Section 94A in The Insurance (Amendment) Act, 2002
94A. Insurance co- operative society to be an insurer.-
(1)Every insurance co- operative society shall be deemed to be an insurer for the purposes of this Act.(2)Save as otherwise provided in this Act, all the provisions applicable to an insurer being an Indian insurance company shall, so far as may be, apply to an insurance co- operative society: Provided that the Authority may, by notification, direct that any of the provisions of this Act,-(a) shall not apply to any insurance co- operative society; or(b)shall apply to any insurance co- operative society only with such exceptions, modifications and adaptations as may be specified in the notification.(3)A copy of every notification proposed to be issued under proviso to sub- section (2), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or ore successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in disapproving the issue of the notification or both Houses agree in making any modification in t e notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.".
