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Start Free TrialLife Insurance Corporation Act, 1956 Chapter 4
Title: Transfer of Existing Life Insurance Business to the Corporation
State: Central
Year: 1956
.....before the appointed day. Section 9 - General effect of vesting of controlled business (1) Unless otherwise expressly provided by or under this Act, all contracts, agreements and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which an insurer whose controlled business has been transferred to and vested in the Corporation is a party or which are in favour of such insurer shall in so far as they relate to the controlled business of the insurer be of as full force and affect against or in favour of the Corporation, as the case may be, and may be enforced or acted upon as fully and effectually as if, instead of the insurer, the Corporation had been a party thereto or as if they had been entered into or issued in favour of the Corporation. (2) If on the appointed day any suit, appeal or other legal proceeding of whatever nature is pending by or against an insurer, then, in so far as it relates to his controlled business, it shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Corporation of the business of the insurer or anything done under this Act, but the suit,.....
View Complete Act List Judgments citing this sectionLife Insurance Corporation Act, 1956 Complete Act
Title: Life Insurance Corporation Act, 1956
State: Central
Year: 1956
.....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 -.....
List Judgments citing this sectionLife Insurance Corporation Act, 1956 Section 30
Title: Corporation to Have Exclusive Privilege of Carrying on Life Insurance Business
State: Central
Year: 1956
Except to the extent otherwise expressly provided in this Act, on and from the appointed day the Corporation shall have the exclusive privilege of carrying on life insurance business in India; and on and from the said day any certificate to registration under the Insurance Act held by any insurer immediately before the said day shall cease to have effect in so far as it authorises him to carry on life insurance business in India.
View Complete Act List Judgments citing this sectionAllianz Und Stuttgarter Life Insurance Bank (Transfer) Act, 1950 [Repealed] Preamble 1
Title: Allianz Und Stuttgarter Life Insurance Bank (Transfer) Act, 1950
State: Central
Year: 1950
1[ALLIANZ UND STUTTGARTER LIFE INSURANCE BANK (TRANSFER) ACT, 1950 [Act, No. 62 of 1950] [1st December, 1950] PREAMBLE An Act to provide for the transfer of the business of the Allianz Und Stuttgarter Life Insurance Bank, Limited, to the United India Life Assurance Company Limited and for matters connected therewith. BE it enacted by Parliament as follows: - __________________________ 1. Repealed by The Insurance Laws (Transfer of Business and Emergency Provisions) Repeal Act, 2001 (11 of 2001) w.e.f. 09.05.2001.
View Complete Act List Judgments citing this sectionLife Insurance (Emergency Provisions) Act, 1956 [Repealed] Preamble 1
Title: Life Insurance (Emergency Provisions) Act, 1956
State: Central
Year: 1956
1[LIFE INSURANCE (EMERGENCY PROVISIONS) ACT, 1956 [Act, No. 9 of 1956] [21st March, 1956] PREAMBLE An Act to provide for the taking over, in the public interest, of the management of life insurance business pending nationalisation thereof. BE it enacted by Parliament in the Seventh Year of the Republic of India as follows: - ____________________ 1. Repealed by The Insurance Laws (Transfer of Business and Emergency Provisions) Repeal Act, 2001 (11 of 2001) w.e.f. 09.05.2001
View Complete Act List Judgments citing this sectionLife Insurance Corporation Act, 1956 Section 14
Title: Power of Corporation to Modify Contracts of Life Insurance in Certain Cases
State: Central
Year: 1956
The corporation may, having regard to the financial condition on the appointed day of any insurer whose controlled business has been transferred to an vested in the Corporation, reduce the amounts of insurance under contracts of life insurance entered into by such insurer before the 19th day of January 1956, in such manner and subject to such conditions as it thinks fit: Provided that no such reduction shall be made except in accordance with a scheme prepared by the Corporation in this behalf and approved by the Central Government.
View Complete Act List Judgments citing this sectionLife Insurance (Emergency Provisions) Act, 1956 [Repealed] Complete Act
Title: Life Insurance (Emergency Provisions) Act, 1956 [Repealed]
State: Central
Year: 1956
Preamble1 - LIFE INSURANCE (EMERGENCY PROVISIONS) ACT, 1956 Section1 - Short title Section2 - Definitions Section3 - Management of controlled business to vest in Government on commencement of Act Section4 - Power of Central Government to appoint Custodians to take over management of controlled business Section5 - Refund of deposits made under Insurance Act Section6 - Powers of Custodian to institute proceedings, etc. Section7 - Compensation for management of controlled business vesting in Central Government Section8 - Compensation, how to be paid and distributed Section9 - Penalties Section10 - Insurer not to be wound up by Court Section11 - Exclusion of time of Act for computing period of limitation Section12 - Effect of Act on other laws Section13 - Delegation of powers Section14 - Protection of action taken under Act Section15 - Prevention of disqualification for membership of Parliament Section16 - Exemptions Section17 - Power to make rules Section18 - Repeal of Ordinance 1 of 1956 and savings Repealing Act1 - INSURANCE LAWS (TRANSFER OF BUSINESS AND EMERGENCY PROVISIONS) REPEAL ACT, 2001
List Judgments citing this sectionLife Insurance Corporation Act, 1956 Preamble 1
Title: The Life Insurance Corporation Act, 1956
State: Central
Year: 1956
THE LIFE INSURANCE CORPORATION ACT, 1956 [Act No. 31 of 1956] [18th June, 1956] PREAMBLE 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. Be it enacted by Parliament in the Seventh Year of the Republic of India as follows:-
View Complete Act List Judgments citing this sectionLife Insurance Corporation Act, 1956 Section 28
Title: Surplus from Life Insurance Business How to Be Utilized
State: Central
Year: 1956
1[28. Surplus from life insurance business how to be utilized.-- If as a result of any investigation undertaken by the Corporation under section 26 any surplus emerges, ninety-five per cent of such surplus or such higher percentage thereof as the Central Government may approve shall be allocated to or reserved for the life insurance policy-holders of the Corporation and after meeting the liabilities of the Corporation, if any, which may arise under section 9, the remainder shall be paid to the Central Government or, if that Government so directs, be utilised for such purposes and in such manner as that Government may determine.] ________________________ 1. Substituted by Act 33 of 1965, section 3, for section 28 w.e.f. 29-9-1965.
View Complete Act List Judgments citing this sectionLife Insurance Corporation Act, 1956 Section 28A
Title: Profits from Any Business (Other Than Life Insurance Business) How to Be Utilized
State: Central
Year: 1956
1[28A. Profits from any business (other than life insurance business) how to be utilized.-- If for any financial year profits accrue from any business (other than life insurance business) carried on by the Corporation, then, after making provision for reserves and other matters for which provision is necessary or expedient, the balance of such profits shall be paid to the Central Government.] ________________________ 1. Inserted by Act 33 of 1965, section 4 w.e.f. 29-9-1965.
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