PART IV MUTUAL INSURANCE COMPANIES AND CO OPERATIVE LIFE INSURANCE SOCIETIES

Definitions.

95. (1) In this Part,¬ before the date of commencement of the Insurance Regulatory and Development Authority Act, 1999, -

(a) "Mutual Insurance Company" means an insurer, being a company incorporated under the Indian Companies Act, 1913 (7 of 1913), or under the Indian Companies Act, l882 (6 of 1882), or under the Indian Companies Act, 1866 (10 of 1866) or under any Act, repealed thereby, which has no share capital and of which by its constitution only and all policy holders are members;

and

(b) "Co operative Life Insurance Society" means an insurer being a society registered under the Co operative Societies Act, 1912 (2 of 1912) or under an Act of a State Legislature governing the registration of co¬operative societies which carries on the business of life insurance and which has no share capital on which dividend or bonus is payable and of which by its constitution only original members on whose application the society is registered and all policy holders are members:

Provided that any co operative life insurance society in existence at the commencement of this Act shall be allowed a period of one year to comply with the provisions of this Act.

(2) Notwithstanding anything contained in sub section (1), other co¬operative societies may be admitted as members of a co operative life insurance society, without being eligible to any dividend, profit or bonus.

(3) A State Government may, subject to any rules made by the Central Government, empower the Registrar of Co operative Societies of the State to register co operative societies for the insurance of cattle or crops or both under the provisions of the Co operative Societies Act in force in the State.

(4) A State Government may make rules not inconsistent with any rules made by the Central Government to govern such societies, and the provisions of this Act, in so far as they are inconsistent with those rules, shall not apply to such societies.