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The Insurance Act, 1938

( ACT NO. IV OF 1938 )

Restriction on the life insurance agents’ becoming directors of Life Insurance Companies
1[48A. (1) No Insurance agent who solicits or procures life insurance business, and no employer of agents who procures life insurance business, shall be eligible to be or remain a director of any insurance company carrying on life insurance business unless he suspends such solicitation or procurement.
(2) Any insurance agent or employer of agents who contravenes the provisions of sub-section (1) shall cease to be a director and shall also be liable to the cancellation of his licence as insurance agent or, as the case may be, certificate as employer of agents.]

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    Section 48A was inserted by section 24 of the Insurance (Amendment) Act, 1946 (Act No. VI of 1946) which was later substituted by section 29 of the Insurance (Amendment) Ordinance, 1970 (Ordinance No. XXV of 1970)
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