Section 4(2)(iii) in The Monopolies And Restrictive Trade Practices Act, 1969
(iii)Insurance Act, 1938 (4 of 1938), shall not apply to a banking company, the State Bank of India or a subsidiary bank, as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or an insurer, as the case may be.