(1) Nothing contained in this Act shall apply in relation to--
         (a) any general insurance business carried on by a State Government, to the extent to which such insurance relates to properties belonging to it or undertakings owned wholly or mainly by the State Government or to properties belonging to semi-government bodies, or any Board or body corporate established by the State Government under any statue or any industrial or commercial undertaking in which the State Government has substantial financial interest, whether as shareholder, lender or guarantor;
         (b) any general insurance business not falling within clause (a) which has been carried on by a State Government before the commencement of this Act, to the extent to which it is necessary to allow such business to run off:
     Provided that nothing contained in this clause shall be deemed to authorise the State Government to issue any new policies or renew any existing policies;
         (c) any insurer whose business is being voluntarily wound up or is being wound up by a court;
         (d) the insurance business carried on by the Calcutta Hospital and Nursing Home Benefits Association Limited;
         (e) the insurance business carried on by the Export Credit and Guarantee Corporation Limited and the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);
         (f) any scheme in existence immediately before the 14th day of May, 1971 or any scheme framed after the said day with the approval of the Central Government for the insurance of crops or of cattle or of flood risks or of war or emergency risks.
     (2) If the Central Government is satisfied that an insurer, whether established before or after the appointed day, carries on only such general insurance business as is not carried on ordinarily by insurers, it may, by notification, direct that nothing contained in this Act shall apply to such insurer.