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Section 44 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

44. Act not to apply in certain cases.-

 

Nothing contained in this Act shall apply in relation to-

 

(a) any insurer whose business is being voluntarily wound up or is being wound up under the orders of the court;

 

(b) any insurer to whom the Insurance Act does not apply by reason of the provisions contained in Section 2 E thereof;

 

(c) any composite insurer in respect of the management of whose affairs an Administrator has been appointed under Section 52A of the Insurance Act;

 

(d) the scheme run by the Central Government known as the Post Office Life Insurance Fund;

 

(f) any scheme in existence on the appointed day or any scheme framed after the appointed day with the approval of the Central Government whereby, in consideration of certain compulsory deductions made by Government from the salaries of its employees as part of the conditions of service, the payment of money is assured by Government on the death of the employee concerned or on the happening of any contingency dependent on his life;

 

(g) any Family Pension Scheme framed under the Coal Mines Provident Fund, Family Pension and Bonus Schemes Act, 1948 (46 of 1948 ) or the Employees Provident Funds and Family Pension Fund Act, 1952 (1952) for the purpose of providing family pension and life assurance benefits to the employees covered by the said Scheme.

 

 

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The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

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