Summary of returns to be published

116A. The Central Government before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999, shall every year cause to be published, in such manner as it may direct, a summary of the accounts, balance sheets, statements, abstracts and other returns under this Act or purporting to be under this Act which have been furnished in pursuance of the provisions of this Act to the Authority during the year preceding the year of publication, and may append to such summary any note of the Authority or of the Central Government before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999 and any correspondence:

Provided that nothing in this section shall require the publication of the statement referred to in sub section (2) of Section 10 of the returns referred to in sub-section (1) of Section 28or Section 28A or Section 28B or the statements referred to in subsection (2) of Section 31B or Section 40B.

Saving of provisions of Indian Companies Act, 1913

117. Nothing in this Act shall affect the liability of an insurer being a company or a provident society as defined in Part III being a company to comply with the provisions of the Indian Companies Act, 1913 (7 of 1913), in matters not otherwise specifically provided for by this Act.

Exemptions

118. Nothing in this Act shall apply—

(a) to any trade union registered under the Indian Trade Unions Act 1926 (16 of 1926); or

(b) to any provident fund to which the provisions of the Provident Funds Act, 1925 (19 of 1925), apply; or

(c) if the Central Government so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to any insurance business carried on by the Central Government or a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956);or

(d) if the Authority so orders in any case, and to such extent or subject to such conditions or modifications as may be specified in the order, to—

i. any approved superannuation fund as defined in Clause (a) of Section 58 N of the Indian Income tax Act, 1922 (11 of 1922); or
ii. any fund in existence and officially recognized by the Central Government before the 27th day of January, 1937 maintained by or on behalf of Government servants or Government pensioners for the mutual benefit of contributors to the fund and of their dependents or
iii. any mutual or provident insurance society composed wholly of Government servants or of railway servants which has been exempted from any or all of the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912)

Inspection and supply of copies of published prospectus, etc

119. Any person may, on payment of a fee of five rupees, inspect the documents filed by an insurer with the Authority under Clause (f) of sub section (2) of Section 3, and may obtain a copy of any such document or part thereof on payment in advance at the prescribed rate, for the making of the copy.

Determination of market value of securities deposited under this Act

120. The market value on the day of deposit of securities deposited in pursuance of any of the provisions of this Act with the Reserve Bank of India shall be determined by the Reserve Bank of India whose decision shall be final.

121.( Repealed)

122 (Repealed)

123 (Repealed)