Life Insurance Corporation General Regulations 2021

Life Insurance Corporation General Regulations 2021- Notification

F. No.I-13011/03/2021-Ins.I.—In exercise of the powers conferred by section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956) and in supersession of the Life Insurance Corporation Regulations, 1959, except as respect things done or omitted to be done before such supersession, the Board, with the previous approval of the Central Government hereby makes the following regulations, namely:—

PRELIMINARY

1. Short title and commencement.—
   (1) These regulations may be called the Life Insurance Corporation General Regulations, 2021.
   (2) They shall come into force on the date of their publication in the Official Gazette.
   
   
2. Definitions.—(1) In these regulations, unless the context otherwise requires,—
   
   (a) “Act” means the Life Insurance Corporation Act, 1956 (31 of 1956);
   
   (b) “Authority” means the Insurance Regulatory and Development Authority of India established under subsection (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
   
   (c) “Company Secretary” shall mean a person who is a member of the Institute of Company Secretaries of India, constituted under the Company Secretaries Act, 1980 (56 of 1980) and who is the head of the secretarial function of the Corporation;
   
   (d) “Depositories Act” means the Depositories Act, 1996 (22 of 1996);
   
   (e) “Depositories and Participants Regulations” means the regulations made by the Securities and Exchange Board of India regarding depositories and participants, under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and section 25 of the Depositories Act;
   
   (f) “draft offer document” means the draft offer document filed with the Securities and Exchange Board of India in relation to a public issue under the regulations made by the Securities and Exchange Board of India regarding issue of capital and disclosure requirements;
   
   (g) “embedded value” shall have the same meaning as is assigned to it in the Actuarial Practice Standard, issued by the Institute of Actuaries of India constituted under section 3 of the Actuaries Act, 2006 (35 of 2006), for determination thereof in respect of life insurance companies incorporated in India and regulated by the Authority;
   
   (h) “form” means a form annexed to these regulations;
   
   (i) “registrar to an issue” shall have the same meaning as is assigned to it in the regulations made by the Securities and Exchange Board of India regarding registrar to an issue and share transfer agent;
   
   (j) “section” means section of the Act;
   
   (k) “Securities and Exchange Board of India” means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
   
   (l) “share transfer agent” shall have the same meaning as is assigned to it in the regulations made by the Securities and Exchange Board of India regarding registrar to an issue and share transfer agent.
   
   (2) All other words and expressions used herein and not defined in these regulations, but defined in the Act shall have the meanings respectively assigned to them in the Act.

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