Acts › The Life Insurance Corporation Act, 1956The Life Insurance Corporation Act, 1956 79 sections.
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Open in Lexace · Ask the AI Section 1 — Short title and commencement. Section 2 — Definitions. Section 3 — Establishment and incorporation of Life Insurance Corporation of India. Section 4 — Board of Directors 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 nominate. 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. Section 49 — Power to make regulations Section 50 — Form, manner, etc., for companies to apply with modifications. Section 51 — Power to remove difficulties. Lexace India is a legal-information & technology platform — not a law firm. It does not advertise, solicit work, or provide legal advice, and no advocate–client relationship is created. Bare-act text for general information; verify against the official source.