Prohibition of transaction of insurance business by certain persons
[2C. (1) No person other than-
(a) a public company, or
(b) a society registered under [any] law for the time being in force in Bangladesh relating to co-operative societies, or
(c) a body corporate incorporated under the law of any country outside Bangladesh not being of the nature of a private company or a subsidiary of a private company,
shall start any insurance business in Bangladesh and a person, other than a person specified in clause (a), (b) or (c), who, immediately before the commencement of the Insurance (Amendment) Ordinance, 1958, was carrying on such business in Bangladesh shall, after the expiry of one year from such commencement, discontinue such business.
(2) No Mutual Insurance Company which was not registered, before the commencement of the Insurance (Amendment) Ordinance, 1958, for any class of insurance business, shall be registered for any class of general insurance business and no Mutual Insurance Company which was registered, before such commencement, for any class of insurance business, shall, be registered for any additional class of insurance business unless such company satisfies such conditions as may be prescribed.
Explanation.- In this section, ÔÇÿMutual Insurance Company' has the meaning assigned to it in Part IV of this Act and includes any company constituted or incorporated outside Bangladesh which is of the nature of a Mutual Insurance Company.]