Section 30A
Exclusive privilege of Corporation to cease.
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.
1[30A. Exclusive privilege of Corporation to cease.--Notwithstanding anything contained in this
Act, the exclusive privilege of carrying on life insurance business in India by the Corporation shall cease
on and from the commencement of the Insurance Regulatory and Development Authority Act, 1999, and
the Corporation shall, thereafter, carry on life insurance business in India in accordance with the
provisions of the Insurance Act, 1938 (4 of 1938).]
Notes
1. Ins. by Act 41 of 1999, s. 31 and the Second Schedule (w.e.f. 19-4-2000).