Section 48. [Directors of insurers being companies]

48. [Directors of insurers being companies]. — Omitted by s. 56, ibid. ( w.e.f . 26-12-2014). 1. Subs. by Act 11 of 1939, s. 18, for "from the death of the insured, or the maturing of the policy by survival". 1 [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.] 2[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[3] [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.]