| 1 |
Short title and commencement. | Read |
| 2 |
Definitions. | Read |
| 3 |
Establishment and incorporation of Life Insurance Corporation of India. | Read |
| 4 |
Board of Directors | Read |
| 4A |
Disqualification to be director. | Read |
| 4B |
Disclosure of interest by director and senior management. | Read |
| 4C |
Related party transactions. | Read |
| 4D |
Adjudication of penalties | Read |
| 5 |
Capital of Corporation. | Read |
| 5A |
Transferability of shares. | Read |
| 5B |
Register of members, etc. | Read |
| 5C |
Declaration in respect of beneficial interest in shares. | Read |
| 5D |
Shares to be securities. | Read |
| 5E |
Right of registered members to nominates. | Read |
| 6 |
Functions of the Corporation. | Read |
| 6A |
Power to impose conditions, etc. | Read |
| 7 |
Transfer of assets and liabilities of existing insurers carrying on controlled business. | Read |
| 8 |
Provident, superannuation and other like funds. | Read |
| 9 |
General effect of vesting of controlled business. | Read |
| 10 |
Provisions as to composite insurers. | Read |
| 11 |
Transfer of service of existing employees of insurers to the Corporation. | Read |
| 12 |
Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases. | Read |
| 13 |
Duty to deliver possession of property and documents relating thereto. | Read |
| 14 |
Power of Corporation to modify contracts of life insurance in certain cases. | Read |
| 15 |
Right of Corporation to seek relief in respect of certain transactions of the insurer. | Read |
| 16 |
Compensation for acquisition of controlled business. | Read |
| 17 |
Constitution of Tribunals. | Read |
| 18 |
Offices, branches and agencies. | Read |
| 19 |
Executive Committee. | Read |
| 19A |
Investment Committee. | Read |
| 19B |
Nomination and Remuneration Committee | Read |
| 19C |
Audit Committee. | Read |
| 19D |
Other Committees. | Read |
| 20 |
Managing Directors. | Read |
| 21 |
Corporation to be guided by the directions of Central Government. | Read |
| 22 |
Zonal Managers. | Read |
| 23 |
Staff of the Corporation. | Read |
| 23A |
Annual general meeting and other general meetings | Read |
| 24 |
Funds of the Corporation. | Read |
| 24A |
Books of account, etc. | Read |
| 24B |
Financial statements. | Read |
| 24C |
Board's report. | Read |
| 24D |
Penalties. | Read |
| 25 |
Appointment of auditors. | Read |
| 25A |
Removal and resignation of auditor. | Read |
| 25B |
Powers and duties of auditors and auditor's report. | Read |
| 25C |
Internal auditor. | Read |
| 25D |
Special auditor | Read |
| 26 |
Actuarial valuations. | Read |
| 27 |
Annual report of activities of Corporation. | Read |
| 28 |
Surplus from life insurance business, how to be utilised. | Read |
| 28A |
Profits from any business (other than life insurance business) how to be utilised. | Read |
| 28B |
Declaration of dividend. | Read |
| 28C |
Unpaid Dividend Account. | Read |
| 29 |
Reports to be laid before Parliament. | Read |
| 30 |
Corporation to have the exclusive privilege of carrying on life insurance business. | Read |
| 30A |
Exclusive privilege of Corporation to cease. | Read |
| 31 |
Exception in the case of insurance business in respect of persons residing outside India. | Read |
| 32 |
Power of Corporation to have official seal in certain cases. | Read |
| 33 |
Requirement of foreign laws to be complied with in certain cases. | Read |
| 34 |
Revesting of certain shares vested in the Administrator General. | Read |
| 35 |
Repatriation of assets and liabilities in the case of foreign insurers in certain cases. | Read |
| 36 |
Contracts of chief agents and special agents to terminate. | Read |
| 37 |
Policies to be guaranteed by Central Government. | Read |
| 38 |
Liquidation of Corporation. | Read |
| 39 |
Special provisions for winding up of certain insurers. | Read |
| 40 |
Penalty for withholding property, etc. | Read |
| 41 |
Tribunal to have exclusive jurisdiction in certain matters. | Read |
| 42 |
Enforcement of decisions of Tribunals. | Read |
| 43 |
Application of the Insurance Act. | Read |
| 43A |
. Omitted. | Read |
| 44 |
Act not to apply in certain cases | Read |
| 45 |
Special provisions regarding transfer of controlled business of certain composite insurer. | Read |
| 46 |
Defects in constitution of Corporation or Committees or in appointment or nomination of directors not to invalidate acts or proceedings. | Read |
| 47 |
Protection of action taken under this Act. | Read |
| 48 |
Power to make rules. | Read |
| 49 |
Power to make regulations | Read |
| 50 |
Form, manner, etc. for companies to apply with modifications. | Read |
| 51 |
Power to remove difficulties. | Read |
