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The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

CONTENTS

    

 

Sections

Particulars

    

 

  

Preamble

    

 

Chapter 1

Preliminary

1

Short title and commencement

2

Definitions

 

 

Chapter 2

Establishment of Life Insurance Corporation of India

3

Establishment and incorporation of Life Insurance Corporation

4

Constitution of the Corporation

5

Capital of the Corporation

 

 

Chapter 3

Functions of the Corporation

6

Functions of the Corporation

6A

Power to impose conditions etc.

 

 

Chapter 4

Transfer of existing Life Insurance Business to the Corporation

7

Transfer of assets and liabilities of existing insurers carrying on controlled business

8

Provident, superannuation and other like funds

9

General effect of vesting of controlled business

10

Provisions as to composite insurer

11

Transfer of service of existing employees of insurers to the Corporation

12

Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases

13

Duty to deliver possession of property and documents relating thereto

14

Power to Corporation to modify contracts of life insurance in certain cases

15

Right of Corporation to seek relief in respect of certain transactions of the insurer

16

Compensation for acquisition of controlled business

17

Constitution of Tribunals

18

Offices, branches and agencies

19

Committees of the Corporation

20

Managing Directors

21

Corporation to be guided by the directions of Central Government

22

Zonal Managers

23

Staff of the Corporation

 

 

Chapter 5

Finance, Accounts and Audit

24

Funds of the Corporation

25

Audit

26

Actuarial valuations

27

Annual report of activities of Corporation

28

Surplus from life insurance business how to be utilized

28A

Profits from any business (other than life insurance business) how to utilized

29

Reports to be laid before Parliament

 

 

Chapter 7

Miscellaneous

30

Corporation to have the exclusive privilege of carrying on life insurance business

31

Exception in the case of insurance business in respect of persons residing outside India

32

Power of Corporation to have official seal in certain cases

33

Requirement of foreign laws to be complied with in certain cases

34

Reverting of certain shares vested in the Administrator General

35

Repatriation of assets and liabilities in the case of foreign insurers in certain cases

36

Contracts of chief agents and special agents to terminate

37

Policies to be guaranteed by Central Government

38

Liquidation of Corporation

39

Special provisions for winding up of certain insurers

40

Penalty for withholding property, etc.

41

Tribunal to have exclusive jurisdiction in certain matters

42

Enforcement of decisions of Tribunals

43

Application of the Insurance Act

43A

Deduction of income-tax not to be made on interest or dividend

44

Act not to apply in certain cases

45

Special provisions regarding transfer of controlled business of certain composite insurers

46

Defects in constitution of Corporation or Committees not to invalidate acts or proceedings

47

Protection of action taken under Act

48

Power to make rules

49

Power to make regulations

 

 

Schedules

 

Schedule 1

Principles for Determining Compensation

Schedule 2

Principles for Determining the Value of Liabilities in certain cases

Schedule 3

Principles for Determining Compensation Payable to Chief Agents

 

Indian Laws – Bare Acts

 

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