General Insurance Business (Nationalisation) Act,1972 Section 36 - Bare Act |
| State | Central Government |
| Year | 1972 |
| Section Title | Exemptions |
(1) Nothing contained in this Act shall apply in relation to--
(a) any general insurance business carried on by a State Government, to the extent to which such insurance relates to properties belonging to it or undertakings owned wholly or mainly by the State Government; or to properties belonging to semi-Government bodies, or any Board or body corporate established by the State Government under any statute or any industrial or commercial undertaking in which the State Government has substantial financial interest, whether as shareholder, lender or guarantor;
(b) any general insurance business not falling within clause (a) which has been carried on by a State Government before the commencement of this Act, to the extent to which it is necessary to allow such business to run off:
Provided that nothing contained in this clause shall be deemed to authorise the State Government to issue any new policies or renew any existing policies;
(c) any insurer whose business is being voluntarily wound up or is being wound up by a Court;
(d) the insurance business carried on by the Calcutta Hospital and Nursing Home B enefits Association Limited;
(e) the insurance business carried on by the Export Credit Guarantee Corporation Limited and the Deposit Insurance Corporation1established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961)2;
(f) any scheme in existence immediately before the 14 th day of May, 1971 or any scheme framed after the said day with the approval of the Central Government for the insurance of crops or of cattle or of flood risks or of war or emergency risks.
( 2 ) If the Central Government is satisfied that an insurer, whether established before or after the appointed day, carries on only such general insurance business as is not carried on ord inarily by insurers, it may, by notification, direct that nothing contained in this Act sh all apply to such insurer.
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1. Any reference to the Deposit Insurance Corporation be constructed as a reference to the Deposit Insurance and Credit Guarantee Corporation (w.e.f. 15-7-1978) vide section 8 of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978).
2. By section 8 of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978) nomenclature of the Act has been amended. Now it stands as the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).