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Section 14: Power of Corporation to modify contracts of life insurance in certain cases.

The Life Insurance Corporation Act, 1956Central Act · Act 31 of 1956

The Corporation may, having regard to the financial condition on the appointed day of any insurer whose controlled business has been transferred to an vested in the Corporation, reduce the amounts of insurance under contracts of life insurance entered into by such insurer before the 19th day of January, 1956, in such manner and subject to such conditions as it thinks fit:

Provided that no such reduction shall be made except in accordance with a scheme prepared by the Corporation in this behalf and approved by the Central Government.

Where this provision sits

ActThe Life Insurance Corporation Act, 1956
Section14
Marginal notePower of Corporation to modify contracts of life insurance in certain cases.
JurisdictionCentral
StatusIn force as published by the source

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