Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 43 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

43. Application of the Insurance Act. –

 

(1) The following sections of the Insurance Act shall, so far as may be, apply to the Corporation as they apply to any other insurer, namely:-

 

Section 2, 2B, 3, 18, 26, 33, 38, 39, 41, 45, 46, 47A, 50, 51, 52, 110A, 110B, 110C, 119, 121, 122, and 123.

 

(2) The Central Government shall as soon as may be after the commencement of this Act, by notification in the official Gazette, direct that the following sections of the Insurance Act shall apply to the Corporation subject to such conditions and modification as may be specified in the notification, namely:-

 

Section 2D, 10, 11, 13, 14, 15, 20, 21, 22, 23, 25, 27A, 28A, 35, 36, 37, 40, 40A, 40B, 43, 44, 102 to 106, 107 to 110, 111, 113, 114 and 116A.

 

[(2A) Section 42 of the Insurance Act shall have effect in relation to the issue to any individual of a licence to act as an agent for the purpose of soliciting or procuring life insurance business for the Corporation as if the reference to an officer authorised by the Controller in this behalf in sub -section (1) thereof included a reference to an officer of the Corporation authorised by the Controller in this behalf.]

 

(3) The Central Government may, by notification in the Official Gazette direct that all or any of the provisions of the Insurance Act other than those specified in sub-section (1) or sub-section (2), shall apply to the Corporation subject to such conditions and modifications as may be specified in the notification.

 

(4) Every notification issued under sub-section (2) or sub-section (3) shall be laid for not less than 30 days before both Houses of Parliament as soon as possible after it is issued, and shall be subject to such modifications as Parliament may make during the session in which it is so laid or the session immediately following.

 

(5) Save as provide in this section, nothing contained in the Insurance Act shall apply to the Corporation.

 

 

Previous | Next

 

The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation