LIC of India Managing Directors (Revision of Certain Terms)

Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) (Amendment) Rules, 2021.

G.S.R. 480(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 Managing Directors (Revision of Certain Terms and Conditions of Service) Rules, 1988, namely:—

1. (1) These rules may be called the Life Insurance Corporation of India Managing Directors (Revision of Certain
   Terms and Conditions of Service) (Amendment) Rules, 2021.
   (2) They shall come into force on the date of their publication in the Official Gazette.
   
2. In the Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) Rules, 1988, in rule 2, for clause (b) and the entries thereto, the following clause shall be substituted, namely:—
   
   „(b) “Managing Director” means a person appointed as such by the Central Government under clause (c) of subsection (2) of section 4 of the Act;‟;

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section, Sub-section (ii) vide G.S.R. 65(E) dated 29th January, 1988 and subsequently amended vide G.S.R.125 (E) dated the 5th March, 1998, G.S.R.156 (E) dated the 31st March, 1998, (Corrigenda) G.S.R. 592(E) dated the 14th August,.2001, G.S.R. 630 (E) dated the 22nd September.2004, G.S.R.820 (E) dated the 26th November,.2008, G.S.R 30 (E) dated the 13th January, 2017 and G.S.R. 1009(E) dated the 8th October, 2018.

Notification on Page no. 10

Also Read: Life Insurance Corporation of India Chairman (certain Terms and Conditions of Service) (Amendment) Rules, 2021.

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