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Section 2 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

2. Definitions.-In this Act, unless the context otherwise requires, –

 

(1) “appointed day” means the date on which the Corporation is established under Section 3;

 

(2) “composite insurer” means an insurer carrying on in addition to controlled business any other kind of insurance business;

 

(3) “controlled business” means-

 

(i) in the case of any insurer specified in sub-clauses (a) (ii) or sub-clause (b) of clause (9) of Section 2of the Insurance Act and carrying on life insurance business-

 

(a) all his business, if he carries on no other class of insurance business;

 

(b) all the business appertaining to his life insurance business, if he carries on an y other class of insurance business also;

 

(c) all his business, if his certificate of registration under the Insurance Act in respect of general insurance business stands wholly cancelled for a period of more than six months on the 19th day of January, 1956;

 

(ii) in the case of any other insurer specified in clause (9) of Section 2 of the Insurance Act and carrying on life insurance business-

 

(a) all his business in India, if he carries on no other class of insurance business in India;

 

(b) all the business appertaining to his life insurance business in India, if he carries on any other class of insurance business also in India;

 

(c) all his business in India, if his certificate of registration under the Insurance Act in respect of general insurance business in India stands wholly cancelled for a period of more than six months on the 19th days of January, 1956.

 

Explanation.-An insurer is said to carry on no class of insurance business other than life insurance business, if, in additions to life insurance business, he carries on only capital redemption business or annuity certain business or both; and the expression “business appertaining to his life insurance business” in sub-clauses (i) and (ii) shall be construed accordingly ;

 

(iii) in the case of a provident society, as defined in Section 65 of the Insurance Act, all its business;

 

(iv) in the case of the Central Government or a State Government, all life insurance business carried on by it, subject to the exceptions specified in Section 44;

 

(4) “Corporation” means the Life Insurance Corporation of India established under Section 3;

 

(5) “Insurance Act” means the Insurance Act, 1938 (4 of 1938);

 

(6) “insurer” means and insurer as defined in the Insurance Act who carries on life insurance business in India and includes the Government and a provident society as defined in Section 65 of the Insurance Act;

 

(7) “member” means a member of the Corporation;

 

(8) “prescribed” means prescribed by rules made under this Act;

 

(9) “Tribunal” means a Tribunal constituted under Section 17 and having jurisdiction in respect of any matter under the rules made under this Act;

 

(10) all other words and expressions used herein but not defined and defined in the Insurance Act shall have the meanings respectively assigned to them in that Act.

 

 

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The Life Insurance Corporation Act, 1956

 

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