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Section 13 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

13. Duty to deliver possession of property and documents relating thereto.-

 

(1) Where any property appertaining to the controlled business of any insurer has been transferred to an vested in the Corporation under this Act, then, –

 

(a) every person, in whose possession , custody or control any such property may be, shall deliver the property to the Corporation forthwith;

 

(b) and person who, on the appointed day, has in his possession, custody or control any book, documents or other papers relating to such controlled business shall be liable to account for the said books, documents and papers to the Corporation, and shall deliver them to the Corporation or to such person as the Corporation may direct.

 

(2) In particular, all the assets of an insurer appertaining to life insurance business held in deposit by the Reserve Bank of India under the Insurance Act or by trustees in trust shall be delivered to the Corporation.

 

(3) Without prejudice to the other provisions contained in this section, it shall be lawful for the Corporation to take all necessary steps for securing possession of all properties which have been transferred to and vested in it under this Act.

 

 

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The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

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