Section 3(3) in The General Insurance (Emergency Provisions) Act, 1971
(3)No insurer shall, without the previous approval of the person specified by the Central Government in this behalf in respect of that insurer (hereinafter referred to as the" authorised person").--(a) make any payment or grant any loan otherwise than in accordance with the normal practice observed by him in respect of such matters immediately before the appointed day;(b)incur any expenditure from the assets appertaining to the undertaking otherwise than for the purpose of making routine payments of salaries or commissions to employees, insurance agents or for the purpose of meeting the routine day to day expenditure;(c)transfer or otherwise dispose of any such assets or create any charge, hypothecation, lien or other encumbrance thereon;(d)invest in any manner any moneys forming part of such assets;(e)acquire any immovable property out of any moneys forming part of such assets;(f)enter into any contract of service or agency, whether expressly or by implication, for purposes connected wholly or partly with the undertaking or vary the terms and conditions of any such contract subsisting on the appointed day;(g)enter into any other transaction relating to the undertaking of the insurer other than a contract relating to the transaction of general insurance business or vary the terms and conditions of any agreement relating to any such transaction subsisting at the commencement of this Act.
