The Life Insurance Corporation Act, 1956

Chapter 1Preliminary
1Short title and commencement
Chapter 2Establishment of Life Insurance Corporation of India
3Establishment and incorporation of Life Insurance Corporation
4Constitution of the Corporation
5Capital of the Corporation
Chapter 3Functions of the Corporation
6Functions of the Corporation
6APower to impose conditions etc.
Chapter 4Transfer of existing Life Insurance Business to the Corporation
7Transfer of assets and liabilities of existing insurers carrying on controlled business
8Provident, superannuation and other like funds
9General effect of vesting of controlled business
10Provisions as to composite insurer
11Transfer of service of existing employees of insurers to the Corporation
12Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases
13Duty to deliver possession of property and documents relating thereto
14Power to Corporation to modify contracts of life insurance in certain cases
15Right of Corporation to seek relief in respect of certain transactions of the insurer
16Compensation for acquisition of controlled business
17Constitution of Tribunals
18Offices, branches and agencies
19Committees of the Corporation
20Managing Directors
21Corporation to be guided by the directions of Central Government
22Zonal Managers
23Staff of the Corporation
Chapter 5Finance, Accounts and Audit
24Funds of the Corporation
26Actuarial valuations
27Annual report of activities of Corporation
28Surplus from life insurance business how to be utilized
28AProfits from any business (other than life insurance business) how to utilized
29Reports to be laid before Parliament
Chapter 7Miscellaneous
30Corporation to have the exclusive privilege of carrying on life insurance business
31Exception in the case of insurance business in respect of persons residing outside India
32Power of Corporation to have official seal in certain cases
33Requirement of foreign laws to be complied with in certain cases
34Reverting of certain shares vested in the Administrator General
35Repatriation of assets and liabilities in the case of foreign insurers in certain cases
36Contracts of chief agents and special agents to terminate
37Policies to be guaranteed by Central Government
38Liquidation of Corporation
39Special provisions for winding up of certain insurers
40Penalty for withholding property, etc.
41Tribunal to have exclusive jurisdiction in certain matters
42Enforcement of decisions of Tribunals
43Application of the Insurance Act
43ADeduction of income-tax not to be made on interest or dividend
44Act not to apply in certain cases
45Special provisions regarding transfer of controlled business of certain composite insurers
46Defects in constitution of Corporation or Committees not to invalidate acts or proceedings
47Protection of action taken under Act
48Power to make rules
49Power to make regulations
Schedule 1Principles for Determining Compensation
Schedule 2Principles for Determining the Value of Liabilities in certain cases
Schedule 3Principles for Determining Compensation Payable to Chief Agents

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