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)."
![An Introduction - Indian General [Non-Life] Insurance Companies](https://www.medindia.net/images/patientinfo/120x100/health-insurance21.jpg "An Introduction - Indian General [Non-Life] Insurance Companies")
