 40 (w.e.f. 1-6-1950).
substituted, Act 41 of 1999. . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).

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