Life Insurance Corporation Act, 1956
Bare Act · 1956
An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
- Act number
- 31 of 1956
- Enacted
- 18 June 1956
- Contents
- 79 sections · 8 chapters
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Contents
Chapter I — Preliminary
Chapter II — Establishment Of Life Insurance Corporation Of India
- Section 3 – Establishment and incorporation of Life Insurance Corporation of India
- Section 4 – Board of Directors
- Section 4A – Disqualification to be director
- Section 4B – Disclosure of interest by director and senior management (preview)
- Section 4C – Related party transactions (preview)
- Section 4D – Adjudication of penalties (preview)
- Section 5 – Capital of Corporation (preview)
- Section 5A – Transferability of shares (preview)
- Section 5B – Register of members, etc (preview)
- Section 5D – Shares to be securities (preview)
- Section 5E – Right of registered members to nominate (preview)
Sections
Chapter III — Functions Of The Corporation
- Section 6 – Functions of the Corporation (preview)
- Section 6A – Power to impose conditions, etc (preview)
Chapter IV — Transfer Of Existing Life Insurance Business To The Corporation
- Section 7 – Transfer of assets and liabilities of existing insurers carrying on controlled business (preview)
- Section 8 – Provident, superannuation and other like funds (preview)
- Section 9 – General effect of vesting of controlled business (preview)
- Section 10 – Provisions as to composite insurers (preview)
- Section 11 – Transfer of service of existing employees of insurers to the Corporation (preview)
- Section 12 – Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases (preview)
- Section 13 – Duty to deliver possession of property and documents relating thereto (preview)
- Section 14 – Power of Corporation to modify contracts of life insurance in certain cases (preview)
- Section 15 – Right of Corporation to seek relief in respect of certain transactions of the insurer (preview)
- Section 16 – Compensation for acquisition of controlled business (preview)
- Section 17 – Constitution of Tribunals (preview)
Chapter V — Management
- Section 18 – Offices, branches and agencies (preview)
- Section 19 – Executive Committee (preview)
- Section 19A – Investment Committee (preview)
- Section 19B – Nomination and Remuneration Committee (preview)
- Section 19C – Audit Committee (preview)
- Section 19D – Other Committees (preview)
- Section 20 – Managing Directors (preview)
- Section 21 – Corporation to be guided by the directions of Central Government (preview)
- Section 22 – Zonal Managers (preview)
- Section 23 – Staff of the Corporation (preview)
- Section 23A – Annual general meeting and other general meetings (preview)
Chapter VI — Finance, Accounts And Audit
- Section 24 – Funds of the Corporation (preview)
- Section 24A – Books of account, etc (preview)
- Section 24B – Financial statements (preview)
- Section 24C – Board's report (preview)
- Section 24D – Penalties (preview)
- Section 25 – Appointment of auditors (preview)
- Section 25A – Removal and resignation of auditor (preview)
- Section 25B – Powers and duties of auditors and auditor's report (preview)
- Section 25C – Internal auditor (preview)
- Section 25D – Special auditor (preview)
- Section 26 – Actuarial valuations (preview)
- Section 27 – Annual report of activities of Corporation (preview)
- Section 28 – Surplus from life insurance business, how to be utilised (preview)
- Section 28A – Profits from any business (other than life insurance business) how to be utilised (preview)
- Section 28B – Declaration of dividend (preview)
- Section 28C – Unpaid Dividend Account (preview)
- Section 29 – Reports to be laid before Parliament (preview)
Chapter VII — Miscellaneous
- Section 30 – Corporation to have the exclusive privilege of carrying on life insurance business (preview)
- Section 30A – Exclusive privilege of Corporation to cease (preview)
- Section 31 – Exception in the case of insurance business in respect of persons residing outside India (preview)
- Section 32 – Power of Corporation to have official seal in certain cases (preview)
- Section 33 – Requirement of foreign laws to be complied with in certain cases (preview)
- Section 34 – Revesting of certain shares vested in the Administrator-General (preview)
- Section 35 – Repatriation of assets and liabilities in the case of foreign insurers in certain cases (preview)
- Section 36 – Contracts of chief agents and special agents to terminate (preview)
- Section 37 – Policies to be guaranteed by Central Government (preview)
- Section 38 – Liquidation of Corporation (preview)
- Section 39 – Special provisions for winding up of certain insurers (preview)
- Section 40 – Penalty for withholding property, etc (preview)
- Section 41 – Tribunal to have exclusive jurisdiction in certain matters (preview)
- Section 42 – Enforcement of decisions of Tribunals (preview)
- Section 43 – Application of the Insurance Act (preview)
- Section 43A – . Omitted (preview)
- Section 44 – Act not to apply in certain cases (preview)
- Section 45 – Special provisions regarding transfer of controlled business of certain composite insurer (preview)
- Section 46 – Defects in constitution of Corporation or Committees or in appointment or nomination of directors not to invalidate acts or proceedings (preview)
- Section 47 – Protection of action taken under this Act (preview)
- Section 48 – Power to make rules (preview)
- Section 49 – Power to make regulations (preview)
- Section 50 – Form, manner, etc., for companies to apply with modifications (preview)
- Section 51 – Power to remove difficulties (preview)