The LIC of India (Staff) Amendment Rules, 2022

The Life Insurance Corporation (LIC) of India (Staff) Amendment Rules, 2022

G.S.R. 58(E).—In exercise of the powers conferred by clause (cc) of sub-section (2) of 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 (Staff) Rules, 1960, namely:—

1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2022.
   (2) They shall come into force on the date of their publication in the Official Gazette.
   
2. In the Life Insurance Corporation of India (Staff) Rules, 1960, in rule 19, after sub-rule (5), the following sub-rule shall be inserted, namely:—
   “(6) Notwithstanding anything contained in these rules, if the Central Government extends the service and term of office of a Managing Director beyond sixty years of age, he shall not superannuate till the expiry of his term so extended or until further order of the Central Government, whichever is earlier.”.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide notification dated the 23rd July, 1960, and was last amended vide number G.S.R. 481(E), dated the 7th July, 2021.

Notification

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