Insurance Act, 1938 · Chapter II: Provisions Applicable to Insurers · Special provisions of law
Section 48A: . Insurance agent or intermediary or insurance intermediary not to be director in insurance company
[48A. Insurance agent or intermediary or insurance intermediary not to be director in insurance company. —No insurance agent or intermediary or insurance intermediary shall be eligible to be or remain a director in insurance company:
Provided that any director holding office at the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015) shall not become ineligible to remain a director by reason of this section until the expiry of six months from the date of commencement of the said Act:
Provided further that the Authority may permit an agent or intermediary or insurance intermediary to be on the Board of an insurance company subject to such conditions or restrictions as it may impose to protect the interest of policyholders or to avoid conflict of interest.
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Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 48A
No Supreme Court judgment in our database cites this section yet.