Section 116. Power to exempt from certain requirements—[2]

116. Power to exempt from certain requirements—[2] [(1)] The Central Government may, by notification in the Official Gazette, exempt any insurer constituted, incorporated or domiciled in[3] [any country or State outside[4] [India]][5] [from any of the provisions of this Act which may be specified in the notification] either absolutely or subject to such conditions or modification as may be specified in the notification. 6* * * * * 7[(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.] 8[116A. Summary of returns to be published— The 9[Central Government, before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)] shall every year cause to be published, in such manner as it may direct, a summary of the accounts, balancesheet, statements, abstracts and other returns under this Act or purporting to be under this Act which have been furnished in pursuance of the provisions of this Act to the[1] [Authority] during the year preceding the year of publication, and may append to such summary any note of the[1] [Authority] or of the[9] [Central Government, before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999,] and any correspondence: Provided that nothing in this section shall require the publication of the[10] [statement referred to in sub-section (2) of section 10 of the returns] referred to in sub-section (1) of section 28[11] [or[12] [section 28A or section 28B] or the statements referred to in sub-section (2) of section 31B or section 40B.]]