General Insurance Business (Nationalisation) Amendment Act, 2021 (BILL NO. 115 OF 2021)
No: 115 Dated: Jul, 30 2021
General Insurance Business (Nationalisation) Act, 1972
General Insurance Business (Nationalisation) Amendment Act, 2021
BILL NO. 115 OF 2021
A Bill further to amend the General Insurance Business (Nationalisation) Act, 1972.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—
1. Short title and commencement:- (1) This Act may be called the General Insurance Business (Nationalisation) Amendment Act, 2021.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
2. Amendment of section 3:- In section 3 of the General Insurance Business (Nationalisation) Act, 1972 (hereinafter referred to as the principal Act),—
(i) after clause (b), the following clause shall be inserted, namely:—
'(ba) "board of directors" or "board", in relation to a specified insurer, shall have the same meaning as assigned to it in clause (10) of section 2 of the Companies Act, 2013;';
(ii) in clause (c), for the words and figures "the Companies Act, 1956", the words and figures "the Companies Act, 2013" shall be substituted;
(iii) for clause (g), the following clause shall be substituted, namely:—
'(g) "general insurance business" shall have the same meaning as assigned to it in the Insurance Act, 1938;';
(iv) in clause (h), for the word and figures "section 617", the words, brackets and figures "clause (45) of section 2" shall be substituted; (v) after clause (o), the following clause shall be inserted, namely:—
'(oa) "specified insurer" means the Corporation as defined in clause (d) or any of the insurance companies specified in section 10A;’.
3. Amendment of section 9:- In section 9 of the principal Act, for the words and figures "the Companies Act, 1956", the words and figures "the Companies Act, 2013" shall be substituted.
4. Amendment of section 10B:- In section 10B of the principal Act, the proviso shall be omitted.