The life insurance corporation act,1956: Bare act with short notes (Bare Act)/ Universal Law Publishing

THE LIFE INSURANCE CORPORATION
ACT, 1956
CHAPTER I ' ' i y; '■ PRELIMINARY " .
Sections 1. Short title and commencement . • • . • • 3 2. Definitions • . . . 3 CHAPTER II ESTABLISHMENT OF LIFE INSURANCE CORPORATION OF INDIA 3. Establishment and incorporation of Life Insurance Corporation of India . . . 4 4. Constitution of the Corporation . . . / 5 5. Capital of the Corporation . • . ; ^ 5 CHAPTER III FUNCTIONS OF THE CORPORATION 6. Functions of the Corporation . v . 5 6A. Power to impose conditions, etc. . • '. . 6 CHAPTER IV TRANSFER OF EXISTING LIFE INSURANCE BUSINESS TO THE CORPORATION 7. Transfer of assets and liabilities of existing insurers carrying on controlled business 7 8. Provident, superannuation and other like funds 8 9. General effect of vesting of controlled business . ^ 8 10. Provisions as to composite insurers 9 11. Transfer of service of existing employees of insurers to the Corporation 10 12. Transfer of services of existing employees of chief agents ^ ♦ of insurers to the Corporation in certain cases i 11 13. Duty to deliver possession of property and documents relating thereto . 11 14. Power of Corporation to modify contracts of life insurance in certain cases 12 15. Right of Corporation to seek relief in respect of certain 12transactions of the insurer . . 16. Compensation for acquisition of controlled business 13 17. Constitution of Tribunals . 13
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 from life insurance business how to be utilized . 28A. Profits from any business (other than life insurance business)
how to be utilized
29. Reports to be laid before Parliament . ./
CHAPTER VII
MISCELLANEOUS 30. Corporation to have the exclusive privilege of carrying on life
insurance business
30A. Exclusive privilege of Corporation to cease 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 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. [Repealed] 44. Act not to apply in certain cases 45. Special provisions regarding transfer of controlled business of certain composite insurers 21
46. Defects in constitution of Corporation or Committees not to invalidate acts or proceedings
47. Protection of action taken under the Act . .
48. Power to make rules • • * •
49. Power to make regulations THE FIRST SCHEDULE.—^Principles for Determining Compensation . THE SECOND SCHEDULE.—^Principles for Determining the Value of Liabilities in Certain Cases THE THIRD SCHEDULE.—Principles for Determining Compensation Payable to Chief Agents/Special Agents .

THE LIFE INSURANCE CORPORATION RULES, 1956
Rules
1. Short title
2. Defirutions
3. Term of office of members
3A. Office of the Chairman
4. Registration of members
5. Absence from meetings
6. Removal of member
7. Casual vacancies among members
8. Fees of members
9. Travelling and daily allowances 10. Apportionment of provident fund, etc.
11. Transfer of service of existing employees of chief agents
12. Reference to the Tribunal, etc.
12A. Jurisdiction of Tribunal
13. Compensation
14. Employees and Agents Relations Committee
15. Term of office of members of Employees and Agents
Relations Committee
16. Casual vacancies in Employees and Agents Relations
Committee
17. Report
18. Allocation of paid-up capital of composite msurer
19. Transfer of business of certain composite insurer to the Corporation 20. Vesting of the management of the affairs of the insurer in the persons entitled thereto

THE LIFE INSURANCE CORPORATION (MODIFICATION OF SETTLEMENTS) ACT, 1976
Introduction
Sections 1. Short title 2. Definitions 3. Modification of settlements