Preamble1 - THE LIFE INSURANCE CORPORATION ACT, 1956
Chapter 1 Section1 - Short title and commencement
Section2 - Definitions
Chapter 2 Section3 - Establishment and incorporation of Life Insurance Corporation of India
Section4 - Constitution of the Corporation
Section5 - Capital of the Corporation
Chapter 3 Section6 - Functions of the Corporation
Section6A - Power to impose conditions, etc
Chapter 4 Section7 - Transfer of assets and liabilities of existing insurers carrying on controlled business
Section8 - Provident, superannuation and other like funds
Section9 - General effect of vesting of controlled business
Section10 - Provisions as to composite insurers
Section11 - Transfer of service of existing employees of insurers to the Corporation
Section12 - Transfer of services of existing employees of chief agents of insurers to the Corporation in certain cases
Section13 - Duty to deliver possession of property and documents relating thereto
Section14 - Power of Corporation to modify contracts of life insurance in certain cases
Section15 - Right of Corporation to seek relief in respect of certain transactions of the insurer
Section16 - Compensation for acquisition of controlled business
Section17 - Constitution of Tribunals
Chapter 5 Section18 - Offices, branches and agencies
Section19 - Committees of the Corporation
Section20 - Managing Directors
Section21 - Corporation to be guided by the directions of Central Government
Section22 - Zonal Managers
Section23 - Staff of the Corporation
Chapter 6 Section24 - Funds of the Corporation
Section25 - Audit
Section26 - Actuarial valuations
Section27 - Annual report of activities of Corporation
Section28 - Surplus from life insurance business how to be utilized
Section28A - Profits from any business (other than life insurance business) how to be utilized
Section29 - Reports to be laid before Parliament
Chapter 7 Section30 - Corporation to have exclusive privilege of carrying on life insurance business
Section30A - Exclusive privilege of Corporation to cease
Section31 - Exception in the case of insurance business in respect of persons residing outside India
Section32 - Power of Corporation to have official seal in certain cases
Section33 - Requirement of foreign laws to be complied with in certain cases
Section34 - Revesting of certain shares vested in the Administrator General
Section35 - Repatriation of assets and liabilities in the case of foreign insurers in certain cases
Section36 - Contracts or chief agents and special agents to terminate
Section37 - Policies to be guaranteed by Central Government
Section38 - Liquidation of Corporation
Section39 - Special provisions for winding up of certain insurers
Section40 - Penalty for withholding property, etc
Section41 - Tribunal to have exclusive jurisdiction in certain matters
Section42 - Enforcement of decisions of Tribunals
Section43 - Application of the Insurance Act
Section43A - [***]
Section44 - Act not to apply in certain cases
Section45 - Special provisions regarding certain composite insurer
Section46 - Defects in constitution of Corporation or committees not to invalidate acts or proceedings
Section47 - Protection of action taken under Act
Section48 - Power to make rules
Section49 - Power to make regulations
Schedule1 - THE FIRST SCHEDULE
Schedule2 - THE SECOND SCHEDULE
Schedule3 - THE THIRD SCHEDULE