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4[32A. Prohibition of common officers and requirement as to whole-time officers.-

(1) A managing director or other officer of an insurer 5*** carrying on life insurance business shall not be a managing director or other officer of any other insurer carrying on life insurance business or of a banking company or of an investment company:

Provided that the 6[Authority] may permit such managing director or other officer to be a managing director or other officer of any other insurer carrying on life insurance business for the purpose of amalgamating the business of the two insurers or transferring the business of one insurer to the other.

1. Certain words omitted by Act 62 of 1968, s. 14.

2. Subs. by Act 5 of 2015, s. 31 for "or in section 86B of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 26-12-2014).

3. Subs. by s. 32, ibid., for section 31B (w.e.f. 26-12-2014).

4. Ins. by Act 47 of 1950, s. 24 (w.e.f. 1-6-1950).

5. The words, brackets, letter and figures "specified in sub-clause (b) of clause (9) of section 2 and," omitted by Act 5 of 2015,

s. 34 (w.e.f. 26-12-2014).

6. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).

7. Sub-sections (2) and (3) omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014).



Insurance Act, 1938 Back




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