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Bare Acts

The Life Insurance Corporation Act, 1956

An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.

जीवन बीमा निगम अधिनियम, 1956

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Act Details

Act Number:

31

Act Year:

1956

Location:

Enactment Date:

6/18/1956

Enforcement Date:

01-07-1956

Ministry:

Ministry of Finance

Department:

Department of Financial Services

All Section List

PRELIMINARY

Section 1 to Section 2

Section 1

Short title and commencement.

Section 2

ESTABLISHMENT OF LIFE INSURANCE CORORATION OF INDIA

Section 3 to Section 5

Section 3

Establishment and incorporation of Life Insurance Corporation of India.

Section 4

Board of Directors

Section 5

Capital of Corporation.

FUNCTIONS OF THE CORPORATION

Section 6 to Section 6A

Section 6

Functions of the Corporation.

Section 6A

Power to impose conditions, etc.

TRANSFER OF EXISTING LIFE INSURANCE BUSINESS TO THE CORPORATION

Section 7 to Section 17

Section 7

Transfer of assets and liabilities of existing insurers carrying on controlled business.

Section 8

Provident, superannuation and other like funds.

Section 9

General effect of vesting of controlled business.

Section 10

Provisions as to composite insurers.

Section 11

Transfer of service of existing employees of insurers to the Corporation.

Section 12

Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases.

Section 13

Duty to deliver possession of property and documents relating thereto.

Section 14

Power of Corporation to modify contracts of life insurance in certain cases.

Section 15

Right of Corporation to seek relief in respect of certain transactions of the insurer.

Section 16

Compensation for acquisition of controlled business.

Section 17

Constitution of Tribunals.

MANAGEMENT

Section 18 to Section 23

Section 18

Offices, branches and agencies.

Section 19

Executive Committee.

Section 20

Managing Directors.

Section 21

Corporation to be guided by the directions of Central Government.

Section 22

Zonal Managers.

Section 23

Staff of the Corporation.

FINANCE, ACCOUNTS AND AUDIT

Section 24 to Section 29

Section 24

Funds of the Corporation.

Section 25

Appointment of auditors.

Section 26

Actuarial valuations.

Section 27

Annual report of activities of Corporation.

Section 28

Surplus from life insurance business, how to be utilised.

Section 28A

Profits from any business (other than life insurance business) how to be utilised.

Section 29

Reports to be laid before Parliament.

MISCELLANEOUS

Section 30 to Section 49

Section 30

Corporation to have the exclusive privilege of carrying on life insurance business.

Section 30A

Exclusive privilege of Corporation to cease.

Section 31

Exception in the case of insurance business in respect of persons residing outside India.

Section 32

Power of Corporation to have official seal in certain cases.

Section 33

Requirement of foreign laws to be complied with in certain cases.

Section 34

Revesting of certain shares vested in the Administrator General.

Section 35

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

Section 36

Contracts of chief agents and special agents to terminate.

Section 37

Policies to be guaranteed by Central Government.

Section 38

Liquidation of Corporation.

Section 39

Special provisions for winding up of certain insurers.

Section 40

Penalty for withholding property, etc.

Section 41

Tribunal to have exclusive jurisdiction in certain matters.

Section 42

Enforcement of decisions of Tribunals.

Section 43

Application of the Insurance Act.

Section 43A

Section 44

Act not to apply in certain cases

Section 45

Special provisions regarding transfer of controlled business of certain composite insurer.

Section 46

Defects in constitution of Corporation or Committees or in appointment or nomination of directors not to invalidate acts or proceedings.

Section 47

Protection of action taken under this Act.

Section 48

Power to make rules.

Section 49

Power to make regulations