Section 48A of IA : Section 48A: Insurance Agent Or Intermediary Or Insurance Intermediary Not To Be Director In Insurance Company

Explanation using Example

Imagine a scenario where Sarah, a successful insurance agent, is invited to join the board of directors of XYZ Insurance Company. However, under Section 48A of the Insurance Act, 1938, Sarah is not eligible to become a director in the insurance company because she is an active insurance agent. This law helps to prevent potential conflicts of interest that might arise if a person who sells insurance policies is also involved in the management of an insurance company.

However, if Sa...

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