The Life Insurance Corporation Act, 1956

Sections

1. I — PRELIMINARY
2. 1Short title and commencement
3. 2Definitions
4. II — ESTABLISHMENT OF LIFE INSURANCE CORPORATION OF INDIA
5. 3Establishment and incorporation of Life Insurance Corporation of India
6. 4Board of Directors
7. 4BDisclosure of interest by director and senior management
8. 4CRelated party transactions
9. 4DAdjudication of penalties
10. 5Capital of Corporation
11. 5ATransferability of shares
12. 5BRegister of members, etc
13. 5CDeclaration in respect of beneficial interest in shares
14. 5DShares to be securities
15. 5ERight of registered members to nominate
16. III — FUNCTIONS OF THE CORPORATION
17. 6Functions of the Corporation
18. 6APower to impose conditions, etc
19. IV — TRANSFER OF EXISTING LIFE INSURANCE BUSINESS TO THE CORPORATION
20. 7Transfer of assets and liabilities of existing insurers carrying on controlled business
21. 8Provident, superannuation and other like funds
22. 9General effect of vesting of controlled business
23. 10Provisions as to composite insurers
24. 11Transfer of service of existing employees of insurers to the Corporation
25. 12Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases
26. 13Duty to deliver possession of property and documents relating thereto
27. 14Power of Corporation to modify contracts of life insurance in certain cases
28. 15Right of Corporation to seek relief in respect of certain transactions of the insurer
29. 16Compensation for acquisition of controlled business
30. 17Constitution of Tribunals
31. V — MANAGEMENT
32. 18Offices, branches and agencies
33. 19Executive Committee
34. 19AInvestment Committee
35. 19BNomination and Remuneration Committee
36. 19CAudit Committee
37. 19DOther Committees
38. 21Corporation to be guided by the directions of Central Government
39. 22Zonal Managers
40. 23Staff of the Corporation
41. VI — FINANCE, ACCOUNTS AND AUDIT
42. 24ABooks of account, etc
43. 24BFinancial statements
44. 24CBoard's report
45. 24DPenalties
46. 25ARemoval and resignation of auditor
47. 25BPowers and duties of auditors and auditor's report
48. 25CInternal auditor
49. 25DSpecial auditor
50. 26Actuarial valuations
51. 27Annual report of activities of Corporation
52. 28Surplus from life insurance business, how to be utilized
53. 28AProfits from any business (other than life insurance business) how to be utilised
54. 28BDeclaration of dividend
55. 28CUnpaid Dividend Account
56. 29Reports to be laid before Parliament
57. VII — MISCELLANEOUS
58. 30Corporation to have the exclusive privilege of carrying on life insurance business
59. 30AExclusive privilege of Corporation to cease
60. 31Exception in the case of insurance business in respect of persons residing outside India
61. 32Power of Corporation to have official seal in certain cases
62. 33Requirement of foreign laws to be complied with in certain cases
63. 34Revesting of certain shares vested in the Administrator General
64. 35Repatriation of assets and liabilities in the case of foreign insurers in certain cases
65. 36Contracts of chief agents and special agents to terminate
66. 37Policies to be guaranteed by Central Government
67. 38Liquidation of Corporation
68. 39Special provisions for winding up of certain insurers
69. 40Penalty for withholding property, etc
70. 41Tribunal to have exclusive jurisdiction in certain matters
71. 42Enforcement of decisions of Tribunals
72. 43Application of the Insurance Act
73. 44Act not to apply in certain cases
74. 45Special provisions regarding transfer of controlled business of certain composite insurer
75. 46Defects in constitution of Corporation or Committees or in appointment or nomination of directors no
76. 47Protection of action taken under this Act
77. 48Power to make rules
78. 49Power to make regulations
79. 51Power to remove difficulties