Section 116:
Power to exempt from certain requirements.
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.
5* * * * *
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).