Life Insurance Corporation Act, 1956 Life Insurance Corporation Act, 1956 Life Insurance Corporation Act, 1956
 
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Life Insurance Corporation Act, 1956

 

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Life Insurance Corporation Act, 1956

 

Preamble

   
  CHAPTER I: RELIMINARY
1.

Short title and commencement

2.

Definitions

   
  CHAPTER II: ESTABLISHMENT OF LIFE INSURANCE CORPORATION OF INDIA
3.

Establishment and incorporation of Life Insurance Corporation of India

4.

Constitution of the Corporation

5.

Capital of the Corporation

   
  CHAPTER III: FUNCTIONS OF THE CORPORATION
6.

Functions of the Corporation

   
  CHAPTER IV: 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 insurers

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 of 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

   
  CHAPTER V: MANAGEMENT
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 VI: FINANCE, ACCOUNTS AND AUDIT
24.

Funds of the Corporation

25.

Audit

26.

Actuarial valuations

27.

Annual report of activities of Corporation

28.

Surplus how to be utilised

29.

Reports to be laid before Parliament

   
  CHAPTER VII: MISCELLANEOUS
30.

Corporation to have 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.

Revesting 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 or 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

44.

Act not to apply in certain cases

45.

Special provisions regarding certain composite insurer

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

   
 

FIRST SCHEDULE: PRINCIPLES FOR DETERMINING COMPENSATION

 

SECOND SCHEDULE: PRINCIPLES FOR DETERMINING THE VALUE OF LIABILITIES IN CERTAIN CASES

 

THIRD SCHEDULE: PRINCIPLES FOR DETERMINING COMPENSATION PAYABLE TO CHIEF AGENTS

 

Life Insurance Corporation Act, 1956

 

 

 

 

 

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