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Life Insurance Corporation Act, 1956

[Act No.31 of 1956]

[18th June, 1956]

Contents

 

Sections

Particulars

 

Preamble

Chapter I

Preliminary

1

Short title and commencement

2

Definitions

Chapter II

Establishment of Life Insurance Corporation of India

3

Establishment and incorporation of Life Insurance Corporation of India

4

Constitution of the Corporation

5

Capital of the Corporation

Chapter III

Functions of the Corporation

6

Functions of the Corporation

Chapter IV

Transfer of Existing Life Insurance Business to the Corporation

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

Chapter V

Management

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

Chapter VI

Finance, Accounts and Audit

24

Funds of the Corporation

25

Audit

26

Actuarial valuations

27

Annual report of activities of Corporation

28

Surplus how to be utilised

29

Reports to be laid before Parliament

Chapter VII

Miscellaneous

30

Corporation to have exclusive privilege of carrying on life insurance business

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 Generals

35

Repatriation of assets and liabilities in the case of foreign insurers in certain cases

36

Contracts or 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

44

Act not to apply in certain cases

45

Special provisions regarding 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

Schedules

First Schedule

 

Second Schedule

 

Third Schedule



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