Life Insurance Corporation Act, 1956


Section
Section Title
  Preamble

Chapter 1           Preliminary
  1 Short title and commencement View Judgements
  2 Definitions View Judgements

Chapter 2           Establishment of Life Insurance Corporation of India
  3 Establishment and incorporation of Life Insurance Corporation View Judgements
  4 Constitution of the Corporation View Judgements
  5 Capital of the Corporation View Judgements

Chapter 3           Functions of the Corporation
  6 Functions of the Corporation View Judgements
  6A Power to impose conditions etc. View Judgements

Chapter 4           Transfer of existing Life Insurance Business to the Corporation
  7 Transfer of assets and liabilities of existing insurers carrying on controlled business View Judgements
  8 Provident, superannuation and other like funds View Judgements
  9 General effect of vesting of controlled business View Judgements
  10 Provisions as to composite insurer View Judgements
  11 Transfer of service of existing employees of insurers to the Corporation View Judgements
  12 Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases View Judgements
  13 Duty to deliver possession of property and documents relating thereto View Judgements
  14 Power to Corporation to modify contracts of life insurance in certain cases View Judgements
  15 Right of Corporation to seek relief in respect of certain transactions of the insurer View Judgements
  16 Compensation for acquisition of controlled business View Judgements
  17 Constitution of Tribunals View Judgements
  18 Offices, branches and agencies View Judgements
  19 Committees of the Corporation View Judgements
  20 Managing Directors View Judgements
  21 Corporation to be guided by the directions of Central Government View Judgements
  22 Zonal Managers View Judgements
  23 Staff of the Corporation View Judgements

Chapter 5           Finance, Accounts and Audit
  24 Funds of the Corporation View Judgements
  25 Audit View Judgements
  26 Actuarial valuations View Judgements
  27 Annual report of activities of Corporation View Judgements
  28 Surplus from life insurance business how to be utilized View Judgements
  28A Profits from any business (other than life insurance business) how to utilized View Judgements
  29 Reports to be laid before Parliament View Judgements

Chapter 7           Miscellaneous
  30 Corporation to have the exclusive privilege of carrying on life insurance business View Judgements
  31 Exception in the case of insurance business in respect of persons residing outside India View Judgements
  32 Power of Corporation to have official seal in certain cases View Judgements
  33 Requirement of foreign laws to be complied with in certain cases View Judgements
  34 Reverting of certain shares vested in the Administrator General View Judgements
  35 Repatriation of assets and liabilities in the case of foreign insurers in certain cases View Judgements
  36 Contracts of chief agents and special agents to terminate View Judgements
  37 Policies to be guaranteed by Central Government View Judgements
  38 Liquidation of Corporation View Judgements
  39 Special provisions for winding up of certain insurers View Judgements
  40 Penalty for withholding property, etc. View Judgements
  41 Tribunal to have exclusive jurisdiction in certain matters View Judgements
  42 Enforcement of decisions of Tribunals View Judgements
  43 Application of the Insurance Act View Judgements
  43A Deduction of income-tax not to be made on interest or dividend View Judgements
  44 Act not to apply in certain cases View Judgements
  45 Special provisions regarding transfer of controlled business of certain composite insurers View Judgements
  46 Defects in constitution of Corporation or Committees not to invalidate acts or proceedings View Judgements
  47 Protection of action taken under Act View Judgements
  48 Power to make rules View Judgements
  49 Power to make regulations View Judgements
  Schedules -n/a- View Judgements
  Schedule 1 Principles for Determining Compensation View Judgements
  Schedule 2 Principles for Determining the Value of Liabilities in certain cases View Judgements
  Schedule 3 Principles for Determining Compensation Payable to Chief Agents View Judgements



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