o f n e w sec t ion for section
48A.
"48A. No insurance agent or intermediary or insurance intermediary shall be eligible to be or remain a director in insurance company:
Provided that any director holding office at the commencement of the Insurance Laws (Amendment) Ordinance, 2014 shall not become ineligible to remain a director by reason of this section until the expiry of six months from the date of commencement of the said Ordinance:
Insurance agent or intermediary or insurance intermediary not to be director in insurance company.
Provided further that the Authority may permit an agent or intermediary or insurance intermediary to be on the Board of an insurance company subject to such conditions or restrictions as it may impose to protect the interest of policy holders or to avoid conflict of interest.".
7 of 1912.
58. In section 49 of the Insurance Act, in sub-section (J),—
(i) the words, brackets, letters and figures "being an insurer specified in sub-clause (a) (ii) or sub-clause (h) of clause (9) of section 2" shall be omitted;
(ii) the words and figures "or to the Central Government under section 11 of the Indian Life Insurance Companies Act, 1912" shall be omitted.
Amendment of section 49.
44 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—