Section 29(2) in Motor Vehicles Third Party Insurance Rules, 1946
(2)The Central Government may, if it is satisfied that the application referred to in sub-rule (1) is in order and that it is expedient that the foreign insurer be placed in the approved list or, where the name of the foreign insurer is already included in the approved list, that the insurer should be added to the approved list as a guarantor of the foreign insurer, add the name of the foreign insurer to the approved list if it is not already included, and include the insurer as a guarantor of such foreign insurer.
