Preamble
Short title and commencement
Definitions
Establishment and incorporation of Life Insurance Corporation of India
Constitution of the Corporation
Capital of the Corporation
Functions of the Corporation
Transfer of assets and liabilities of existing insurers carrying on controlled business
Provident, superannuation and other like funds
General effect of vesting of controlled business
Provisions as to composite insurers
Transfer of service of existing employees of insurers to the Corporation
Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases
Duty to deliver possession of property and documents relating thereto
Power of Corporation to modify contracts of life insurance in certain cases
Right of Corporation to seek relief in respect of certain transactions of the insurer
Compensation for acquisition of controlled business
Constitution of Tribunals
Offices, branches and agencies
Committees of the Corporation
Managing Directors
Corporation to be guided by the directions of Central Government
Zonal Managers
Staff of the Corporation
Funds of the Corporation
Audit
Actuarial valuations
Annual report of activities of Corporation
Surplus how to be utilised
Reports to be laid before Parliament
Corporation to have exclusive privilege of carrying on life insurance business
Exception in the case of insurance business in respect of persons residing outside India
Power of Corporation to have official seal in certain cases
Requirement of foreign laws to be complied with in certain cases
Revesting of certain shares vested in the Administrator General
Repatriation of assets and liabilities in the case of foreign insurers in certain cases
Contracts or chief agents and special agents to terminate
Policies to be guaranteed by Central Government
Liquidation of Corporation
Special provisions for winding up of certain insurers
Penalty for withholding property, etc
Tribunal to have exclusive jurisdiction in certain matters
Enforcement of decisions of Tribunals
Application of the Insurance Act
Act not to apply in certain cases
Special provisions regarding certain composite insurer
Defects in constitution of Corporation or committees not to invalidate acts or proceedings
Protection of action taken under Act
Power to make rules
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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