Insurance Act, 1938 · Chapter II: Provisions Applicable to Insurers · Special provisions of law
Section 48B: Further provision regarding directors
(1) An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.
(2) The [Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section—
(a) any insurer, who is a subsidiary company of another insurer, or
(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]
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 48B
No Supreme Court judgment in our database cites this section yet.