In section 2 of the Insurance Act, 1938 (4 of 1938) (hereinafter referred to as the principal Act),-(a)in clause (1), for the words" qualifications as may be prescribed", the words" qualifications as may be specified by the regulations made by the Authority" shall be substituted;(b)in clause (3), sub- clause (v) shall be omitted;(c)after clause (8), the following clause shall be inserted, namely:-(8A)" insurance co- operative society" means any insurer being a co- operative society,-(a)which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 , as a co- operative society under the Co- operative Societies Act, 1912 (2 of 1912 ) or under any other law societies or under the Multi- State Co- operative Societies Act, 1984 (51 pf 1984 ); for the time being in force in any State relating to co- o erative(b)having a minimum paid- up capital (excluding the deposits required to be made under section 7) of rupees one hundred crores;(c)in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty- six per cent. of the capital of such co- operative society;(d)whose sole purpose is to carry on life insurance business or general insurance business in India;';(d)after clause (10A), the following clause shall be inserted, namely:-(10B)" intermediary or insurance intermediary" shall have the meaning assigned to it in clause (f) of sub- section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
