Executive Summary:
This notification from the Life Insurance Corporation of India, dated December 6, 2016, amends the Life Insurance Corporation Regulations of 1959. The amendment, with the central government's approval, modifies regulations 42 and 43 regarding specific monetary figures. These regulations came into force on the date of publication in the Official Gazette.
Key Points / Main Content:
Amendments to Life Insurance Corporation Regulations, 1959:
Regulation 42:
Sub-regulation vii, Clause a: The figures "1000" are replaced with "3000".
Regulation 43:
Sub-regulation v, Clause a: The figures "500" are replaced with "1500".
Impact Analysis:
Life Insurance Corporation of India:
Impact: The corporation must implement the amended regulations regarding the revised monetary figures in regulations 42 and 43.
Action Required: Update internal policies and procedures to reflect the changes from "1000" to "3000" in regulation 42 and from "500" to "1500" in regulation 43.
Central Government:
Impact: The central government has already provided previous approval for these amendments.
Action Required: No further action is required.
Stakeholders affected by Regulations 42 and 43:
Impact: This updates the limits specified in regulations 42 and 43, and will affect stakeholders dealing with the specifics of these regulations.
Action Required: Review the changes, and conform to the updated regulations.
Key Entities Referenced
Life Insurance Corporation of India: A major life insurance company in India, also the primary entity issuing and amending the regulations mentioned in the document.
Life Insurance Corporation Act, 1956: The act of the Parliament of India that established the Life Insurance Corporation of India. Section 49 of this act is cited as the source of power for the regulations.
Life Insurance Corporation Regulations, 1959: The regulations of the Life Insurance Corporation of India, which are being amended by this notification.
Central Government: The executive branch of the Government of India, whose previous approval is required for amendments to the Life Insurance Corporation Regulations.
Usha Sangwan: The Managing Director of the Life Insurance Corporation of India, who is signing the notification.
New Delhi: The location of the Central Office of the Life Insurance Corporation of India, as stated in the notification. New Delhi, Delhi
Official Gazette: The official government publication in which the amended regulations will be published to come into effect.
The Gazette of India: The official journal of the Government of India, publishing authentic notifications, rules, acts, and other statutory information.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 447] NEW DELHI, TUESDAY DECEMBER 6, 2016/AGRAHAYANA 15, 1938
भारतीय जीवन बीमा िनगम
(के(cid:7008)(cid:7076)ीय कायाल(cid:6981) य)
अिधसचू ना
नई (cid:7408)द(cid:7016)ली, 6 (cid:7408)दस(cid:7013) बर, 2016
फा. स.ं आई-13011/02/2015-आईएनएस-I.—भारतीय जीवन बीमा िनगम, क(cid:7286)(cid:7076)ीय सरकार के पूव(cid:6981) अनुमोदन से, जीवन बीमा
िनगम अिधिनयम, 1956 (1956 का 31) क(cid:7409) धारा 49, (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7025)तय(cid:7298) का (cid:7079)योग करते (cid:7263)ए, जीवन बीमा िनगम िविनयम, 1959
का संशोधन करने के िलए िन(cid:7388)िलिखत िविनयम बनाता ह,ै अथा(cid:6981)त् :—
1 (1) इन िविनयम(cid:7298) का संि(cid:6979)(cid:7385) नाम भारतीय जीवन बीमा िनगम (संशोधन) िविनयम, 2016 ह ैl
(2) ये राजप(cid:7074) म(cid:7286) उंनके (cid:7079)काशन क(cid:7409) तारीख को (cid:7079)वृ(cid:7275) ह(cid:7298)गे l
2 जीवन बीमा िनगम िविनयम, 1959 के िविनयम 42 उपिविनयम (vii) खंड (क) म(cid:7286) “`1000/-” अंक और अ(cid:6979)र के (cid:7021)थान पर
“`3000/-” अंक और अ(cid:6979)र रख़ा जाएगा l
3 जीवन बीमा िनगम िविनयम, 1959 के िविनयम 43 के उपिविनयम (v) खंड (क) म(cid:7286) “`500/-” अंक और अ(cid:6979)र के (cid:7021)थान पर
“`1500/-” अंक और अ(cid:6979)र रखा जाएगा l
