40. Insertion of new sections 96A and 96B in the principal enactment

The following new sections are hereby inserted immediately after section 96 of the principal enactment and shall have effect as section 96A and section 96B of that enactment:—

Act, No. 3 of 2011

96A. The Board may with a view to safeguarding the interests of policy holders and potential policy holders, issue directions to insurers, brokers and loss adjustors, as the case may be, and it shall be the duty of every such insurer, broker and loss adjustor, as the case may be, to comply with any directions so issued.

96B. Any determination of the Board which is not required to be made by rules made in that behalf and which relates to insurers, brokers or loss adjustors, as the case may be, shall immediately upon such determination being made, be communicated to all such insurers, brokers and loss adjustors, as the case may be, to whom such determination relates.”.