of new sectii for section Substitution of new sections 52 and 52A.
Prohibition of business on dividing principle.
When Administrator for management of insurance business may be appointed.
Amendment of section
52BB.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 45 "52D. If at any time, it appears to the Authority that the purpose of the order appointing the Administrator has been fulfilled or that, for any reason, it is undesirable that the order of appointment should remain in force, the Authority may cancel the order and thereupon the Administrator shall be divested of the management of the insurance business which shall, unless otherwise directed by the Authority, again vest in the person in whom it was vested immediately prior to the appointment of the Administrator or any other person appointed by the insurer in this behalf.".
52D.
Termination of appointment of Administrator.
62. In section 52E of the Insurance Act, for the words "Central Amendment Government", the word "Authority" shall be substituted.". of section
52E.
63. In section 52F of the Insurance Act, for the words Amendment "punishable with imprisonment which may extend to six months, ofse^0*1 or with fine which may extend to one thousand rupees, or with 52F ' both", the words "liable to penalty of rupees ten thousand each day during which such failure continues or rupees ten lakh, • whichever is less" shall be substituted.
18 of2013.
64. In section 52G of the Insurance Act, in sub-section (2), the words "Central Government or" shall be omitted.
65. Sections 52H, 52-1, 52J, 52K, 52L, 52M and 52N of the Insurance Act shall be omitted.
66. In section 53 of the Insurance Act,—
(a) in sub-section (1), the following Explanation shall be inserted at the end, namely:— "'Explanation.—For the purpose of sections 53 to 61 A, "Tribunal" means the National Company Law Tribunal constituted under sub-section (7) of section 408 of the Companies Act, 2013.";
(b) in sub-section (2), in clause (b), sub-clause (i),shall be omitted.
Amendment of section
52G.
Omission of sections 52H, 52-1, 52J, 52K, 52L, 52M and 52N.
Amendment of section 53.