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Life Insurance Corporation Act, 1956

48. Power to make rules.-

1.      The Central Government may, by notification in the Official Gazette make rules to carry out the purposes of this Act.

2.      In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:

a.      the term of office and the conditions of service of members;

b.     the manner in which the moneys and other assets belonging to any such fund as is referred to in section 8 shall be apportioned between the trustees of the fund and the Corporation;

c.      the services which the chief agent should have rendered for the purpose of the proviso to section 12;

d.     the jurisdiction of the Tribunals constituted under section 17;

e.      the manner in which, and the persons to whom, any compensation under this Act may be paid;

f.      the time within which any matter which may be referred to a Tribunal for decision under this Act may be so referred;

g.     the manner in which and the conditions subject to which investments may be made by the Corporation;

h.      the manner in which an Employees and Agents Relations Committee may be constituted for each zonal office;

i.       the form in which the report giving an account of the activities of the Corporation shall be prepared;

j.       the conditions subject to which the Corporation may appoint employees;

k.      the fees payable under this Act and the manner in which they are to be collected;

l.       any other matter which has to be or may be prescribed;



3.      All rules made under this section shall be laid for not less than thirty days before both Houses of Parliament as soon as possible after they are made, and shall be subject to such modifications as Parliament may make during the session in which they are so laid or the session immediately following.

Life Insurance Corporation Act, 1956 Back

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