law: 116. Power to exempt from certain requirements-
  2[(1)] The Central Government may, by notification in the Official Gazette, exempt any insurer constituted, incorporated or domiciled in 3[any country or State outside 4[India]] 5[from any of the provisions of this Act which may be specified in the notification] either absolutely or subject to such conditions or modification as may be specified in the notification.
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  7[(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.]