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Section 42: In section 35 of the Insurance Act,— (/') for sub-section (7), the following sub-section shall be substituted, namely

Insurance Laws (Amendment) Ordinance 2014Central Ordinance · No. 4 of 1938

"(7) Notwithstanding anything contained in any other law for the time being in force, no insurance business of an insurer shall be transferred to or amalgamated with the insurance business of any other insurer except in accordance with a scheme prepared under this section and approved by the Authority.";

(if) in sub-section (3), for clauses (b) and (c), the following clauses shall be substituted, namely :— "(6) balance-sheets in respect of the insurance business of each of the insurers concerned in such amalgamation or transfer, prepared in such forms may be specified by regulation;

Amendment of section 35.

(c) actuarial reports and abstracts in respect of the life insurance business of each of the insurers so concerned, prepared in conformity with the regulations specified in this regard.".

Where this provision sits

ActInsurance Laws (Amendment) Ordinance 2014
Section42
Marginal noteIn section 35 of the Insurance Act,— (/') for sub-section (7), the following sub-section shall be substituted, namely
JurisdictionCentral
StatusIn force as published by the source

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