(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 for the time being in force in any State relating to Co-operative Societies or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984);(b)having a minimum paid-up capital of rupees one hundred crore in case of life insurance business, general insurance business and health insurance business;(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 or health insurance business in India;
