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 28A: Profits from any business (other than life insurance business) how to be utilised.
    1[28A. Profits from any business (other than life insurance business) how to be utilised.--If for any financial year profits accrue from any business (other than life insurance business) carried on by the Corporation, then, after making provision for reserves and other matters for which provision is necessary or expedient, the balance of such profits shall be 2[allocated to or reserved for the members].]
Notes:
1. Ins. by Act 33 of 1965, s. 4 (w.e.f. 29-9-1965).
2. Subs. by Act 13 of 2021, s. 141, for "paid to the Central Government" (w.e.f. 30-6-2021).
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