These Rules may be called the Life Insurance Corporation Rules, 1956.
1 {2. Definitions- In these rules-
(i) “Act” means the Life Insurance Corporation Act, 1956(31 of 1956);
2 [(i-a) “Chairman” means the Chairman appointed by the Central Government under sub-section (1) of section 4];
(ii) “Section” means a section of the Act;
(iii) “Tribunal” means the Tribunal constituted by the notification of the Government of India in the Ministry of Finance S.R.O. No.1734 dated the 25 th May, 1957.}
3. Term of office of members-
1. An official member shall hold office during the pleasure of the Central Government.
2. A non-official member shall hold office for a period of three 2A years unless a shorter period is specified in the order of appointment.
3. An out-going member shall be eligible for re-appointment.
3 [3A Office of Chairman – The Office of the Chairman shall be wholetime]