(7)Nothing contained in this section shall be deemed to affect in any way the manner in which any moneys relating to the provident fund of any employee or to any security taken from any employee or other moneys of a like nature are required to be held by or under any Central Act, or Act of a State legislature.Explanation.--In this section "controlled fund" means--(a)in the case of any insurer carrying on life insurance business--(i)all his funds, if he carries on no other class of insurance business;(ii)all the funds in India appertaining to his life insurance business if he carries on some other class of insurance business also.Explanation.--For the purposes of sub-clauses (i) and (ii), the fund does not include any fund or portion thereof in respect of which the Authority is satisfied that such fund or portion, as the case may be, is regulated by the law in force of any country outside India or it would not be in the interest of the insurer to apply the provisions of this section;(b)in the case of any other insurer carrying on life insurance business--(i)all his funds in India, if he carries on no other class of insurance business;(ii)all the funds in India appertaining to his life insurance business if he carries on some other class of insurance business also; but does not include any fund or portion thereof in respect of which the Authority is satisfied that such fund or portion thereof, as the case may be, is regulated by the law of any country outside India or in respect of which the Authority is satisfied that it would not be in the interest of the insurer to apply the provisions of this section.
