The Life Insurance Corporation Act, 1956
Central · 1956
- S. 1Short title and commencement.
- S. 2Definitions.
- S. 3Establishment and incorporation of Life Insurance Corporation of India.
- S. 4Board of Directors
- S. 4ADisqualification to be director.
- S. 4BDisclosure of interest by director and senior management.
- S. 4CRelated party transactions.
- S. 4DAdjudication of penalties
- S. 5Capital of Corporation.
- S. 5ATransferability of shares.
- S. 5BRegister of members, etc.
- S. 5CDeclaration in respect of beneficial interest in shares.
- S. 5DShares to be securities.
- S. 5ERight of registered members to nominate.
- S. 6Functions of the Corporation.
- S. 6APower to impose conditions, etc.
- S. 7Transfer of assets and liabilities of existing insurers carrying on controlled business.
- S. 8Provident, superannuation and other like funds.
- S. 9General effect of vesting of controlled business.
- S. 10Provisions as to composite insurers.
- S. 11Transfer of service of existing employees of insurers to the Corporation.
- S. 12Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases.
- S. 13Duty to deliver possession of property and documents relating thereto.
- S. 14Power of Corporation to modify contracts of life insurance in certain cases.
- S. 15Right of Corporation to seek relief in respect of certain transactions of the insurer.
- S. 16Compensation for acquisition of controlled business.
- S. 17Constitution of Tribunals.
- S. 18Offices, branches and agencies.
- S. 19Executive Committee.
- S. 19AInvestment Committee.
- S. 19BNomination and Remuneration Committee
- S. 19CAudit Committee.
- S. 19DOther Committees.
- S. 20Managing Directors.
- S. 21Corporation to be guided by the directions of Central Government.
- S. 22Zonal Managers.
- S. 23Staff of the Corporation.
- S. 23AAnnual general meeting and other general meetings
- S. 24Funds of the Corporation.
- S. 24ABooks of account, etc.
- S. 24BFinancial statements.
- S. 24CBoard's report.
- S. 24DPenalties.
- S. 25Appointment of auditors.
- S. 25ARemoval and resignation of auditor.
- S. 25BPowers and duties of auditors and auditor's report.
- S. 25CInternal auditor.
- S. 25DSpecial auditor
- S. 26Actuarial valuations.
- S. 27Annual report of activities of Corporation.
- S. 28Surplus from life insurance business, how to be utilised.
- S. 28AProfits from any business (other than life insurance business) how to be utilised.
- S. 28BDeclaration of dividend.
- S. 28CUnpaid Dividend Account.
- S. 29Reports to be laid before Parliament.
- S. 30Corporation to have the exclusive privilege of carrying on life insurance business.
- S. 30AExclusive privilege of Corporation to cease.
- S. 31Exception in the case of insurance business in respect of persons residing outside India.
- S. 32Power of Corporation to have official seal in certain cases.
- S. 33Requirement of foreign laws to be complied with in certain cases.
- S. 34Revesting of certain shares vested in the Administrator-General.
- S. 35Repatriation of assets and liabilities in the case of foreign insurers in certain cases.
- S. 36Contracts of chief agents and special agents to terminate.
- S. 37Policies to be guaranteed by Central Government.
- S. 38Liquidation of Corporation.
- S. 39Special provisions for winding up of certain insurers.
- S. 40Penalty for withholding property, etc.
- S. 41Tribunal to have exclusive jurisdiction in certain matters.
- S. 42Enforcement of decisions of Tribunals.
- S. 43Application of the Insurance Act.
- S. 43A. Omitted.
- S. 44Act not to apply in certain cases
- S. 45Special provisions regarding transfer of controlled business of certain composite insurer.
- S. 46Defects in constitution of Corporation or Committees or in appointment or nomination of directors not to invalidate acts or proceedings.
- S. 47Protection of action taken under this Act.
- S. 48Power to make rules.
- S. 49Power to make regulations
- S. 50Form, manner, etc., for companies to apply with modifications.
- S. 51Power to remove difficulties.