**Policy Summary: Life Insurance Corporation Amendment Rules, 2020**
This notification, G.S.R. 96(E), issued by the Department of Financial Services, Ministry of Finance, and dated February 10, 2020, amends the Life Insurance Corporation Rules, 1956. The amendment, authorized under Section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), modifies Rule 8 concerning the fees payable to members of the Corporation.
Specifically, the amendment revises the fees for members who are not whole-time officers of the Corporation or officers of the Central Government. The revised fee structure is as follows:
* **Meetings of the Corporation:** ₹40,000 per meeting.
* **Meetings of a Committee constituted by the Corporation/visits related to Corporation affairs:** ₹20,000 per meeting/visit.
* **Chairing Meetings of the Corporation:** An additional ₹10,000 per meeting.
* **Chairing Meetings of a Committee:** An additional ₹5,000 per meeting, in addition to the meeting fee.
The overall ceiling for fees payable to a member is ₹15,00,000 per annum.
The principal rules were initially published via S.R.O. 1889A on August 28, 1956, and subsequently amended through various notifications, including G.S.R. 317 (April 30, 1958), G.S.R. 1101 (November 8, 1958), G.S.R. 1568 (October 31, 1964), G.S.R. 1094 (July 22, 1965), G.S.R. 1116(E) (December 2, 1988), G.S.R. 278(E) (May 28, 1997), G.S.R. 474(E) (July 26, 2004), G.S.R. 2 (January 3, 2012), and G.S.R. 199 (October 24, 2015).
For further information, contact Lalit Kumar, Economic Advisor, File No. A-15011/01/2011-Ins.I.
Key Entities Referenced
Life Insurance Corporation Act, 1956: An act of the Parliament of India that led to the creation of the Life Insurance Corporation of India.
Life Insurance Corporation Rules, 1956: Rules established under the Life Insurance Corporation Act, 1956, governing the operations and management of the Life Insurance Corporation.
Central Government: The executive authority of the Union of India.
Ministry of Finance: A ministry in the Government of India responsible for the financial matters of the country.
Department of Financial Services: A department under the Ministry of Finance, Government of India, responsible for overseeing financial institutions.
New Delhi: The capital of India.
LALIT KUMAR: Economic Advisor, as indicated in the document.
Life Insurance Corporation Amendment Rules, 2020: Rules amending the Life Insurance Corporation Rules, 1956.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअI.D-E1x2x0x 22020-216095
CG-DL-E-12022020-216095
असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 78] नई ददल्ली, सोमिार, फरिरी 10, 2020/माघ 21, 1941
No. 78] NEW DELHI, MONDAY, FEBRUARY 10, 2020/MAGHA 21, 1941
जित्त मत्रं ालय
(जित्तीय सिे ाए ंजिभाग)
अजधसचू ना
नई ददल् ली, 10 फरिरी, 2020
सा.का.जन. 96(अ).—केन्द्रीय सरकार, िीिन बीमा जनगम अजधजनयम, 1956 (1956 का 31) की धारा 48
द्वारा प्रदत्त िजियों का प्रयोग करते हुए, िीिन बीमा जनगम जनयम, 1956 का और संिोधन करने के जलए
जनम्न जलजखत जनयम बनाता ह,ै अथाात ् :—
1. सजं िप्त नाम और प्रारंभ:—(1) इन जनयमों का संजिप् त नाम िीिन बीमा जनगम (संिोधन) जनयम 2020 ह ै।
(2) ये रािपत्र म ें उनके प्रकािन की तारीख को प्रिृत् त होंगे ।
2. िीिन बीमा जनगम जनयम, 1956 म,ें जनयम 8 के जलए जनम्न जलजखत जनयमों को रखा िाएगा, अथाता ् :—
“8. सदस्ट्यों की फीस- सदस्ट्य, िो पूरे समय के जलए जनगम के अजधकारी नही ीँहोत े ह ैं या केन्द्रीय सरकार के
