Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act, 1956

जीवन बीमा निगम अधिनियम, 1956

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	195631
Act Number:	31
Enactment Date:	1956-06-18
Act Year:	1956
Short Title:	The Life Insurance Corporation Act, 1956
Hindi Title:	जीवन बीमा निगम अधिनियम, 1956
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
Enforcement Date:	01-07-1956
Notification:	1st July, 1956, vide notification No. S. R. O. 1456, dated 26th June, 1956, see Gazette of India, Extraordinary, Part II, sec. 3


Schedule 1. THE FIRST SCHEDULE. Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms
Schedule 3. THE THIRD SCHEDULE. Order Appendix Forms

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Show all section The Life Insurance Corporation Act, 1956

CHAPTER I

PRELIMINARY

CHAPER II

ESTABLISHMENT OF LIFE INSURANCE CORORATION OF INDIA

CHAPTER III

FUNCTIONS OF THE CORPORATION

CHAPTER IV

TRANSFER OF EXISTING LIFE INSURANCE BUSINESS TO THE CORPORATION

CHAPTER V

MANAGEMENT

CHAPTER VI

FINANCE, ACCOUNTS AND AUDIT

CHAPTER VII

MISCELLANEOUS


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


Schedule 1. THE FIRST SCHEDULE. Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms
Schedule 3. THE THIRD SCHEDULE. Order Appendix Forms

Year	Description	Hindi Description	Files(Eng)	Files(Hindi)
25-05-1957	LIC rules 1956
01-04-1983	Life Insurance Corporation of India Class III & Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985
01-10-1983	Life Insurance Corporation of India Class I Officers (Revision of Terms and Conditions of Service) Rules, 1985
01-01-1986	Life Insurance Corporation of India Managing Director (Revision of Certain Terms and Conditions of Services) Rules, 1988
01-04-1986	Life Insurance Corporation of India Development Officer (Revision of Terms and Conditions of Service) Rules, 1986
01-10-1986	Life Insurance Corporation of India Class III and Class IV Employees (Payment of Kit Allowance) Rules, 1988
01-10-1986	Life Insurance Corporation of India Class III Employee (Special Allowance for Passing Examination) Rules, 1988
01-01-1987	Life Insurance Corporation of India (Special Area Allowance) Rules, 1988
15-05-1987	Life Insurance Corporation of India (Regulation of Superannuation) Rules, 1987
04-05-1988	Life Insurance Corporation of India (Daily Allowance and Hotel Charges to Employees on Tour) Rules, 1989
04-05-1993	Life Insurance Corporation of India class III & Class IV Employees Promotion Rules, 1987
01-11-1993	Life Insurance Corporation of India (Employee) Pension Rules, 1995
01-08-1994	LIC ( Payment of gratuity to the chief Executive and MD) rules. 1997
01-01-1996	Life Insurance Corporation of India Chief Executive (Revision of Certain Terms and Conditions of Service) Rules, 1998
25-04-2007	Life Insurance Corporation of India, Information Technology Specialist Group (Selection, Terms and Conditions of service and Payment of Allowance) Rules, 2007
15-04-2021	Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Rules, 2002
15-04-2021	Life Insurance Corporation of India Class I Officers (Special Allowance for passing Examinations of Insurance Institute of India) Rules, 2021
07-07-2021	Life Insurance Corporation of India (Staff) Rules, 1960
04-03-2022	The Life Insurance Corporation General Rules, 1956

Year	Description	Hindi Description	Files(Eng)	Files(Hindi)
22-07-2021	The Life Insurance Corporation General Regulations, 2021
03-03-2022	Notification under section 50 of the Life Insurance Corporation Act, 1956 -S.O. 995(E), dated 3.3.2022

Schedule 1. THE FIRST SCHEDULE.

Schedule 2. THE SECOND SCHEDULE.

Schedule 3. THE THIRD SCHEDULE.