Act Number: 31

Act Name: The Life Insurance Corporation Act, 1956

Year: 1956

Enactment Date: 1956-06-18

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 26: Actuarial valuations.
    1[The Board] shall, 2[every year], cause an investigation to be made by actuaries into the financial conditions of the 3[life insurance business of the Corporation, including a valuation of the liabilities of the Corporation in respect thereto], and submit the report of the actuaries to the 4[Board].
Notes:
1 .Subs. by Act 13 of 2021, s. 138, for "The Corporation" (w.e.f. 30-6-2021).
2. Subs. by Act 8 of 2012, s. 4, for "once at least in every two years" (w.e.f. 31-3-2012).
3. Subs. by Act 33 of 1965, s. 2, for certain words (w.e.f. 29-9-1965).
4. Subs. by 13 of 2021, s. 138, for "Central Government" (w.e.f. 30-6-2021).
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