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