In this Act, unless the context otherwise requires,--
(1) appointed day means the date on which the Corporation is established under section 3;
1[(1a) Audit Committee means the Committee constituted under section 19C;
(1b) Board of Directors or Board means the collective body of the directors appointed or nominated or deemed as such under section 4;
(1c) Chairperson means the Chairperson referred to in clause (a) of sub-section (2) of section 4;
(1d) Chief Executive means,--
(i) during the initial period, the Chairperson referred to in sub-clause (i) of clause (a) of sub-section (2) of section 4;
(ii) after the initial period, the Chief Executive Officer and Managing Director;
(1e) Chief Executive Officer and Managing Director means the Chief Executive Officer and Managing Director referred to in clause (b) of sub-section (2) of section 4;
(1f) Companies Act means the Companies Act, 2013 (18 of 2013);
(1g) court means Court as defined in clause (29) of section 2 of the Companies Act, 2013 (18 of 2013;]
(2) composite insurer means an insurer carrying on in addition to controlled business any other kind of insurance business;
(3) controlled business means--
(i) in the case of any insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2 of the Insurance Act and carrying on life insurance business--
(a) all his business, if he carries on no other class of insurance business;
(b) all the business appertaining to his life insurance business, if he carries on any other class of insurance business also;
(c) all his business, if his certificate of registration under the Insurance Act in respect of general insurance business stands wholly cancelled for a period of more than six months on the 19th day of January, 1956;
(ii) in the case of any other insurer specified in clause (9) of section 2 of the Insurance Act and carrying on life insurance business--
(a) all his business in India, if he carries on no other class of insurance business in India;
(b) all the business appertaining to his life insurance business in India, if he carries on any other class of insurance business also in India;
(c) all his business in India if he certificate of registration under the Insurance Act in respect of general insurance business in India stands wholly cancelled for a period of more than six months on the 19th day of January, 1956.
Explanation.-- An insurer is said to carry on no class of insurance business other than life insurance business, if in addition to life insurance business, he carries on only capital redemption business or annuity certain business or both; and the expression business appertaining to his life insurance business in sub-clauses (i) and (ii) shall be construed accordingly;
(iii) in the case of a provident society, as defined in section 65 of the Insurance Act, all its business;
(iv) in the case of the Central Government or a State Government, all life insurance business carried on by it, subject to the exceptions specified in section 44;
(4) Corporation means the Life Insurance Corporation of India established under section 3;
1[(4a) director means a director appointed or nominated or deemed as such under section 4;;
(4b) financial statement, in relation to the Corporation, includes;
(i) a balance-sheet as at the end of the financial year;
(ii) a profit and loss account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv);;
(4c) fully diluted basis shall mean, in relation to the percentage holding of the Central Government on such basis, the total number of shares held by the Central Government expressed as a percentage of the total number of shares of the Corporation that would be outstanding if all possible sources of conversion are exercised;
(4d) independent director means an independent director referred to in clause (g) of sub-section (2) of section 4;
(4e) initial period means the period of three years reckoned from the date on which the provisions of section 130 of the Finance Act, 2021 shall come into force;;
(5) Insurance Act means the Insurance Act, 1938 (4 of 1938);
(6) insurer means an insurer as defined in the Insurance Act who carries on life insurance business in India and includes the Government and a provident society as defined in section 65 of the Insurance Act;
1[(6a) Managing Director means a Managing Director referred to in clause (c) of sub-section (2) of section 4;
2[(7) member means every person holding shares of the Corporation and whose name is entered in the register of members maintained under clause (a) of sub-section (1) of section 5B;
(7a) Nomination and Remuneration Committee means the Committee constituted under section 19B;
(7b) notification means a notification published in the Official Gazette, and the expression notify shall be construed accordingly;]
(8) prescribed means prescribed by rules made under this Act;
1[(8a) special resolution means a resolution for which the intention to propose the same as a special resolution has been duly specified in the notice given to members for calling a general meeting, and the votes cast in favour of the resolution by members are not less than three times the number of votes, if any, cast against the resolution;]
(9) Tribunal means a Tribunal constituted under section 17 and having jurisdiction in respect of any matter under the rules made under this Act;
3[(10) unless there is anything repugnant in the subject or context, all the words and expressions used herein but not defined and defined in the Insurance Act, 1938 (4 of 1938) or in the Companies Act, 2013 (18 of 2013) shall have the meanings respectively assigned to them in the said Acts.9563
(1) appointed day means the date on which the Corporation is established under section 3;
