Ministry of Finance 

30.06.2021

Insurance

Life Insurance Corporation of India (Staff) Amendment Rules, 2021

MANU/FNSV/0039/2021

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) Regulations, 1960, namely:-

1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.

(2) They shall come into force on the date of their publication in Official Gazette.

2. In the Life Insurance Corporation of India (Staff) Regulations, 1960 (hereinafter referred to as the said regulations), for regulation 1, the following shall be substituted, namely:-

"(1) These rules may be called the Life Insurance Corporation (Staff) Rules, 1960.".

3. In the said regulations,-

(a) for the words "regulation" or "regulations" or "Regulations" wherever they occur (except in regulation 87), the words "rule" or "rules" or "Rules" shall, respectively, be substituted;

(b) for the words "sub-regulation" or "sub-regulations" wherever they occur, the words "sub-rule" or "sub-rules" shall, respectively, be substituted.

4. In regulation 3 of the said regulations, after clause (d), the following clause shall be inserted, namely:-

"(da) "Executive Director" shall mean any officer of the Corporation appointed as an Executive Director and so designated.”

5. In regulation 19 of the said regulations, after sub-regulation (4), the following sub-rule shall be inserted, namely:-

"(5) Notwithstanding anything contained in these rules, if the Central Government appoints the Chairman for a term of office that extends beyond sixty years of age, or extends his term of office to a period beyond the said age, he shall not superannuate till he completes such term, or till he attains the age of sixty-two years, whichever is earlier."

Tags : Life Insurance Staff Amendment Rules 2021

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