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Section 49 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

49. Power to make regulations. –

 

(1) The Corporation may, with the previous approval of the Central Government, by notification in the Gazette of India, make regulations not inconsistent with this Act and the rules made there under to provide for all matters for which provision is expedient for the purpose of giving effect to the provisions of this Act.

 

(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for-

 

(a) the powers and functions of the Corporation which may be delegated to the Zonal Managers;

 

(b) the method of recruitment of employees and agents of the Corporation

 

[(bb) Omitted]

 

(c) the number, term of office and conditions of services of members of Boards constituted under Section 22;

 

(d) the territorial limits of each zone established under this Act and the business to be transacted in each zone;

 

(e) the manner in which the Fund of the Corporation shall be maintained;

 

(f)) the maintenance of separate funds and accounts at each of the zonal offices;

 

(g) the jurisdiction of each divisional office and the establishment of Councils representative of policy-holders in each area served by a divisional office for the purpose of advising the divisional office in respect of any matter which may be referred to it:

 

(h) the conduct of business at meetings of the Corporation;

 

(i) the formation of Committees of the Corporation and the delegation of powers and functions of the Corporation to such Committees, and the conduct of business at meetings of such Committees;

 

(j) the form and manner in which policies may be issued and contracts binding on the Corporation may be executed;

 

(k) the classification of policies, whether issued by the Corporation or by any insurer whose controlled business has been transferred to and vested in the Corporation, for the purpose of declaring differential bonuses, whenever necessary;

 

(l) the manner in which and the intervals within which the accounts of the various zonal offices, divisional offices and branch offices may be inspected and their accounts audited ;

 

(m) the conditions subject two which any payment may be made by the Corporation.

 

(3) Every regulation made under this section shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or to be no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity anything previously done under that regulation.

 

 

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The Life Insurance Corporation Act, 1956

 

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