Section 24A
Exclusive privilege of Corporation and acquiring companies to cease.
The General Insurance Business (Nationalisation) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.
1[24A. Exclusive privilege of Corporation and acquiring companies to cease.-- Notwithstanding
anything contained in this Act, the exclusive privilege of the Corporation and the acquiring companies of
carrying on general insurance business in India shall cease on and from the commencement of the
Insurance Regulatory and Development Authority Act, 1999 and the Corporation and the acquiring
companies shall, thereafter, carry on general insurance business in India in accordance with the provisions
of the Insurance Act, 1938 (4 of 1938):
2[Provided that the Corporation shall, on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, cease to carry on general insurance business].]
2[Provided that the Corporation shall, on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, cease to carry on general insurance business].]
Notes
1. Ins. by Act 41 of 1999, s. 32 and the Third Schedule (w.e.f. 19-4-2000).
2. Ins. by Act 40 of 2002, s. 7 (w.e.f. 21-3-2003).
2. Ins. by Act 40 of 2002, s. 7 (w.e.f. 21-3-2003).