114. Power of Central Government to make rules.- (1) The Central Government may, subject to the condition of previous publication by notification in the official Gazette, make rules to carry out the purposes of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may prescribe (a) the qualifications to be possessed by actuaries; (aa)such other percentage of paid-up equity capital in excess of twenty- six percent of the paid-up equity capital and the period within which such excess paid-up equity capital shall be divested under sub-section (1) of section 6AA. (b) the manner in which it shall be determined which of the transactions of an insurer are to be deemed for the purposes of this Act to be insurance business transacted in India. (c) the procedure to be followed by the Reserve Bank of India in dealing with deposits made in pursuance of this Act, including the receipt of custody of, withdrawal of, and payment of interest on securities lodged as such deposits, and their inspection and verification by the Authority. (d) the form referred to in Clause (d) of sub section (2) of Section 16; (e) the manner in which the prospectuses and tables referred to in sub section (1) of Section 41 shall be published and the form in which they shall be drawn up; (f) the matters to be prescribed for the purposes of section 48; (g) (Omitted) (h) the contingencies other than those specified in Clauses (a) to (f) of Section (2) of Section 65 on the happening of which money may be paid by provident societies; (i) the matters other than those specified in Clauses (a) to (o) of subsection (1) of Section 74 on which a provident society shall make rules; (j) the form of any account, return or register required by Part III and the manner in which such account, return or register shall be verified; (k) subject to the provisions of this Act, the fees payable there under and the manner in which they are to be collected; (l) the conditions and the matters which may be prescribed under sub sections (5), (6),(10) and (12) of Section 92; (3) Every rule made under this section or Hinder subsection (10) of Section 34H or under sub section (1) of Section 64UB and every regulation made under sub section (3) of Section 64UB and every regulation made under this part shall be laid, as soon as may be after it is made, 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 more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be so, however, that any such modification of annulment shall be without prejudice to the validity of anything previously done under that rule or regulation. (4) All rules made by a Local Government under the provisions of Section 24 of the Provident Insurance Societies Act, 1912 (5 of 1912), and in force at the commencement of this Act shall, so far as not inconsistent with the provisions of Part III, continue in force and have effect as if duly made under this section until they are replaced by rules made under this section. | 
