The Life Insurance Corporation Act
An Act to provide for the nationalisation 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.1956
List of Chapters & Sections
All sections
1Short title and commencement2Definitions3Establishment and incorporation of Life Insurance Corporation of India4Constitution of the Corporation5Capital of Corporation6Functions of the Corporation6APower to impose conditions, etc7Transfer of assets and liabilities of existing insurers carrying on controlled business8Provident, superannuation and other like funds9General effect of vesting of controlled business10Provisions as to composite insurers11Transfer of service of existing employees of insurers to the Corporation12Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases13Duty to deliver possession of property and documents relating thereto14Power of Corporation to modify contracts of life insurance in certain cases15Right of Corporation to seek relief in respect of certain transactions of the insurer16Compensation for acquisition of controlled business17Constitution of Tribunals18Offices, branches and agencies19Committees of the Corporation20Managing Directors21Corporation to be guided by the directions of Central Government22Zonal Managers23Staff of the Corporation24Funds of the Corporation25Audit26Actuarial valuations27Annual report of activities of Corporation28Surplus from life insurance business, how to be utilised28AProfits from any business (other than life insurance business) how to be utilised29Reports to be laid before Parliament30Corporation to have the exclusive privilege of carrying on life insurance business30AExclusive privilege of Corporation to cease31Exception in the case of insurance business in respect of persons residing outside India32Power of Corporation to have official seal in certain cases33Requirement of foreign laws to be complied with in certain cases34Revesting of certain shares vested in the Administrator General35Repatriation of assets and liabilities in the case of foreign insurers in certain cases36Contracts of chief agents and special agents to terminate37Policies to be guaranteed by Central Government38Liquidation of Corporation39Special provisions for winding up of certain insurers40Penalty for withholding property, etc41Tribunal to have exclusive jurisdiction in certain matters42Enforcement of decisions of Tribunals43Application of the Insurance Act43A. Omitted44Act not to apply in certain case45Special provisions regarding transfer of controlled business of certain composite insurer46Defects in constitution of Corporation or Committees not to invalidate acts or proceedings47Protection of action taken under Act48Power to make rules49Power to make regulations