"(7) None of the assets in India of any insurer shall, except in so far as assets are required to be vested in trustees under SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 25 sub-section (7) of section 27, be kept otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the undertaking, if a company or as the case may be an insurance co-operative society.".
31. In section 31A of the Insurance Act,— Amendment of section
(a) in sub-section (I), in clause (c) — (I) for sub-clauses (/) and (if) to the proviso, the following sub-clause shall be substituted, namely:— "(0 the payment of commission to an insurance agent, in respect of insurance business procured by or through him;";
(II) clause (Hi) to the proviso shall be omitted;
(b)\n sub-section (3), for the words, figures and letter "or in 7 of 1913. section 86B of the Indian Companies Act, 1913", the words "or in any other law for the time being in force" shall be substituted.
