Acquiring companies to have the exclusive privilege of carrying on general insurance business. - (1) Except to the extent expressly provided in this Act, on and from the appointed day, the Corporation and the acquiring companies shall have the exclusive privilege of carrying on general insurance business in India

[ Exclusive privilege of Corporation and acquiring companies to cease

Properties in India not to be insured with foreign insurers except with permission of Central Government

Power to reduce amounts of insurance in certain cases. - An acquiring company may, having regard to its financial condition on the 13th day of May, 1971 or the financial condition on the said date of any existing insurer whose undertaking has been transferred to and vested in it under this Act reduce the liabilities which have arisen under contracts of general insurance entered into before the said date in such manner and subject to such conditions as it thinks fit:

Right of acquiring company to seek relief in respect of certain transactions. - (1) Where an existing insurer has at any time within five years before the 13th day of May, 1971