Exemptions. - (1) Nothing contained in this Act shall apply in relation to

A. Liability of director of specified insurer- A director of a specified insurer who is not its whole-time director shall be held liable only in respect of such acts of omission or commission of the specified insurer which had been committed with his knowledge, attributable through board processes, and with his consent or connivance or where he had not acted diligently

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