Clause 143 - Amendment of Act 4 of 1938. - Finance (No. 2) Bill, 2019

PART II AMENDMENT TO THE INSURANCE ACT, 1938 Amendment of Act 4 of 1938. 143. In the Insurance Act, 1938, in section 6, after sub-section (2), the following sub-section shall be inserted, namely: (3) No insurer, being a foreign company engaged in re-insurance business through a branch established in an International Financial Services Centre referred to in sub-section (1) of section 18 of the Special Economic Zones Act, 2005, (28 of 2005.) shall be registered unless it has net owned funds of not less than rupees one thousand crore. .