(Act no. 61 of 1986)
CONTENTS
Sections
Particulars
Preamble
Chapter 1
Preliminary
1
Short title and commencement
2
Definitions
Chapter 2
Establishment of Life Insurance Corporation of India
3
Establishment and incorporation of Life Insurance Corporation
4
Constitution of the Corporation
5
Capital of the Corporation
Chapter 3
Functions of the Corporation
6
6A
Power to impose conditions etc.
Chapter 4
Transfer of existing Life Insurance Business to the Corporation
7
Transfer of assets and liabilities of existing insurers carrying on controlled business
8
Provident, superannuation and other like funds
9
General effect of vesting of controlled business
10
Provisions as to composite insurer
11
Transfer of service of existing employees of insurers to the Corporation
12
Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases
13
Duty to deliver possession of property and documents relating thereto
14
Power to Corporation to modify contracts of life insurance in certain cases
15
Right of Corporation to seek relief in respect of certain transactions of the insurer
16
Compensation for acquisition of controlled business
17
Constitution of Tribunals
18
Offices, branches and agencies
19
Committees of the Corporation
20
Managing Directors
21
Corporation to be guided by the directions of Central Government
22
Zonal Managers
23
Staff of the Corporation
Chapter 5
Finance, Accounts and Audit
24
Funds of the Corporation
25
Audit
26
Actuarial valuations
27
Annual report of activities of Corporation
28
Surplus from life insurance business how to be utilized
28A
Profits from any business (other than life insurance business) how to utilized
29
Reports to be laid before Parliament
Chapter 7
Miscellaneous
30
Corporation to have the exclusive privilege of carrying on life insurance business
31
Exception in the case of insurance business in respect of persons residing outside India
32
Power of Corporation to have official seal in certain cases
33
Requirement of foreign laws to be complied with in certain cases
34
Reverting of certain shares vested in the Administrator General
35
Repatriation of assets and liabilities in the case of foreign insurers in certain cases
36
Contracts of chief agents and special agents to terminate
37
Policies to be guaranteed by Central Government
38
Liquidation of Corporation
39
Special provisions for winding up of certain insurers
40
Penalty for withholding property, etc.
41
Tribunal to have exclusive jurisdiction in certain matters
42
Enforcement of decisions of Tribunals
43
Application of the Insurance Act
43A
Deduction of income-tax not to be made on interest or dividend
44
Act not to apply in certain cases
45
Special provisions regarding transfer of controlled business of certain composite insurers
46
Defects in constitution of Corporation or Committees not to invalidate acts or proceedings
47
Protection of action taken under Act
48
Power to make rules
49
Power to make regulations
Schedules
Schedule 1
Principles for Determining Compensation
Schedule 2
Principles for Determining the Value of Liabilities in certain cases
Schedule 3
Principles for Determining Compensation Payable to Chief Agents
