(8)In this section,--(i)"policy" means a policy issued or renewed on or after the 1 st day of April, 1961 , in respect of general insurance business transacted in India and does not include a re-insurance policy; and(ii)"Indian re-insurer" means an Indian insurance company which has been granted a certificate of registration under sub-section (2A) of section 3 by the Authority to carry on exclusively the re-insurance business in India.
