An Act to provide for the nationalization 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.

All sections

1. Short title and commencement
2. Definitions
3. Establishment and incorporation of Life Insurance Corporation of India
4. Constitution of the Corporation
5. Capital of Corporation
6. Functions of the Corporation
   • 6A – Power to impose conditions, etc
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
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
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 utilised
    • 28A: Profits from any business (other than life insurance business) how to be utilised
29. Reports to be laid before Parliament
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. Omitted
44. Act not to apply in certain case
45. Special provisions regarding transfer of controlled business of 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