THE LIFE INSURANCE CORPORATION ACT, 1956

ACT NO. 31 OF 1956 · Enacted [18th June, 1956.] · 53 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ESTABLISHMENT OF LIFE INSURANCE CORORATION OF INDIA

Section 3.Establishment and incorporation of Life Insurance Corporation of India.

Section 4.Constitution of the Corporation.

Section 5.Capital of Corporation.

FUNCTIONS OF THE CORPORATION

Section 6.Functions of the Corporation.

Section 6A.Power to impose conditions, etc.

TRANSFER OF EXISTING LIFE INSURANCE BUSINESS TO THE CORPORATION

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.

MANAGEMENT

Section 18.Offices, branches and agencies.

Section 19.Committees of the Corporation.

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.

FINANCE, ACCOUNTS AND AUDIT

Section 24.Funds of the Corporation.

Section 25.Audit.

Section 26.Actuarial valuations.

Section 27.Annual report of activities of Corporation.

Section 28.Surplus from life insurance business, how to be utilised.

Section 28A.Profits from any business (other than life insurance business) how to be utilised.

Section 29.Reports to be laid before Parliament.

MISCELLANEOUS

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.

Section 46.Defects in constitution of Corporation or Committees not to invalidate acts or proceedings.

Section 47.Protection of action taken under Act.

Section 48.Power to make rules.

Section 49.Power to make regulations.