1[(1a) Audit Committee means the Committee constituted under section 19C;
(1b) Board of Directors or Board means the collective body of the directors appointed or nominated or deemed as such under section 4;
(1c) Chairperson means the Chairperson referred to in clause (a) of sub-section (2) of section 4;
(1d) Chief Executive means,--
(i) during the initial period, the Chairperson referred to in sub-clause (i) of clause (a) of sub-section (2) of section 4;
(ii) after the initial period, the Chief Executive Officer and Managing Director;
(1e) Chief Executive Officer and Managing Director means the Chief Executive Officer and Managing Director referred to in clause (b) of sub-section (2) of section 4;
(1f) Companies Act means the Companies Act, 2013 (18 of 2013);
(1g) court means Court as defined in clause (29) of section 2 of the Companies Act, 2013 (18 of 2013;]
(2) composite insurer means an insurer carrying on in addition to controlled business any other kind of insurance business;
(3) controlled business means--
(i) in the case of any insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of section 2 of the Insurance Act and carrying on life insurance business--
(a) all his business, if he carries on no other class of insurance business;
(b) all the business appertaining to his life insurance business, if he carries on any other class of insurance business also;
(c) all his business, if his certificate of registration under the Insurance Act in respect of general insurance business stands wholly cancelled for a period of more than six months on the 19th day of January, 1956;
(ii) in the case of any other insurer specified in clause (9) of section 2 of the Insurance Act and carrying on life insurance business--
(a) all his business in India, if he carries on no other class of insurance business in India;
(b) all the business appertaining to his life insurance business in India, if he carries on any other class of insurance business also in India;
(c) all his business in India if he certificate of registration under the Insurance Act in respect of general insurance business in India stands wholly cancelled for a period of more than six months on the 19th day of January, 1956.
Explanation.-- An insurer is said to carry on no class of insurance business other than life insurance business, if in addition to life insurance business, he carries on only capital redemption business or annuity certain business or both; and the expression business appertaining to his life insurance business in sub-clauses (i) and (ii) shall be construed accordingly;
(iii) in the case of a provident society, as defined in section 65 of the Insurance Act, all its business;
(iv) in the case of the Central Government or a State Government, all life insurance business carried on by it, subject to the exceptions specified in section 44;
(4) Corporation means the Life Insurance Corporation of India established under section 3;
1[(4a) director means a director appointed or nominated or deemed as such under section 4;;
(4b) financial statement, in relation to the Corporation, includes;
(i) a balance-sheet as at the end of the financial year;
(ii) a profit and loss account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv);;
(4c) fully diluted basis shall mean, in relation to the percentage holding of the Central Government on such basis, the total number of shares held by the Central Government expressed as a percentage of the total number of shares of the Corporation that would be outstanding if all possible sources of conversion are exercised;
(4d) independent director means an independent director referred to in clause (g) of sub-section (2) of section 4;
(4e) initial period means the period of three years reckoned from the date on which the provisions of section 130 of the Finance Act, 2021 shall come into force;;
(5) Insurance Act means the Insurance Act, 1938 (4 of 1938);
(6) insurer means an insurer as defined in the Insurance Act who carries on life insurance business in India and includes the Government and a provident society as defined in section 65 of the Insurance Act;
1[(6a) Managing Director means a Managing Director referred to in clause (c) of sub-section (2) of section 4;
2[(7) member means every person holding shares of the Corporation and whose name is entered in the register of members maintained under clause (a) of sub-section (1) of section 5B;
(7a) Nomination and Remuneration Committee means the Committee constituted under section 19B;
(7b) notification means a notification published in the Official Gazette, and the expression notify shall be construed accordingly;]
(8) prescribed means prescribed by rules made under this Act;
1[(8a) special resolution means a resolution for which the intention to propose the same as a special resolution has been duly specified in the notice given to members for calling a general meeting, and the votes cast in favour of the resolution by members are not less than three times the number of votes, if any, cast against the resolution;]
(9) Tribunal means a Tribunal constituted under section 17 and having jurisdiction in respect of any matter under the rules made under this Act;
3[(10) unless there is anything repugnant in the subject or context, all the words and expressions used herein but not defined and defined in the Insurance Act, 1938 (4 of 1938) or in the Companies Act, 2013 (18 of 2013) shall have the meanings respectively assigned to them in the said Acts.9563
1. Ins. by Act 13 of 2021, s. 129 (w.e.f.30-6-2021).
2. Subs. by s. 129, bid., for clause (7) (w.e.f. 30-6-2021)
3. Subs. by s. 129, bid., for clause (10) (w.e.f. 30-6-2021).