Lawgist17Constitution of Tribunals
(1) The Central Government may for the purposes of this Act constitute one or more Tribunals and each of the Tribunals shall consist of three members appointed by the Central Government one of whom shall be a person who is, or has been, a Judge of a High Court or has been a Judge of the Supreme Court, and he shall be the Chairman thereof.
(2) A Tribunal may choose one or more persons possessing special knowledge of any matter relating to any case under inquiry to assist the Tribunal in determining any question which has to be decided by it under this Act.
(3) Every Tribunal shall have the powers of a civil court while trying a suit under the Code of Civil Procedure, 1908 (5 of 1908), in respect of the following matters:--
(a) summoning and enforcing the attendance of any person and examining him on oath;
(b) requiring the discovery and production of documents;
(c) receiving evidence on affidavits;
(d) issuing commissions for the examination of witnesses or documents.
(4) Every Tribunal shall have power to regulate its own procedure and decide all matters within its competence, and may review any of its decisions in the event of there being a mistake on the face of the record or correct any arithmetical or clerical error therein.
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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
