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.
List of Chapters & Sections
  1. All sections

  2. 1
     Short title and commencement
  3. 2
  4. 3
     Establishment and incorporation of Life Insurance Corporation of India
  5. 4
     Constitution of the Corporation
  6. 5
     Capital of Corporation
  7. 6
     Functions of the Corporation
  8. 6A
     Power to impose conditions, etc
  9. 7
     Transfer of assets and liabilities of existing insurers carrying on controlled business
  10. 8
     Provident, superannuation and other like funds
  11. 9
     General effect of vesting of controlled business
  12. 10
     Provisions as to composite insurers
  13. 11
     Transfer of service of existing employees of insurers to the Corporation
  14. 12
     Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases
  15. 13
     Duty to deliver possession of property and documents relating thereto
  16. 14
     Power of Corporation to modify contracts of life insurance in certain cases
  17. 15
     Right of Corporation to seek relief in respect of certain transactions of the insurer
  18. 16
     Compensation for acquisition of controlled business
  19. 17
     Constitution of Tribunals
  20. 18
     Offices, branches and agencies
  21. 19
     Committees of the Corporation
  22. 20
     Managing Directors
  23. 21
     Corporation to be guided by the directions of Central Government
  24. 22
     Zonal Managers
  25. 23
     Staff of the Corporation
  26. 24
     Funds of the Corporation
  27. 25
  28. 26
     Actuarial valuations
  29. 27
     Annual report of activities of Corporation
  30. 28
     Surplus from life insurance business, how to be utilised
  31. 28A
     Profits from any business (other than life insurance business) how to be utilised
  32. 29
     Reports to be laid before Parliament
  33. 30
     Corporation to have the exclusive privilege of carrying on life insurance business
  34. 30A
     Exclusive privilege of Corporation to cease
  35. 31
     Exception in the case of insurance business in respect of persons residing outside India
  36. 32
     Power of Corporation to have official seal in certain cases
  37. 33
     Requirement of foreign laws to be complied with in certain cases
  38. 34
     Revesting of certain shares vested in the Administrator General
  39. 35
     Repatriation of assets and liabilities in the case of foreign insurers in certain cases
  40. 36
     Contracts of chief agents and special agents to terminate
  41. 37
     Policies to be guaranteed by Central Government
  42. 38
     Liquidation of Corporation
  43. 39
     Special provisions for winding up of certain insurers
  44. 40
     Penalty for withholding property, etc
  45. 41
     Tribunal to have exclusive jurisdiction in certain matters
  46. 42
     Enforcement of decisions of Tribunals
  47. 43
     Application of the Insurance Act
  48. 43A
     . Omitted
  49. 44
     Act not to apply in certain case
  50. 45
     Special provisions regarding transfer of controlled business of certain composite insurer
  51. 46
     Defects in constitution of Corporation or Committees not to invalidate acts or proceedings
  52. 47
     Protection of action taken under Act
  53. 48
     Power to make rules
  54. 49
     Power to make regulations