Life Insurance Corporation Act 1956 was passed by the Indian Parliament which came into force from 1st September 1956. Chapter II, Section 3, Section 4 and Section 5 of the said Act, provides for the establishment, Constitution and Capital of the Corporation respectively.
What is life insurance -
Life Insurance is a contract. It is a contract between the policyholder and the insurer. In this type of contract, insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.
Definition of life insurance -
It is difficult to define Life Insurance there is no statutory definition of life insurance.
According to Sharma R.S. " Life Insurance contract may be defined, whereby the Insurer, in consideration of premium paid either installment, undertake to pay an annuity on the death of the insured of a certain number of years."
" Life Insurance is a contract to pay a certain sum of money on the death of a person in consideration of the due payment of a certain annuity for his life calculated according to the probable duration of life". [ Dalby Vs India and London Life Assurance Co (1854) 15 CB 365; 139 ER 465]
According to Maggee J.H. "Life Insurance contract embodies an agreement in which broadly stated, the insurer undertakes to pay a stipulated sum upon the death of insurer to a designated beneficiary.
Establishment of Life Insurance Corporation of India -
Establishment and incorporation of Life Insurance Corporation of India ( Chapter II Section 3)
(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.
Constitution of the Corporation -
(1) The Corporation shall consist of such number of persons not exceeding sixteen as the Central Government may think fit to appoint thereto and one of them shall be appointed by the Central Government to be the Chairman thereof.
(2) Before appointing a person to be a member, the Central Government shall satisfy itself that the person will have no such financial or other interest as is likely to affect prejudicially the exercise of performance by him of his functions as a member, and the Central Government shall also satisfy itself from time to time with respect to every member that he has no such interest; and any person who is, or whom the Central Government proposes to appoint and who has consented to be, a member shall, whenever required by the Central Government so to do, furnish to it such information as the Central Government considers necessary for the performance of its duties under this sub-section.
(3) A member who is in any way directly or indirectly interested in a contract made or proposed to be made by the Corporation shall, as soon as possible after the relevant circumstances have come to his knowledge, disclose the nature of his interest to the Corporation; and the member shall not take part in any deliberation or discussion of the Corporation with respect to that contract.
Capital of the Corporation -
(1) The original capital of the Corporation shall be five crores of rupees provided by the Central Government after due appropriation made by Parliament by law for the purpose, and the terms and conditions relating to the provision of such capital shall be such as may be determined by the Central Government.
(2) The Central Government may, on the recommendation of the Corporation, reduce the capital of the Corporation to such extent and in such manner as the Central Government may determine.
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