Life Insurance Corporation Act, 1956
E825487
The Life Insurance Corporation Act, 1956 is an Indian law that nationalized the life insurance industry and established the Life Insurance Corporation of India as a state-owned monopoly insurer.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
Act of Parliament of India
ⓘ
Indian statute ⓘ |
| administeredBy | Ministry of Finance, Government of India NERFINISHED ⓘ |
| appliesTo |
life insurance business in India
ⓘ
policyholders of life insurance in India prior to liberalisation ⓘ |
| classification |
economic legislation
ⓘ
nationalisation law ⓘ |
| country | India ⓘ |
| created | Life Insurance Corporation of India NERFINISHED ⓘ |
| dateOfCommencement | 1956 ⓘ |
| effect |
creation of a public sector monopoly in life insurance
ⓘ
transfer of management of life insurance business from private insurers to the state ⓘ |
| empowers | Central Government to issue directions to Life Insurance Corporation of India NERFINISHED ⓘ |
| enactedBy | Parliament of India NERFINISHED ⓘ |
| establishedMonopoly | Life Insurance Corporation of India NERFINISHED ⓘ |
| fieldOfLaw |
insurance law
ⓘ
public economic law ⓘ |
| governs |
accounts and audit of Life Insurance Corporation of India
ⓘ
investment of funds by Life Insurance Corporation of India ⓘ organisation of Life Insurance Corporation of India ⓘ |
| historicalSignificance |
created a single public sector life insurer in India
ⓘ
nationalised private life insurance companies in India ⓘ |
| industryAffected | life insurance industry in India ⓘ |
| jurisdiction | Union of India NERFINISHED ⓘ |
| languageOfText |
English
ⓘ
Hindi ⓘ |
| legalForm | central legislation ⓘ |
| legalSystem | common law ⓘ |
| longTitle | 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 ⓘ |
| providesFor |
management of Life Insurance Corporation of India
ⓘ
powers and functions of Life Insurance Corporation of India ⓘ regulation and control of life insurance business by the central government ⓘ transfer of existing life insurance business to Life Insurance Corporation of India ⓘ |
| purpose |
establishment of the Life Insurance Corporation of India
ⓘ
nationalisation of life insurance business in India ⓘ |
| region | Republic of India NERFINISHED ⓘ |
| relatedInstitution | Life Insurance Corporation of India NERFINISHED ⓘ |
| relatedTo |
Insurance Act, 1938
NERFINISHED
ⓘ
Life Insurance Corporation of India Act amendments NERFINISHED ⓘ |
| sectorAffected | insurance sector in India ⓘ |
| shortTitle | Life Insurance Corporation Act, 1956 NERFINISHED ⓘ |
| status | in force ⓘ |
| subjectMatter |
life insurance
ⓘ
nationalisation ⓘ public sector insurance ⓘ |
| typeOfMonopoly | state-owned monopoly in life insurance ⓘ |
| yearOfEnactment | 1956 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.