उषा सांगवान, (cid:7079)बंध िनदशे क
[िव(cid:6980)ापन-III/4/असा./337(35ए)]
(cid:7407)ट(cid:7009)(cid:7009)ण : भारतीय जीवन बीमा िनगम िविनयम, 1959, भारत के राजप(cid:7074) म(cid:7286) 13-2-1960 को (cid:7079)कािशत (cid:7263)ए थे और बाद म(cid:7286) िन(cid:7388)िलिख़त
संशोधन (cid:7408)कए गए :—
(cid:7059)म सं. अिघसूचना/फाईल न(cid:7013)बर अिघसूचना क(cid:7409) तारीख़ भाग सं(cid:6990)या (cid:7079)काशन क(cid:7409)
तारीख़
1 2 3 4 5
1. - 18.11.61 भाग 4 18.11.61
2. - 19.11.61 भाग 4 19.11.61
3. - 19.06.65 भाग 4 19.06.65
5612 GI/2016 (1)
.2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
4. - 24.09.66 भाग 4 24.09.66
5. - 03.05.69 भाग 4 03.05.69
6. - 17.06.69 भाग 4, ख(cid:7003)ड 4 05.07.69
7. - 19.06.71 भाग 3, ख(cid:7003)ड 4 19.06.71
8. - 12.02.77 भाग 3, ख(cid:7003)ड 4 12.02.77
9. - 05.03.77 भाग 3, ख(cid:7003)ड 4 05.03.77
10. - 06.08.83 भाग 3, ख(cid:7003)ड 4 06.08.83
11. फाइल सं.4(8)/ बी.III/84 14.03.90 भाग 3, ख(cid:7003)ड 4 14.03.90
12. फाइल सं.81(4)/ बी.II/(85) 19.03.90 भाग 2, ख(cid:7003)ड 3 19.03.90
सा.का.िन. नं. 223
13. फाइल सं.3/4/35/91 23.03.92 भाग 3, ख(cid:7003)ड 4 11.04.92
14. फाइल सं.एलआरपी/460 14.09.92 भाग 3, ख(cid:7003)ड 4 03.10.92
15. फाइल सं.4(5)/बी.III/96(1) 28.05.97 भाग 3, ख(cid:7003)ड 4 04.06.97
16. फाइल सं.81(1)/बी.II/97 09.05.98 भाग 3, ख(cid:7003)ड 4 09.05.98
17. फाइल सं.81(1)/बी.II/2002 28.02.2005 भाग 3, ख(cid:7003)ड 4 28.02.2005
18. फाइल सं.14(2)2001-बी.V 22.05.2006 भाग 3, ख(cid:7003)ड 4 26.05.2006
19. फाइल सं.11013/12/2007 19.04.2007 भाग 3, ख(cid:7003)ड 4 25.04.2007
LIFE INSURANCE CORPORATION OF INDIA
(Central Office)
NOTIFICATION
New Delhi, the 6th December, 2016
F. No. I-13011/02/2015/Ins-I.—In exercise of the powers conferred by Section 49 of the Life Insurance
Corporation Act, 1956 (31 of 1956), the Life Insurance Corporation of India, with the previous approval of the Central
Government, hereby makes the following regulations to amend the Life Insurance Corporation Regulations, 1959,
namely :—
1. (1) These regulation may be called the Life Insurance Corporation of India (Amendment) Regulations,
2016.
(2) They shall come into force on date of their publications in the Official Gazette.
2. In the Life Insurance Corporation Regulations, 1959, in regulation 42, in Sub-regulation (vii), in Clause
(a), for the letters and figures “`1000” the letters and figures “`3000” shall be substituted.
3. In the Life Insurance Corporation Regulations, 1959, in regulation 43, in Sub-regulation (v), in Clause (a),
for the letters and figures “`500” the letters and figures “`1500” shall be substituted.
USHA SANGWAN, Managing Director
[ADVT. III/IV/Exty./337(35A)]
NOTE : The Life Insurance Corporation Regulations, 1959 were published in the Gazette of India dated 13.2.1960 and
subsequently amended as follows:
S.No. Notification/File No. Date of Notification Part No. Date of Publication
1 2 3 4 5
1 -- 18.11.61 Part IV 18.11.61
2 -- 19.11.61 Part IV 19.11.61
3 -- 19.06.65 Part IV 19.06.65
4 -- 24.09.66 Part IV 24.09.66¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
5 -- 03.05.69 Part IV 03.05.69
6 -- 17.06.69 Part IV Section IV 05.07.69
7 -- 19.06.71 Part III Section IV 19.06.71
8 -- 12.02.77 Part III Section IV 12.02.77
9 -- 05.03.77 Part III Section IV 05.03.77
10 -- 06.08.83 Part III Section IV 06.08.83
11 F.No.4(8)/Ins.III/84 14.03.90 Part III Section IV 14.03.90
12 F.No.81(4)/Ins.II(85) 19.03.90 Part II Section III 19.03.90
(GSR No. 223)
13 F.No.3/4/35/91 23.03.92 Part III Section IV 11.04.92
14 F.No.LRP/460 14.09.92 Part III Section IV 03.10.92
15 F.No.4(5)/Ins.III/96(1) 28.05.97 Part III Section IV 04.06.97
16 F.No.81(1)Ins.II/97 09.05.98 Part III Section IV 09.05.98
17. F.No.81(1)Ins.II/2002 28.02.2005 Part III Section IV 28.02.05
18. F.No.14(2) 2001-Ins.V(cid:32) 22.05.2006 Part III Section IV 26.05.06
19. F.No.11013/12/2007 19.04.2007 Part III Section IV 25.04.07
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.(cid:32)