48B. Further provision regarding directors
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 [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.
Amendment notes (2)
- w.e.f. 1-6-1950 . ns. by Act 47 of 1950, s. 40 (w.e.f. 1-6-1950).
- Subs w.e.f. 19-4-2000 . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).