Amendment of section 2.- In section 2 of the Insurance Act, 1938 4 of 1938 hereinafter referred to as the principal Act ,-
a in clause 1 , for the words qualifications as may be prescribed, the words qualifications as may be specified by the regulations made by the Authority shall be substituted
b in clause 3 , sub- clause v shall be omitted
c after clause 8 , the following clause shall be inserted, namely- 8A insurance co- operative society means any insurer being a co- operative society,-
a which is registered on or after the commencement of the Insurance Amendment Act, 2002 , as a co- operative society under the Co- operative Societies Act, 1912 2 of 1912 or under any other law societies or under the Multi- State Co- operative Societies Act, 1984 51 pf 1984 for the time being in force in any State relating to co- o erative
b having a minimum paid- up capital excluding the deposits required to be made under section 7 of rupees one hundred crores
c in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty- six per cent. of the capital of such co- operative society
d whose sole purpose is to carry on life insurance business or general insurance business in India
d after clause 10A , the following clause shall be inserted, namely- 10B intermediary or insurance intermediary shall have the meaning assigned to it in clause f of sub- section 1 of section 2 of the Insurance Regulatory and Development Authority Act, 1999 41 of 1999