LIFE INSURANCE CORPORATION ACT,1956 - 04.09.2011

04.09.2011

The Life Insurance Corporation Act, 1956

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