Power of Central Government to impose reciprocal disabilities on non-Indian companies.

    Where, by the law or practice of any country outside India in which an insurer carrying on insurance business in ¹[India] is constituted, incorporated or domiciled, insurance companies incorporated in ¹[India] are required as a condition of carrying on insurance business in that country to comply with any special requirement whether as to the keeping of deposits or assets in that country or otherwise which is not imposed upon insurers of that country under this Act, the Central Government shall, if satisfied of the existence of such special requirement, by notification in the Official Gazette, direct that the same requirement, or requirements as similar thereto as may be, shall be imposed upon insurers of that country as a condition of carrying on the business of insurance in ¹[India].