## Report on the Life Insurance Corporation of India Staff Amendment Rules, 2021
**1. Executive Summary:**
This report analyzes the Life Insurance Corporation of India (LIC) Staff Amendment Rules, 2021, as notified on June 30, 2021. This amendment modifies the original Life Insurance Corporation of India Staff Regulations, 1960. The key changes include renaming of regulations to rules, clarifying the definition of "Executive Director," and revising the superannuation rules for the Chairman under specific conditions. These amendments aim to update and clarify the existing staff regulations, potentially impacting the governance and operational aspects of the LIC.
**2. Introduction:**
This report provides an analysis of the Life Insurance Corporation of India Staff Amendment Rules, 2021, based solely on the provided government policy text. The purpose is to inform stakeholders about the specific changes introduced by this amendment and their potential implications.
**3. Policy Overview:**
* This document amends the Life Insurance Corporation of India Staff Regulations, 1960.
* **Core Objective(s) (Inferred):** The core objective of this amendment, based on the provided text, appears to be to modernize and clarify the existing staff regulations of the Life Insurance Corporation of India. This includes updating terminology and addressing specific scenarios related to the appointment and tenure of the Chairman.
**4. Background and Rationale:**
* **(Amendment):** The specific reason for this amendment can be inferred from the changes made. The text suggests a need to:
* Update outdated terminology by replacing "regulation" with "rule".
* Formalize the definition of "Executive Director" within the regulations.
* Address scenarios where the Chairman's term extends beyond the standard retirement age due to government appointment or extension, potentially to ensure continuity and leadership stability.
**5. Key Provisions / Changes:**
This section details the key changes introduced by the Life Insurance Corporation of India Staff Amendment Rules, 2021:
* **Change 1:** The amendment replaces the words "regulation" or "regulations" or "Regulations" with "rule" or "rules" or "Rules," respectively, wherever they occur, except in regulation 87. Similarly, "subregulation" or "subregulations" are replaced with "subrule" or "subrules." This represents a terminological update and does not substantially alter the meaning or application of the existing rules.
* **Change 2:** A new clause (da) is inserted in regulation 3, defining "Executive Director" as "any officer of the Corporation appointed as an Executive Director and so designated." This provides a formal definition, potentially clarifying roles and responsibilities within the organization.
* **Change 3:** A new subrule (5) is inserted into regulation 19, addressing the superannuation of the Chairman. The new rule states that if the Central Government appoints or extends the term of the Chairman beyond the age of sixty years, the Chairman shall not superannuate until completing the extended term or reaching the age of sixty-two years, whichever is earlier. This change allows for greater flexibility in the Chairman's tenure, potentially ensuring continuity in leadership and strategic direction under specific circumstances determined by the Central Government. This modifies the standard superannuation rules to accommodate government decisions regarding the Chairman's appointment or extension.
**6. Target Audience and Stakeholders:**
Based on the provided text, the direct target audience and stakeholders include:
* **Life Insurance Corporation of India (LIC) Staff:** The amendment directly impacts the employees of LIC, particularly concerning the updated terminology and the defined role of the Executive Director.
* **LIC Chairman:** The amended rules specifically address the superannuation of the Chairman, affecting their potential tenure and retirement conditions.
* **Central Government (Ministry of Finance):** The Central Government, specifically the Department of Financial Services, is a key stakeholder as they are responsible for appointing or extending the Chairman's term and, therefore, triggering the revised superannuation rule.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Life Insurance Corporation of India (LIC) and the Department of Financial Services, Ministry of Finance, are the key bodies involved in implementing these changes.
* **Timelines/Procedures:** The amendment comes into force on the date of its publication in the Official Gazette, which is June 30, 2021, according to the provided text. The implementation would likely involve updating internal documentation and communication to reflect the changes. The superannuation rule regarding the Chairman would be triggered upon the Central Government's decision to appoint or extend the Chairman's term beyond the standard retirement age.
**8. Expected Outcomes / Impact of Changes:**
* **(Amendment):** The likely intended outcomes of these specific changes are:
* **Enhanced Clarity:** Updating terminology from "regulation" to "rule" aims to modernize and simplify the language of the staff regulations.
* **Defined Roles:** Formalizing the definition of "Executive Director" clarifies their role within the organization.
