Power to give directions to the insurer
[34A. (1) The Chief Controller of Insurance may, from time to time, issue such directions as he may deem fit to all or any of the insurers if he is satisfied that it is necessary so to do-
(a) in the public interest, or
(b) to prevent the affairs of any insurer being conducted in any manner detrimental to the interests of the policy-holders or of the insurer, or
(c) generally to secure the proper management of the insurer.
(2) The Chief Controller of Insurance may, on representation made in this behalf, or on his own motion, modify or cancel any direction issued under sub-section (1) and may, in so modifying or cancelling a direction, impose such conditions as he may deem fit.
(3) Every insurer shall comply with any direction issued under sub-section (1) or such direction as modified under sub-section (2) subject to conditions, if any.
(4) No direction under sub-section (1) or modification or cancellation under sub-section (2) or any such direction shall be issued without the prior approval of the Government.