Section 30
Corporation to have the exclusive privilege of carrying on life insurance business.
The Life Insurance Corporation Act, 1956
About this Act
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.
Except
to the extent otherwise expressly provided in this Act, on and from the appointed day the Corporation
shall have the exclusive privilege of carrying on life insurance business in India; and on and from the said
day any certificate to registration under the Insurance Act held by any insurer immediately before the said
day shall cease to have effect in so far as it authorises him to carry on life insurance business in India.