अजधकारी, जनगम के द्वारा जनम्नजलजखत तरीके स े फीस संदत्त करेंग े :—
(क) जनगम की बैठकों म ेंभाग लने े के जलए – प्रत्येक बैठक के जलए 40,000 (चालीस हिार रुपए) ;
(ख) जनगम द्वारा गठठत सजमजत की बैठकों म ें भाग लेन े के जलए – 20,000 (बीस हिार रुपए) प्रत्येक बैठक
के जलए साथ ही साथ जनगम के कायों स े संबंजधत अन्द्य स्ट्थानों का जनरीिण करन े के जलए ;
(ग) जनगम की बैठक की अध्यिता करत े हुए –उपरोि (क) के साथ साथ 10,000 (दस हिार रुपए)
प्रत्येक बैठक के जलए ;
803 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(घ) जनगम द्वरा गठठत दकसी भी सजमजत की बैठकों की अध्यिता करन े के जलए –उपरोक्त (ख) के साथ
साथ 5,000 (पांच हिार रुपए) प्रत्येक बैठक के जलए,
प्रजत िर्ा प्रजत सदस्ट्य 15,00,000 (प्रन्द्रह लाख रुपए) समस्ट्त अजधकतम सीमा के अधीन रहत े हुए ।”
[फा. स.ं ए-15011/01/2011-बीमा 1 (पार् ा फाइल)]
लजलत कुमार, आर्थथक सलाहकार
ठर्प्पण : मलू जनयम भारत के रािपत्र असाधारण, भाग II, खंड 3, उप-खंड (i) म ें सा.का.जन. 1889(अ) तारीख
28 अगस्ट्त, 1956 द्वारा प्रकाजित दकए गए थ े और तत्पश्चात ् उसम ें सा.का.जन. 317 तारीख 30 अप्रलै ,
1958, सा.का.जन.1101 तारीख 8 निंबर, 1958, सा.का.जन. 1568 तारीख 31 अिूबर, 1964,
सा.का.जन.1094 तारीख 22 िलु ाई, 1965, सा.का.जन. 1116(अ) तारीख 2 ददसंबर, 1988, सा.का.जन.
278(अ) तारीख 28 मई, 1997, सा.का.जन. 474(अ) तारीख 26 िुलाई, 2004, सा.का.जन. 2 तारीख
3 िनिरी, 2012 और सा.का.जन. 199 तारीख 24 अिूबर, 2015 द्वारा संिोजधत दकए गए थ े ।
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 10th February, 2020
G.S.R. 96(E).—In exercise of the powers conferred by 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 Rules, 1956, namely :—
1. Short title and commencement.—(1) These rules may be called the Life Insurance Corporation
(Amendment) Rules, 2020.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Life Insurance Corporation Rules, 1956, for rule 8, the following rule shall be substituted,
namely:—
“8. Fees of members.—A member not being a whole-time officer of the Corporation or an
officer of the Central Government shall be paid fees by the Corporation as follows :—
(a) for attending meetings of the Corporation - Rs.40,000 (rupees forty thousand) for each
meeting;
(b) for attending meetings of the Committee constituted by the Corporation - Rs. 20,000
(rupees twenty thousand) for each meeting as well as for visit to other places in
connection with the affairs of the Corporation;
(c) for chairing meetings of the Corporation - Rs. 10,000 (rupees ten thousand) for each
meeting in addition to (a) above;
(d) for chairing meetings of any committee constituted by the Corporation- Rs. 5,000
(rupees five thousand) for each meeting in addition to (b) above,
subject to an overall ceiling of Rs. 15,00,000 (rupees fifteen lakh) per annum per member.”
[F. No. A-15011/01/2011-Ins.-I (Part File)]
LALIT KUMAR, Economic Advisor
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3,
Sub-Section(i) vide S.R.O. 1889A dated the 28th August, 1956 and subsequently amended vide
G.S.R. 317 dated the 30th April, 1958, G.S.R. 1101 dated the 8th November, 1958, G.S.R. 1568
dated the 31st October, 1964, G.S.R. 1094 dated the 22nd July, 1965, G.S.R. 1116(E) dated the
2nd December, 1988, G.S.R. 278(E) dated the 28th May, 1997, G.S.R. 474(E) dated the
26th July, 2004, G.S.R. 2 dated the 3rd January, 2012 and G.S.R. 199 dated the 24th October, 2015.
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