Report No. 96
13. Life Insurance (Emergency Provisions) Act, 1956 (9 of 1956)
The Act vests the management of insurance companies in a nominee of the Central Government, till the nationalisation of life insurance is completed. The subject-matter of the Act falls within the Union List, entry 47, "insurance". The Act is still in force, though section 18 was repealed by the Repealing and Amending Act, 1963 (58 of 1963).
Reasons for recommending repeal.-Life insurance business is now nationalised the process having been completed long ago. The Act is not needed at the present day. It-should be repealed, subject to checking of the position whether the Act is needed at the present day.1
1. Subject to factual checking.
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