* **Leadership Continuity:** The revision of the Chairman's superannuation rules allows for greater flexibility in their tenure, potentially ensuring continuity and stability in leadership, particularly when the Central Government deems it necessary. This could lead to more consistent strategic direction and policy implementation.
**9. Conclusion:**
The Life Insurance Corporation of India Staff Amendment Rules, 2021, represent a set of targeted modifications to the original 1960 regulations. The changes, primarily focused on terminology updates, role clarification, and the superannuation of the Chairman, aim to modernize and refine the operational framework of the LIC. The most significant impact is likely related to the Chairman's tenure, granting the Central Government greater flexibility in ensuring leadership continuity. This amendment highlights the government's ongoing effort to adapt and refine the regulatory framework governing key public sector institutions like the LIC.
Key Entities Referenced
NEW DELHI: Capital of India, place of publication of the gazette notification
Life Insurance Corporation Act, 1956: Act that confers powers to the Central Government
Central Government: The governing authority enacting the rules
Life Insurance Corporation of India Staff Regulations, 1960: Regulations being amended by this notification
Life Insurance Corporation of India Staff Amendment Rules, 2021: The title of the rules introduced in this notification.
Official Gazette: Document where the amendment is published
Executive Director: Officer of the Corporation appointed as an Executive Director
SAURABH MISHRA: Jt. Secy.
Ministry of Finance: The ministry under which the Department of Financial Services operates.
Department of Financial Services: Department under which notification is released
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 369] नई ददल्ली, बुधिार, िनू 30, 2021/आषाढ़ 9, 1943
No. 369] NEW DELHI, WEDNESDAY, JUNE 30, 2021/ASHADHA 9, 1943
जित्त मत्रं ालय
(जित्तीय सिे ा जिभाग)
अजधसचू ना
नई ददल् ली, 30 िून, 2021
सा.का.जन. 459(अ).—केन्द्रीय सरकार, िीिन बीमा जनगम अजधजनयम, 1956 (1956 का 31) की धारा 48 की उपधारा
(2) के खंड (गग) द्वारा प्रदत्त िजियोोँ का प्रयोग करते हुए, भारतीय िीिन बीमा जनगम (कममचारीिृंद) जिजनयम, 1960 का और
संिोधन करने के जलए जनम्नजलजखत जनयम बनाती ह,ै अथामत् :-
1. (1) इन जनयमों का संजिप्त नाम, भारतीय िीिन बीमा जनगम (कममचारीिृंद) संिोधन जनयम 2021 ह ै।
(2) ये रािपत्र में उनके प्रकािन की तारीख को प्रिृत् त होंगे ।
2. भारतीय िीिन बीमा जनगम (कममचारीिृंद) जिजनयम, 1960 (जिसे इसमें इसके पश्चात् उि जिजनयम कहा गया ह)ै के उप-जनयम
(1) के स्ट्थान पर जनम्नजलजखत रखा िाएगा, अथामत् :-
''(1) इन जनयमों का संजिप्त नाम, भारतीय िीिन बीमा जनगम (कमचम ारीिृंद) संिोधन जनयम 1960 है।''।
3. उि जिजनयम में,--
(क) ''जिजनयम'' या ''जिजनयमों'' या ''जिजनयमों'', िब्दों के स्ट्थान पर िहां-िहां िे आते ह ैं(जिजनयम 87 के ), ''जनयम''
या ''जनयमों'' या ''जनयमों'' िब्द क्रमि: रखे िाएंगे;
3636 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(ख) ''उप-जिजनयम'' या ''उप-जिजनयमों'', िब्दों के स्ट्थान पर िहां-िहां िे आते ह,ैं ''उप-जनयम'' या ''उप-जनयमों'' िब्द क्रमि:
