Here we will see Section 2CA of The Insurance Act.

2CA. Power of Central Government to apply provisions of this Act to Special Economic Zones.The Central Government may, by notification, direct that any of the provisions of this Act,

(a) shall not apply to insurer, being an Indian Insurance Company, insurance cooperative society or a body corporate referred to in clause (c) of subsection (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); or

(b) shall apply to any insurer, being an Indian Insurance Company, insurance cooperative society or a body corporate referred to in clause (c) of subsection (1) of section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) only with such exceptions, modifications and adaptations as may be specified in the notification.

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