Life Insurance Corporation Act, 1956

45. Special provisions regarding certain composite insurer.-

Notwithstanding anything contained in clause (c) of section 44, the Administrator appointed to manage the affairs of a composite insurer under the Insurance Act shall, as soon as may be practicable after the commencement of this Act, take steps in the prescribed manner,—

a.      to transfer the assets and liabilities appertaining to the controlled business of the insurer, to the Corporation; and

b.     to vest the management of the affairs of the insurer in respect of any kind of business, in the person entitled thereto.