Life Insurance Corporation Act, 1956
1. The accounts of the Corporation shall be audited by auditors duly qualified to act as auditors of companies under the law for the time being in force relating to companies, and the auditors shall be appointed by the Corporation with the previous approval of the Central Government and shall receive such remuneration from the Corporation as the Central Government may fix.
2. Every auditor in the performance of his duties shall have at all reasonable times access to the books, accounts and other documents of the Corporation.
3. The auditors shall submit their report to the Corporation and shall also forward a copy of their report to the Central Government.