In force · As amended up to 2026-08
117. Saving of provisions of[13] [the Companies Act, 2013]— Nothing in this Act shall affect the liability of an insurer being a company[14] [or a provident society as defined in Part III being a company] to
1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, "Central Government" (w.e.f. 19-4-2000).
2. Section 116 renumbered as sub-section (1) thereof by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).
3. Subs. by Act 47 of 1950, s. 60, for "a Part B State" (w.e.f. 1-6-1950).
4. Subs. by Act 62 of 1956, s. 2 and the Schedule, for "the States" (w.e.f. 1-11-1956).
5. Subs. by Act 20 of 1940, s. 17, for certain words (w.e.f. 10-4-1940).
6. The proviso omitted by Act 47 of 1950, s. 60 (w.e.f. 1-6-1950)
7. Added by Act 13 of 1941, s. 63 (w.e.f. 8-4-1941).
8. Ins. by s. 64, ibid. (w.e.f. 8-4-1941).
9. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
10. Subs. by Act 6 of 1946, s. 47, for "statements" (w.e.f. 20-3-1946).
11. Ins. by Act 47 of 1950, s. 61 (w.e.f. 1-9-1950).
12. Subs. by Act 62 of 1968, s. 38, for "section 28A" (w.e.f. 1-6-1969).
13. Subs. by Act 5 of 2015, s. 2(a), for "Indian Companies Act, 1913" (w.e.f. 26-12-2014).
14. Ins. by Act 13 of 1941, s. 65 (w.e.f. 8-4-1941).
comply with the provisions of[1] [the Companies Act, 2013 (18 of 2013)], in matters not otherwise specifically provided for by this Act.
2[118. Exemptions— Nothing in this Act shall apply—
(a) to any trade union registered under the Indian Trade Unions Act, 1926 (16 of 1926); or
(b) to any provident fund to which the provisions of the Provident Funds Act, 1925 (19 of 1925), apply; or
(c) if the Central Government so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to any insurance business carried on by the Central Government or a State Government or a Government company as defined in Section 617 of[3] [the Companies Act, 2013 (18 of 2013)]; or
(d) if the[4] [Authority] so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to—
(i) any approved superannuation fund as defined in clause (a) of section 58N of the Indian Income Tax Act, 1922 (11 of 1922); or
(ii) any fund in existence and officially recognised by the Central Government before the 27th day of January, 1937, maintained by or on behalf of Government Servants or Government pensioners for the mutual benefit of contributors to the fund and of their dependants; or
(iii) any mutual or provident insurance society composed wholly of Government servants or of railway servants which has been exempted from any or all of the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912). ][5] [or
(iv) any fund in existence in the Union territory of Goa, Daman and Diu on the 20th December, 1961 and maintained by or on behalf of Government servants or Government pensioners or on behalf of employees of any autonomous body and intended for the mutual benefit of contributors to the fund or for any other purpose.]
6 [118A. Powers of Authority not to apply to International Financial Services Centre.— Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Authority under this Act, —
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]
7[119. Inspection and supply of copies of published prospectus, etc.— Any person may on payment of a fee of five rupees inspect the documents filed by an insurer with the[4] [Authority] under clause (f) of
1. Subs. by Act 5 of 2015, s. 2(a), for "Indian Companies Act, 1913" (w.e.f. 26-12-2014).
2. Subs. by Act 35 of 1957, s. 5, for section 118 (w.e.f. 1-9-1957).
3. Subs. by Act 5 of 2015, s. 2(b), for "the Companies Act, 1956" (w.e.f. 26-12-2014).
4. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
5. Added by Goa, Daman and Diu (Laws) Regulation (12 of 1962), s. 2 and the Schedule (w.e.f. 12-11-1962).
6. Ins. by Act 50 of 2019, s. 33 and the Second Schedule (w.e.f. 1-10-2020).
7. Subs. by Act 13 of 1941, s. 67, for section 119 (w.e.f. 8-4-1941).
sub-section (2) of section 3, and may obtain a copy of any such document or part thereof on payment in advance at the prescribed rate for the making of the copy.]
Source: India Code