Insurance Act, 1938 · Chapter II: Provisions Applicable to Insurers · Investment, loans and management
Section 32A: Prohibition of common officers and requirement as to whole-time officers
(1) A managing director or other officer of an insurer *** carrying on life insurance business shall not be a managing director or other officer of any other insurer carrying on life insurance business or of a banking company or of an investment company:
Provided that the [Authority] may permit such managing director or other officer to be a managing director or other officer of any other insurer carrying on life insurance business for the purpose of amalgamating the business of the two insurers or transferring the business of one insurer to the other.
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Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 32A
No Supreme Court judgment in our database cites this section yet.