Section 116
Power to exempt from certain requirements.
About this Act
An Act to consolidate and amend the law relating to the business of insurance.
1[(1)] The Central Government may, by
notification in the Official Gazette, exempt any insurer constituted, incorporated or domiciled in 2[any
country or State outside 3[India]] 4[from any of the provisions of this Act which may be specified in the
notification] either absolutely or subject to such conditions or modification as may be specified in the
notification.
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6[(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.]
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6[(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.]
Notes
1. Section 116 renumbered as sub-section (1) thereof by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).
2. Subs. by Act 47 of 1950, s. 60, for "a Part B State" (w.e.f. 1-6-1950).
3. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956).
4. Subs. by Act 20 of 1940, s. 17, for certain words (w.e.f. 10-4-1940).
5. The proviso omitted by Act 47 of 1950, s. 60 (w.e.f. 1-6-1950)
6. Added by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).
2. Subs. by Act 47 of 1950, s. 60, for "a Part B State" (w.e.f. 1-6-1950).
3. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956).
4. Subs. by Act 20 of 1940, s. 17, for certain words (w.e.f. 10-4-1940).
5. The proviso omitted by Act 47 of 1950, s. 60 (w.e.f. 1-6-1950)
6. Added by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).