Lawgist16Compensation for acquisition of controlled business
(1) Where the controlled business of an insurer has been transferred to and vested in the Corporation under this Act, compensation shall be given by the Corporation to that insurer in accordance with the principles contained in the First Schedule.
(2) The amount of the compensation to be given in accordance with the aforesaid principles shall be determined by the Corporation in the first instance, and if the amount so determined is approved by the Central Government it shall be offered to the insurer in full satisfaction of the compensation payable to him under this Act, and if, on the other hand, the amount so offered is not acceptable to the insurer he may within such time as may be prescribed for the purpose have the matter referred to the Tribunal for decision.
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- 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
