6Functions of the Corporation
(1) Subject to the rules, if any, made by the Central Government in this behalf, it shall be the general duty of the Corporation to carry on life insurance business, whether in or outside India, and the Corporation shall so exercise its powers under this Act as to secure that life insurance business is developed to the best advantage of the community.
(2) Without prejudice to the generality of the provisions contained in sub-section (1) but subject to the other provisions contained in this Act, the Corporation shall have power--
(a) to carry on capital redemption business, annuity certain business or reinsurance business in so far as such reinsurance business appertains to life insurance business;
(b) subject to the rules, if any, made by the Central Government in this behalf, to invest the funds of the Corporation in such manner as the Corporation may think fit and to take all such steps as may be necessary or expedient for the protection or realisation of any investment; including the taking over of and administering any property offered as security for the investment until a suitable opportunity arises for its disposal;
(c) to acquire, hold and dispose of any property for the purpose of its business;
(d) to transfer the whole or any part of the life insurance business carried on outside India to any other person or persons, if in the interest of the Corporation it is expedient so to do;
(e) to advance or lend money upon the security of any movable property or otherwise;
(f) to borrow or raise any money in such manner and upon such security as the Corporation may think fit;
(g) to carry on either by itself or through any subsidiary any other business in any case where such other business was being carried on by a subsidiary of an insurer whose controlled business has been transferred to and vested in the Corporation under this Act;
(h) to carry on any other business which may seen to the Corporation to be capable of being conveniently carried on in connection with its business and calculated directly or indirectly to render profitable the business of the Corporation;
(i) to do all such things as may be incidental or conducive to the proper exercise of any of the powers of the Corporation.
(3) In the discharge of any of its functions the Corporation shall act so far as may be on business principles.
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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