रखे िाएंगे।
4. उि जिजनयमों के जिजनयम 3 में, खंड (घ) के पश्चात्, जनजम्नजलजखत खंड अंत:स्ट्थाजपत दकया िाएगा, अथामत्:--
'(घक) ''कायमकारी जनदिे क'' से कायमकारी जनदिे क के रूप में जनयुि और इस प्रकार पदाजभजहत जनगम का कोई अजधकारी
अजभप्रेत ह।ै '।
5. उि जिजनयम के जिजनयम 19 में, उप-जिजनयम (4) के पश्चात,् जनजम्नजलजखत उप-जनयम अंत:स्ट्थाजपत दकया िाएगा, अथामत्:--
''(5) इन जनयमों में अंतर्विष्ट दकसी बात के होते हुए भी, यदद केन्द्रीय सरकार ऐसी पदािजध के जलए अध्यि की जनयुजि करती
ह ै िो साठ िषम की आयु से अजधक ह ै या उि आयु से आगे की अिजध तक उसकी पदािजध को जिस्ट्ताररत करती है, िह तब
तक अजधिर्वषता प्राप्त नहीं करेगा िब तक िह ऐसी अिजध पूरी नहीं कर लेता है या बासठ िषम की आयु प्राप्त नहीं कर लेता है,
इनमें से िो भी पहले हो''।
[फा. सं. एस-11012/02/2021-बीमा-I]
सौरभ जमश्रा, संयुक्त सजचि
रिप्पण: मूल जिजनयम भारत के रािपत्र में अजधसूचना तारीख 23 िुलाई, 1960 द्वारा प्रकाजित दकया गया था तत्पश्चात् इसे
अजधसूचना तारीख 20-01-1962, 01-12-1962, 14-04-1962, 30-03-1963, 03-08-1963, 28-12-1963, 01-02-1964,
02-05-1964, 22-08-1964, 03-10-1964, 16-01-1965, 05-06-1965, 19-06-1965, 17-07-1965, 11-09-1965, 06-
11-1965, 27-11-1965, 08-01-1966, 19-02-1966, 26-02-1966, 26-03-1966, 23-04-1966, 18-06-1966, 03-09-
1966, 10-09-1966, 01-10-1966, 22-10-1966, 31-12-1966, 18-02-1967, 11-02-1967, 01-04-1967, 15-04-
1967, 29-04-1967, 22-07-1967, 19-08-1967, 30-07-1967, 02-03-1968, 30-03-1968, 08-06-1968, 15-06-1968,
08-03-1969, 12-04-1969, 26-04-1969, 14-06-1969, 19-07-1969, 23-01-1971, 07-08-1971, 19-06-1971, 07-
10-1972, 18-11-1972, 16-12-1972, 04-05-1974, 31-05-1975, 13-12-1975, 22-04-1976, 12-06-1976, 10-07-
1976, 28-08-1976, 21-01-1977, 23-04-1977, 04-06-1977, 21-07-1977, 12-11-1977, 01-04-1978, 26-05-1978,
31-05-1978, 01-07-1978, 07-10-1978, 04-11-1978, 19-12-1978, 08-12-1979, 10-05-1980, 23-12-1983, 10-
05-1988 और सा.का.जन. सं. 1166(अ) तारीख 09-12-1988, सा.का.जन. सं. 855(अ), तारीख 25-09-1989,
सा.का.जन. सं. 745(अ) तारीख 13-12-1993, सा.का.जन. सं. 598(अ), तारीख 30-06-1995, सा.का.जन. सं. 644(अ), तारीख
19-09-1995, सा.का.जन. 93(अ), तारीख 16.02.1996 सा.का.जन. सं. 262(अ), तारीख 22-05-1998, सा.का.जन. सं. 281(अ),
तारीख 23-04-1999, सा.का.जन. सं. 444(अ), तारीख 18-06-1999, िुजि-पत्र सा.का.जन. सं. 584(अ), तारीख 10-08-1999,
सा.का.जन. सं. 554(अ), तारीख 22-06-2000, सा.का.जन. सं. 668(अ), तारीख 26-10-2006, सा.का.जन. सं. 160(अ), तारीख 03-
03-2008, सा.का.जन. सं. 401(अ), तारीख 13-05-2010 और सा.का.जन. सं. 829(अ), तारीख 8-10-2010, सा.का.जन. सं.
471(अ) तारीख 10-07-2013, सा.का.जन. सं. 1161(अ), तारीख 21.12.2016, सा.का.जन. सं. 282(अ), तारीख 23.03-2017,
सा.का.जन. सं. 415(अ), तारीख 28.04.2017, सा.का.जन.सं. 790(अ) तारीख 16.10;2019 और सा.का.जन.सं. 647(अ), तारीख
19.10.2020 द्वारा संिोजधत दकया गया था।
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 30th June, 2021
G.S.R. 459(E).—In exercise of the powers conferred by clause (cc) of sub-section (2) of section 48 of the
Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further
to amend the Life Insurance Corporation of India (Staff) Regulations, 1960, namely:—
1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.
