Section 2(3) in The Life Insurance Corporation Act, 1956
(3)"controlled business" means-(i)in the case of any insurer specified in sub-clause (a)(ii) or sub-clause (b) of clause (9) of section 2 of the Insurance Act and carrying on life insurance business-(a)all his business, if he carries on no other class of insurance business;(b)all the business appertaining to his life insurance business, if he carries on any other class of insurance business also;(c)all his business, if his certificate of registration under the Insurance Act in respect of general insurance business stands wholly cancelled for a period of more than six months on the 19th day of January, 1956;(ii)in the case of any other insurer specified in clause (9) of section 2 of the Insurance Act and carrying on life insurance business-(a)all his business in India, if he carries on no other class of insurance business in India;(b)all the business appertaining to his life insurance business in India, if he carries on any other class of insurance business also in India;(c)all his business in India, if his certificate of registration under the Insurance Act in respect of general insurance business in India stands wholly cancelled for a period of more than six months on the 19th day of January, 1956.Explanation .-An insurer is said to carry on no class of insurance business other than life insurance business, if, in addition to life insurance business, he carries on only capital redemption business or annuity certain business or both; and the expression "business appertaining to his life insurance business" in sub-clauses (i) and (ii) shall be construed accordingly;(iii)in the case of a provident society, as defined in section 65 of the Insurance Act, all its business;(iv)in the case of the Central Government or a State Government, all life insurance business carried on by it, subject to the exceptions specified in section 44;
