Section 44:
Act not to apply in certain cases
Nothing contained in this Act shall apply in relation to--
(a) any insurer whose business is being voluntarily wound up or is being wound up under the
orders of the Court;
(b) any insurer to whom the Insurance Act does not apply by reason of the provisions contained
in section 2E thereof;
1[Provided that nothing contained in this clause shall apply on and from the date on which the
provisions contained in section 2E of the Insurance Act, 1938 (4 of 1938) shall cease to operate.]
(c) any composite insurer in respect of the management of whose affairs an Administrator has
been appointed under section 52A of the Insurance Act;
(d) the scheme run by the Central Government known as the Post Office Life Insurance Fund;
(e) any approved superannuation fund as defined in clause (a) of section 58N of the Indian
Income-tax Act, 1922 (11 of 1922), which is in existence on the appointed day;
(f) any scheme in existence on the appointed day or any scheme framed after the appointed day
with the approval of the Central Government whereby, in consideration of certain compulsory
deductions made by Government from the salaries of its employees as part of the conditions of
service, the payment of money is assured by Government on the death of the employee concerned or
on the happening of any contingency dependent on his life.
2[(g) any Family Pension Scheme Framed under the Coal Mines Provident Fund, Family Pension
and Bonus Schemes Act, 1948 (46 of 1948), or the Employees Provident Funds and Family Pension
Fund Act, 1952 (19 of 1952), for the purpose of providing family pension and life assurance benefits
to the employees covered by the said Scheme.]
Notes:
1. The proviso ins. by Act 8 of 2012, s. 7 (w.e.f. 31-3-2012).
2. Ins. by Act 16 of 1971, s. 31 and the Third Schedule (w.e.f. 23-4-1971).