(1)An insurer specified in sub-clause (b) of clause (9) of section 2 and carrying on life insurance business shall not have a common director with another such insurer.
(2)The 3[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section—
(a)any insurer, who is a subsidiary company of another insurer, or
(b)two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]