47. Section 50 of the Insurance Act is amended —
by deleting the word “The” in subsection (1) and substituting the words “Subject to subsection (1A), the”; and
by inserting, immediately after subsection (1), the following subsection:
“(1A) The Authority may, by notification published in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under a provision of this Act specified in the Second Schedule, or to revoke any such exemption.”.