Section 116. Power to exempt from certain requirements.

1[(1)] The Central Government may, by notification in the Official Gazette, exempt any insurer constituted, incorporated or domiciled in 2[any country or State outside 3[India]] 4[from any of the provisions of this Act which may be specified in the notification] either absolutely or subject to such conditions or modification as may be specified in the notification. 5* * * * * 6[(2) This section shall apply in respect of provident societies as defined in Part III as it applies in respect of insurers.]