Lawgist49Power to make regulations
(1) The Corporation may, with the previous approval of the Central Government, by notification in the Gazette of India, make regulations not inconsistent with this Act and the rules made thereunder to provide for all matters for which provision is expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for--
(a) the powers and functions of the Corporation which may be delegated to the Zonal Managers;
1[(b) the method of recruitment of employees and agents of the Corporation and the terms and conditions of the agents;]
2* * * * *
(c) the number, term of office and conditions of service of members of Boards constituted under section 22;
(d) the territorial limits of each zone established under this Act and the business to be transacted in each Zone;
(e) the manner in which the Fund of the Corporation shall be maintained;
(f) the maintenance of separate funds and accounts at each of the zonal offices;
(g) the jurisdiction of each divisional office and the establishment of Councils representative of policy-holders in each area served by a divisional office for the purpose of advising the divisional office in respect of any matter which may be referred to it;
(h) the conduct of business at meetings of the Corporation;
(i) the formation of Committees of the Corporation and the delegation of powers and functions of the Corporation to such Committees, and the conduct of business at meetings of such Committees;
3* * * * *
(k) the classification of policies, whether issued by the Corporation or by any insurer whose controlled business has been transferred to and vested in the Corporation, for the purposes of declaring differential bonuses, wherever necessary;
(l) the manner in which and the intervals within which the accounts of the various zonal offices, divisional offices and branch offices may be inspected and their accounts audited,
(m) the conditions subject to which any payment may be made by the Corporation.
4[(3) Every regulation made under this section shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation].
Download our fully-offline, High speed android app.- Click here
1. Subs. by Act 8 of 2012, s. 9, for clause (b) (w.e.f. 31-3-2012).
2. Omitted by Act 1 of 1981, s. 3 (w.e.f. 31-1-1981).
3. Omitted by Act 8 of 2012, s. 9 (w.e.f. 31-3-2012).
4. Ins. by Act 1 of 1981, s. 3 (w.e.f. 31-1-1981).
- 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
