Section 36 of IA : Section 36: Sanction Of Amalgamation And Transfer By Controller
IA
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Explanation using Example
Imagine a scenario where two insurance companies, 'SafeInsure' and 'SecureLife', decide to amalgamate. Under Section 36 of the Insurance Act, 1938, they submit their proposal to the Insurance Regulatory and Development Authority (IRDA). Following their application, the IRDA is required to notify policyholders of both companies about the proposed merger.
The notice includes details about the amalgamation terms and invi...
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