AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
(57 OF1972)
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 and 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).”
