Section 1. Section 33A, omit "Central Government or the"

21. Section 33A, omit "Central Government or the". — 22. Section 34H, (a) in sub-section (1), — (i) for "Controller", substitute "Chairperson of the Authority"; (ii) for "an Assistant Controller of Insurance", substitute "an officer authorised by the Authority"; (b) in sub-sections (5) and (7), for "Controller" wherever it occurs, substitute "Chairperson of the Authority". — 23. Section 35, (a) in sub-section (1), for "sanctioned by the Controller", substitute "approved by the Authority"; (b) in sub-section (3), — (i) in the first paragraph, for "to sanction any such scheme", substitute "to approve any such scheme"; (ii) in the second paragraph, for "the amalgamation or transfer if sanctioned", substitute "the amalgamation or transfer if approved". — 24. Section 36, (a) in sub-section (1), for "may sanction the arrangement", substitute "may approve the arrangement"; (b) in sub-section (2), — (i) for "the insurers concerned in the amalgamation, the Controller may sanction", substitute "the insurers concerned in the amalgamation, the Authority may approve"; (ii) for "contracts as sanctioned by the Controller", substitute "contracts as approved by the Authority". 1. In the Act, except in clause (5B) of section 2 and section 2B, for "Controller" wherever it occurs, substitute "Authority" and such consequential changes as the rules of grammar may require shall also be made. - - 2. After section 30, insert the following: "30A. Exclusive privilege of Corporation to cease 1. In the Act, for "Controller" wherever it occurs, substitute "Authority". - - 2. After section 30, insert the following: "30A. Exclusive privilege of Corporation to cease .— Notwithstanding anything contained in this Act, the exclusive privilege of carrying on life insurance business in India by the Corporation shall cease on and from the commencement of the Insurance Regulatory and Development Authority Act, 1999 and the Corporation shall, thereafter, carry on life insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938).". THE THIRD SCHEDULE ( See section 32) AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 (57 OF1972) After section 24, insert the following: — "24A. Exclusive privilege of Corporation and acquiring companies to cease .— Notwithstanding anything contained in this Act, the exclusive privilege of the Corporation and the acquiring companies of carrying on general insurance business in India shall cease on and from the commencement of the Insurance Regulatory and Development Authority Act, 1999 and the Corporation and the acquiring companies shall, thereafter, carry on general insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938)."