The Life Insurance Corporation Act

Short title and commencement

Definitions

Establishment and incorporation of Life Insurance Corporation of India

Constitution of the Corporation

Capital of Corporation

Functions of the Corporation

Power to impose conditions, etc

Transfer of assets and liabilities of existing insurers carrying on controlled business

Provident, superannuation and other like funds

General effect of vesting of controlled business

Provisions as to composite insurers

Transfer of service of existing employees of insurers to the Corporation

Transfer of services of existing employees of chief agents of insurers to the Corporation in certain  cases

Duty to deliver possession of property and documents relating thereto

Power of Corporation to modify contracts of life insurance in certain cases

Right of Corporation to seek relief in respect of certain transactions of the insurer

Compensation for acquisition of controlled business

Constitution of Tribunals

Offices, branches and agencies

Committees of the Corporation

Managing Directors

Corporation to be guided by the directions of Central Government

Zonal Managers

Staff of the Corporation

Funds of the Corporation

Audit

Actuarial valuations

Annual report of activities of Corporation

Surplus from life insurance business, how to be utilised

Profits from any business (other than life insurance business) how to be utilised

Reports to be laid before Parliament

Corporation to have the exclusive privilege of carrying on life insurance business

Exclusive privilege of Corporation to cease

Exception in the case of insurance business in respect of persons residing outside India

Power of Corporation to have official seal in certain cases

Requirement of foreign laws to be complied with in certain cases

Revesting of certain shares vested in the Administrator General

Repatriation of assets and liabilities in the case of foreign insurers in certain cases

Contracts of chief agents and special agents to terminate

Policies to be guaranteed by Central Government

Liquidation of Corporation

Special provisions for winding up of certain insurers

Penalty for withholding property, etc

Tribunal to have exclusive jurisdiction in certain matters

Enforcement of decisions of Tribunals

Application of the Insurance Act

. Omitted

Act not to apply in certain case

Special provisions regarding transfer of controlled business of certain composite insurer

Defects in constitution of Corporation or Committees not to invalidate acts or proceedings

Protection of action taken under Act

Power to make rules

Power to make regulations

All sections

(1) With effect
from such date as the Central Government may, by notification in the Official Gazette, appoint, there
shall be established a Corporation called the Life Insurance Corporation of India.

(2) The Corporation shall be a body corporate having perpetual succession and a common seal with
power subject to the provisions of this Act, to acquire, hold and dispose of property, and may by its name
sue and be sued.

LAWGIST

# 3 Establishment and incorporation of Life Insurance Corporation of India