Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - The Second and Third Schedule
The Second and Third Schedule
The Second Schedule(See section 31)
Amendments To The Life Insurance Corporation Act, 1956
(31 of 1956)
1. In the Act, for "Controller" wherever it occurs, substitute "Authority".
2. After section 30, insert the following:-
"30A. Exclusive privilege of Corporation to cease - Notwithstanding anything contained in this Act, the exclusive privilege of carrying on life insurance business in India by the Corporation shall cease on and from commencement of the Insurance Regulatory and Development Authority Act, 1999 and the Corporation shall, thereafter, carry on life insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938).".
The Third Schedule
(See section 32)
Amendment To The General Insurance Business (Nationalisation) Act, 1972
(57 of 1972)
After section 24, insert the following:-
"24A. Exclusive privilege of Corporation and acquiring companies to cease - Notwithstanding anything contained in this Act, the exclusive privilege of the Corporation and the acquiring companies of carrying on general insurance business in India shall cease on an from the commencement of the Insurance Regulatory and Development Authority Act, 1999 and the Corporation and the acquiring companies shall, thereafter, carry on general insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938)."
References:
- Insurance Regulatory and Development Authority - (http://en.wikipedia.org/wiki/Insurance_Regulatory_and_Development_Authority)
- Insurance Regulatory & Development Authority (IRDA) - (http://www.banknetindia.com/finance/irda.htm)
- Insurance - (http://en.wikipedia.org/wiki/Insurance)
Cite this Article ⇣⇡
Please use one of the following formats to cite this article in your essay, paper or report:
-
APA
Dr. Sameer Sippy. (2014, September 08). Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - The Second and Third Schedule. Medindia. Retrieved on Jan 02, 2025 from https://www.medindia.net/health/insurance/insurance-concepts-and-irda-second-schedule.htm.
MLA
Dr. Sameer Sippy. "Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - The Second and Third Schedule". Medindia. Jan 02, 2025. <https://www.medindia.net/health/insurance/insurance-concepts-and-irda-second-schedule.htm>.
Chicago
Dr. Sameer Sippy. "Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - The Second and Third Schedule". Medindia. https://www.medindia.net/health/insurance/insurance-concepts-and-irda-second-schedule.htm. (accessed Jan 02, 2025).
Harvard
Dr. Sameer Sippy. 2014. Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - The Second and Third Schedule. Medindia, viewed Jan 02, 2025, https://www.medindia.net/health/insurance/insurance-concepts-and-irda-second-schedule.htm.