Section 13(1) in The Life Insurance Corporation Act, 1956
(1)Where any property appertaining to the controlled business of an insurer has been transferred to and vested in the Corporation under this Act, then,-(a)every person, in whose possession, custody or control any such property may be, shall deliver the property to the Corporation forthwith;(b)any person who, on the appointed day, has in his possession, custody or control any books, documents or other papers relating to such controlled business, shall be liable to account for the said books, documents and papers to the Corporation, and shall deliver them to the Corporation, or to such person as the Corporation may direct.
