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Section 28 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

28. Surplus from life insurance business how to be utilized.-

 

If as a result of any investigation undertakes by the Corporation under Section26 any surplus emerges, ninety-five per cent of such surplus or such higher percentage thereof as the Central Government may approve shall be allocated to or reserved for the life insurance policy holders of the corporation and after meeting the liabilities of the Corporation, if any, which may arise under Section 9, the remainder shall be paid to the Central Government or, if that Government so directs, be utilized for such purposes and in such manner as that Government may determine.

 

 

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The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

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