The Life Insurance Corporation Act, 1956
Central Act · Act 31 of 195679 provisions6 citing judgments
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 31 of 1956 |
| Year | 1956 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 79 |
| Subjects | financial, local |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title and commencement.
- Section 2 Definitions.
- Section 3 Establishment and incorporation of Life Insurance Corporation of India.2 citing judgments
- Section 4 Board of Directors
- Section 4A Disqualification to be director.
- Section 4B Disclosure of interest by director and senior management.
- Section 4C Related party transactions.
- Section 4D Adjudication of penalties
- Section 5 Capital of Corporation.
- Section 5A Transferability of shares.
- Section 5B Register of members, etc.
- Section 5C Declaration in respect of beneficial interest in shares.
- Section 5D Shares to be securities.
- Section 5E Right of registered members to nominate.
- Section 6 Functions of the Corporation.1 citing judgment
- Section 6A Power to impose conditions, etc.
- 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.
- Section 18 Offices, branches and agencies.
- Section 19 Executive Committee.
- Section 19A Investment Committee.
- Section 19B Nomination and Remuneration Committee
- Section 19C Audit Committee.
- Section 19D Other Committees.
- 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.
- Section 23A Annual general meeting and other general meetings
- Section 24 Funds of the Corporation.
- Section 24A Books of account, etc.
- Section 24B Financial statements.
- Section 24C Board's report.
- Section 24D Penalties.
- Section 25 Appointment of auditors.
- Section 25A Removal and resignation of auditor.
- Section 25B Powers and duties of auditors and auditor's report.
- Section 25C Internal auditor.
- Section 25D Special auditor
- Section 26 Actuarial valuations.
- Section 27 Annual report of activities of Corporation.
- Section 28 Surplus from life insurance business, how to be utilised.1 citing judgment
- Section 28A Profits from any business (other than life insurance business) how to be utilised.
- Section 28B Declaration of dividend.
- Section 28C Unpaid Dividend Account.
- Section 29 Reports to be laid before Parliament.
- 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 . Omitted.
- Section 44 Act not to apply in certain cases
- Section 45 Special provisions regarding transfer of controlled business of certain composite insurer.1 citing judgment
- 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 regulations1 citing judgment
- Section 50 Form, manner, etc., for companies to apply with modifications.
- Section 51 Power to remove difficulties.
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