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Section 45 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

45. Special provision regarding transfer of controlled business of certain composite insurers. –

 

Notwithstanding anything contained in clause (c) of Section 44, the Central Government may, by notification in the Official, direct that on and with effect from such date as may be specified in the notification the assets and liabilities appertaining to the controlled business of composite insurer in respect of the management of whose affairs an Administrator has been appointed under Section 52 A of the Insurance Act shall be transferred to and vested in the Corporation, and on the issue of such a notification the provisions of this Act shall, so far as may be, apply in relation to such insurer and to the transfer and vesting of the assets and liabilities of his controlled business in the Corporation as they apply in relation to all other insurers and to the transfer and vesting of the assets and liabilities of their controlled business in the Corporation, subject to the modification that references in this Act to the appointed day shall be construed as references to the day specified in the notification.

 

 

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The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

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