Life Insurance Corporation (Staff) Second Amendment Rules

Life Insurance Corporation (Staff) Second Amendment Rules, 2021- NOTIFICATION

G.S.R. 481(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 (Staff) Rules, 1960, namely:—

1. (1) These rules may be called the Life Insurance Corporation (Staff) Second 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 (Staff) Rules, 1960 (hereinafter referred to as the said rules), in rule 1, after the
   word “Corporation”, the words “of India” shall be inserted.
   
3. In the said rules, for the words “Chairman” wherever it occur, the words “Chief Executive” shall be substituted.
   
4. In rule 7 of the said rules,—
   (a) in sub-rule (3), for the word “Corporation”, the word “Board” shall be substituted;
   (b) in sub-rule (4), for the word “Corporation”, the word “Board” shall be substituted.
   
5. In rule 10 of the said rules, in the proviso, for the word “Corporation”, the word “Board” shall be substituted.
   
6. In rule 18 of the said rules, in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted.
   
7. In rule 22 of the said rules, for the word “Corporation”, the word “Board” shall be substituted.
   
8. In rule 23 of the said rules,-
   (a)in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted;
   (b) in sub-rule (3),—
   (i) in clause (a), for the word “Corporation”, the word “Board” shall be substituted;
   (ii) in clause (c), for the word “Corporation”, the word “Board” shall be substituted.
   
9. In rule 25 of the said rules, in sub-rule (3), for the word “Corporation”, the word “Board” shall be substituted.
   
10. In rule 26 of the said rules, in sub-rule (1), for the word “Corporation”, the word “Board” shall be substituted.
    
11. In rule 27 of the said rules,—
    (a) in sub-rule (1), for the word “Corporation”, the word “Board” shall be substituted.
    (b) in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted.
    
12. In rule 33 of the said rules, in sub-rule (3), for the word “Corporation”, the word “Board” shall be substituted.
    
13. In rule 40 of the said rules, for the word “to the Corporation”, the word “to the Board” shall be substituted.
    
14. In rule 47 of the said rules,—
    (a) in sub-rule (1), in clause (b), for the word “Corporation”, the word “Board” shall be substituted.
    (b) in sub-rule (3), for the word “Corporation”, the word “Board” shall be substituted.
    
15. In rule 48 of the said rules, in sub-rule (1), for the word “Corporation”, the word “Board” shall be substituted.
    
16. In rule 50 of the said rules, in sub-rule (2), for the word “Members”, the word “Directors” shall be substituted.
    
17. In rule 54 of the said rules, in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted.
    
18. In rule 55 of the said rules, for the words “Corporation”, the words “Board” shall be substituted.
    
19. In rule 58 of the said rules, for the words “Corporation” wherever it occur, the word “ Board” shall be substituted.
    
20. In rule 59 of the said rules, for the word “Corporation” wherever it occur, the word “Board” shall be substituted.
    
21. In rule 68 of the said rules, in the Notes 1, for the words “appointed by the Corporation.”, the words “appointed by the Board.” shall be substituted.
    
22. In rule 76 of the said rules, in sub-rule (1B), in the proviso, for the words “pension scheme to be framed by the Corporation.”, the words “pension scheme to be framed by the Board.” shall be substituted.
    
23. In rule 78 of the said rules, in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted.
    
24. In rule 81 of the said rules, for the word “Corporation”, the word “Board” shall be substituted.
    
25. In rule 81A of the said rules, for the word “Corporation”, the word “Board” shall be substituted.
    
26. In rule 82 of the said rules, for the words “The Corporation may provide conveyance facilities”, the words “The
    Board may provide conveyance facilities” shall be substituted.
    
27. In rule 83 of the said rules,—
    (a) in sub-rule (1), for the word “the Corporation”, the word “the Board” shall be substituted.
    (b) in sub-rule (2), for the word “the Corporation”, the word “the Board” shall be substituted.
    
28. In rule 84 of the said rules, for the word “the Corporation”, the word “the Board” shall be substituted.
    
29. In Schedule-I of the said rules, for the word “Corporation”, the word “Board” shall be substituted.
    
30. In Schedule IV of the said rules,—
    (a) in the first column, for the words “Reg. No.”, the words “Rule number” shall be substituted;
    (b) in the third column, in the entries relating to—
    (i) rule 11, for the word “Corporation”, the word “Board” shall be substituted;
    (ii) rule 17, for the word “Corporation”, the word “Board” shall be substituted;
    (iii) rules [61,65, 66, 66A & 68], for the word “Corporation”, the word “Board” shall be substituted.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification dated the 23rd July, 1960 and lastly amended vide number G.S.R. 459(E), dated the 30th June, 2021.

Notification on Page no. 12

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