Date: 2014-05-12Category: Extra OrdinaryState: Union GovernmentCountry: India
These rules may be called the Life Insurance Corporation of India (Special allowance for In-house Development of Actuarial Capability) Amendment Rules, 2014.
This notification, G.S.R. 334(E), issued by the Ministry of Finance, Department of Financial Services, Insurance Division, amends the Life Insurance Corporation of India Special Allowance for In-house Development of Actuarial Capability Rules, 2002. Effective from the date of publication in the Official Gazette (May 12, 2014), the amendment increases the special allowance stipulated in sub-rule 1 of Rule 4 from Rs. 25,000 to Rs. 1,00,000. The amendment is enacted under the authority of Section 48 of the Life Insurance Corporation Act, 1956. Contact information: Anup Wadhawan, Joint Secretary, Pension Insurance, F.No. S11012062013Ins.I. The principal rules were previously published under G.S.R. No. 55(E) on January 22, 2002, and subsequently amended by G.S.R. No. 564(E) on September 5, 2005, and G.S.R. No. 753(E) on October 15, 2009.
Key Entities Referenced
Life Insurance Corporation Act, 1956: A legislative act that provides the legal framework for the Life Insurance Corporation of India.
Life Insurance Corporation of India: An Indian state-owned insurance group and investment company.
Life Insurance Corporation of India Special Allowance for Inhouse Development of Actuarial Capability Rules, 2002: The original set of rules being amended by this notification, concerning special allowances for actuarial capability development within the Life Insurance Corporation of India.
Ministry of Finance: The ministry within the Government of India responsible for financial matters.
Department of Financial Services: A department under the Ministry of Finance in India, responsible for overseeing the financial services sector.
New Delhi: The capital city of India, where the notification was issued.
Anup Wadhawan: The Joint Secretary in the Ministry of Finance, Department of Financial Services, who signed the notification.
Official Gazette: A publication of the government in which all formal notifications are published.
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2002 का और संशोधन करन ेके 4लए $न7न4ल8खत $नयम बनाती है, अथा<त :-
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[फा. स.ं एस-11012/06/2013-बीमा-I]
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1973 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Financial Services)
(INSURANCE DIVISION)
NOTIFICATION
New Delhi, the 12th May, 2014
G.S.R. 334(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 of India (Special Allowance for In-house Development of Actuarial Capability) Rules, 2002, namely:—
1. Short title and commencement.—(1) These rules may be called the Life Insurance Corporation of India (Special
allowance for In-house Development of Actuarial Capability) Amendment Rules, 2014.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Life Insurance Corporation of India (Special Allowance for In-house Development of Actuarial Capability
Rules, 2002, in rule 4, in sub-rule (1) for the letters and figures “Rs. 25,000/-”, the letters and figures “Rs. 1,00,000/”
shall be substituted.
[F.No. S-11012/06/2013-Ins.I]
ANUP WADHAWAN, Jt. Secy. (Pension & Insurance)
Foot Note:—The Principle rules were published vide G.S.R. No. 55(E) dated the 22nd January, 2002 and
subsequently amended vide G.S.R. No. 564(E) dated the 5th September, 2005 and G.S.R. No.
753(E) dated the 15th October, 2009.
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and Published by the Controller of Publications, Delhi-110054.