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2[48B. Further provision regarding directors.-

(1) An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.

(2) The 3[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section-

(a) any insurer, who is a subsidiary company of another insurer, or

(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]

Insurance Act, 1938 Back

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