The Life Insurance Corporation Act 1956

The Life Insurance Corporation Act 1956

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

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