Lawgist18Offices, branches and agencies
(1) The central office of the Corporation shall be at such place as the Central Government may, by notification in the Official Gazette, specify.
(2) The Corporation shall establish a zonal office at each of the following places, namely, Bombay, Calcutta, Delhi, Kanpur and Madras, and, subject to the previous approval of the Central Government, may establish such other zonal offices as it thinks fit.
(3) The territorial limits of each zone shall be such as may be specified by the Corporation.
1[(4) There may be established as many divisional offices and branches in each zone as may be decided by the Corporation in accordance with the guidelines issued by the Insurance Regulatory and Development Authority established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) in this regard.]
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1. Subs. by Act 8 of 2012, s. 3, for sub-section (4) (w.e.f. 31-3-2012).
- 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