(2) They shall come into force on the date of their publication in Official Gazette.[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3
2. In the Life Insurance Corporation of India (Staff) Regulations, 1960 (hereinafter referred to as the said
regulations), for regulation 1, the following shall be substituted, namely:—
“(1) These rules may be called the Life Insurance Corporation (Staff) Rules, 1960.”.
3. In the said regulations,—
(a) for the words “regulation” or “regulations” or “Regulations” wherever they occur (except in
regulation 87), the words “rule” or “rules” or “Rules” shall, respectively, be substituted;
(b) for the words “sub-regulation” or “sub-regulations” wherever they occur, the words “sub-rule” or
“sub-rules” shall, respectively, be substituted.
4. In regulation 3 of the said regulations, after clause (d), the following clause shall be inserted, namely:—
„(da) “Executive Director” shall mean any officer of the Corporation appointed as an Executive
Director and so designated.‟.
5. In regulation 19 of the said regulations, after sub-regulation (4), the following sub-rule shall be inserted,
namely:—
“(5) Notwithstanding anything contained in these rules, if the Central Government appoints the
Chairman for a term of office that extends beyond sixty years of age, or extends his term of office to a
period beyond the said age, he shall not superannuate till he completes such term, or till he attains the
age of sixty-two years, whichever is earlier.”.
[F. No. S-11012/02/2021-Ins.I]
SAURABH MISHRA, Jt. Secy.
Note: The principal regulations were published in the Gazette of India vide notification dated 23rd July, 1960 and
subsequently amended vide notifications dated 20-01-1962, 01-12-1962,
14-04-1962, 30-03-1963, 03-08-1963, 28-12-1963, 01-02-1964, 02-05-1964, 22-08-1964,
03-10-1964, 16-01-1965, 05-06-1965, 19-06-1965, 17-07-1965, 11-09-1965, 06-11-1965,
27-11-1965, 08-01-1966, 19-02-1966, 26-02-1966, 26-03-1966, 23-04-1966, 18-06-1966,
03-09-1966, 10-09-1966, 01-10-1966, 22-10-1966, 31-12-1966, 18-02-1967, 11-02-1967,
01-04-1967, 15-04-1967, 29-04-1967, 22-07-1967, 19-08-1967, 30-07-1967, 02-03-1968,
30-03-1968, 08-06-1968, 15-06-1968, 08-03-1969, 12-04-1969, 26-04-1969, 14-06-1969,
19-07-1969, 23-01-1971, 07-08-1971, 19-06-1971, 07-10-1972, 18-11-1972, 16-12-1972,
04-05-1974, 31-05-1975, 13-12-1975, 22-04-1976, 12-06-1976, 10-07-1976, 28-08-1976,
21-01-1977, 23-04-1977, 04-06-1977, 21-07-1977, 12-11-1977, 01-04-1978, 26-05-1978,
31-05-1978, 01-07-1978, 07-10-1978, 04-11-1978, 19-12-1978, 08-12-1979, 10-05-1980,
23-12-1983 and 10-05-1988, and vide G.S.R. No. 1166(E) dated 09-12-1988, G.S.R. No. 855(E) dated 25-09-1989,
G.S.R. No. 745(E) dated 13-12-1993, G.S.R. No. 598(E) dated 30-06-1995, G.S.R. No. 644(E) dated 19-09-1995,
G.S.R. No. 93(E) dated 16.02.1996, G.S.R. No. 262 (E) dated 22-05-1998, G.S.R. No. 281(E) dated 23-04-1999,
G.S.R. No. 444(E) dated 18-06-1999, Corrigenda G.S.R. No. 584(E) dated 10-08-1999, G.S.R. No. 554(E) dated
22-06-2000, G.S.R. No. 668(E) dated 26-10-2006, G.S.R. No. 160(E) dated 03-03-2008, G.S.R. No. 401(E)
dated 13-05-2010, G.S.R. No. 829(E) dated 08-10-2010, G.S.R. No. 471(E) dated 10-07-2013, G.S.R. No. 1161(E)
dated 21-12-2016, G.S.R. No. 282(E) dated 23-03-2017, G.S.R. No. 415 (E) dated 28.04.2017, G.S.R. No. 790(E)
dated 16.10.2019 and G.S.R. No. 647(E) dated 19.10.2020.
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and Published by the Controller of Publications, Delhi-110054.