REGISTERED NO . DL-( N) 04/0007 /2003-11
रजिस्ट्री सं० डी० एल०(एन) 04/0007/2003-11
भारत का राजपत्र The Gazette ofIndia
असाधारण
EXTRAORDINARY
भाग II - खण्ड 1
PART II - Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
नई दिल्ली, शुक्रवार, जनवरी 13, 2012/ पौष 23 , 1933 (शक)
सं 8 ] No. 8] NEW DELHI, FRIDAY, JANUARY 13 , 2012/ PAUSA 23 , 1933 (SAKA)
भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके ।
इस Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
NewDelhi, 13th January , 2012/ Pausa 23 , 1933 (Saka)
The following Act of Parliament received the assent of the President on the 12th January, 2012 , and is hereby published for general information:-
THE LIFE INSURANCE CORPORATION ( AMENDMENT) ACT, 2011
(No. 8 OF 2012).
[12th January, 2012. ]
AnAct further to amend the Life Insurance Corporation Act, 1956 .
BE itenacted by Parliament in the Sixty - second Year of the Republic of India as follows:-
1. (1) This Act may be called the Life Insurance Corporation (Amendment ) Act, 2011. Short title and commencement.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette , appoint .
31 of 1956 .
2. In the Life Insurance Corporation Act , 1956 (hereinafter referred to as the principal Act), for section 5, the following section shall be substituted , namely:-
Substitution of new section forsection 5 .
Capital of Corporation .
"5. ( 1) The paid-up equity capital of the Corporation shall be one hundred crore of rupees provided by the Central Government after due appropriation made by Parliament by law for the purpose .
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[PART II-
(2) The Corporation may issue and sell bonds and debentures or such other prescribed instruments carrying interest for the purpose of raising its working capital to such amount as may be prescribed. " .
Amendment of section 18 .
3. Insection 18 of the principal Act, for sub -section (4) , the following sub - section shall be substituted, namely:-
41 of 1999 .
"(4) There may be established as many divisional offices and branches in each zone as may be decided by the Corporation in accordance with the guidelines issued by the Insurance Regulatory and Development Authority established under the Insurance Regulatory and Development Authority Act , 1999 in this regard." .
Amendment of section 26 .
4. Insection26 of the principal Act, for the words " once at least in every two years " , the words " every year " shall be substituted .
5. Forsection 28 of the principal Act, the following section shall be substituted , namely:----
Substitution of new section for section 28 .
"28. (1 ) If as a result of any investigation undertaken by the Corporation under section 26, any surplus emerges ,-
Surplus from life insurance business, how to be utilised.
(a) ninety per cent . or more such surplus , as the Central Government may approve , shall be allocated to or reserved for the life insurance policyholders of theCorporation;
(b) such percentage of remaining surplus as the Central Government may approve shall be credited to separate account maintained by the Corporation; and
(c) the remainder shall be paid as dividend.
(2) The funds available in the account maintained by the Corporation under clause (b) of sub - section (1 ) shall be utilised for such purpose and in such manner as the Central Government may determine ." .
6. Insection 37 of the principal Act , the following proviso shall be inserted, namely:-
Amendment of section 37 .
"Provided that the Corporation shall endeavour that its funds are invested in the attractive schemes formulated by it to ensure increased bonus to policyholders whilehaving least investment risk so as to enable the Corporation to play a greater role in economic enrichment of the masses while maintaining its position as a leading player in the market . " .
Amendment of section 44 .
7. In section 44 of the principal Act, in clause (b ) , the following proviso shall be inserted, namely:-
4 of 1938 .
"Provided that nothing contained in this clause shall apply on and from the date onwhich the provisions contained in section 2E of the Insurance Act , 1938 shall cease to operate ." .
8. In section48 of the principal Act , in sub - section (2) ,-
Amendment of section 48 .
(i) after clause (a) , the following clause shall be inserted , namely:-
"(aa) the instruments which may be issued and the amount of working capital under sub - section (2) of section 5; " ;
(ii) in clause (cc) , the words " and agents " occurring at both the places , shall be omitted.
9. Insection49 of the principal Act, in sub - section (2 ) , --
Amendment of section 49 .
(i) for clause ( b), the following clause shall be substituted , namely:-
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SEC. 1]
"(b) the method of recruitment of employees and agents of the Corporation and the terms and conditions of the agents ; " ;
(ii) clause (j) shall be omitted.
V. K. BHASIN ,
Secy. to theGovt. ofIndia.
PRINTED BY DIRECTORATE OF PRINTING AT GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI , 2012 .
GMGIPMRND-3822GI (S3)-14-01-2012.