31. Exception in the case of insurance business in respect of persons residing outside India.
(1) Notwithstanding anything contained in Section 30 or in the Insurance Act, the Central Government may, by order, permit any person who has made an application in that behalf, to carry on life insurance business in India in respect of the lives of persons ordinarily resident outside India. Subject to such restrictions and conditions as may be specified in the order and any such order shall be deemed to have effect as if it were a certificate or registration issued by the Controller to such person under Section 3 of the Insurance Act in respect of that class of business.
(2) Nothing in sub-section (1) shall authorise any person permitted to carry on life insurance business of the nature referred to in that sub-section, to insurer the life of any person ordinarily resident outside India, during any period of his temporary residence in India.