Section 43 in The Life Insurance Corporation Act, 1956
43. Application of the Insurance Act. -
(1)The following sections of the Insurance Act shall, so far as may be, apply to the Corporation as they apply to any other insurer, namely:-Sections 2, 2-B, 3, 18, 26, 33, 38, 39, 41, 45, 46, 47-A, 50, 51, 52, 110-A, 110-B, 110-C, 119, 121, 122 and 123.(2)The Central Government shall, as soon as may be, after the commencement of this Act, by notification in the Official Gazette, direct that the following sections of the Insurance Act shall apply to the Corporation subject to such conditions and modifications as may be specified in the notification, namely:-Sections 2-D, 10, 11, 13, 14, 15, 20, 21, 22, 23, 25, 27-A, 28-A, 35, 36, 37, 40, 40-A, 40-B, 43, 44, 102 to 106, 107 to 110, 111, 113, 114 and 116-A.[(2-A) Section 42 of the Insurance Act, shall have effect in relation to the issue to any individual of a licence to act as an agent for the purpose of soliciting or procuring life insurance business for the Corporation as if the reference to an officer authorised by the ][Authority] [ Substituted by Act 41 of 1999, Section 31 and Schedule II, for " Controller" (w.e.f. 19.4.2000).][in this behalf in sub-section (1) thereof included a reference to an officer of the Corporation authorised by the ] [Inserted by Act 17 of 1957, Section 3 (w.e.f. 6.6.1957). ] [Authority] [ Substituted by Act 41 of 1999, Section 31 and Schedule II, for " Controller" (w.e.f. 19.4.2000).][in this behalf.] [Inserted by Act 17 of 1957, Section 3 (w.e.f. 6.6.1957). ](3)The Central Government may, by notification in the Official Gazette, direct that all or any of the provisions of the Insurance Act other than those specified in sub-section (1) or sub-section (2), shall apply to the Corporation subject to such conditions and modifications as may be specified in the notification.(4)Every notification issued under sub-section (2) or sub-section (3) shall be laid for not less than thirty days before both Houses of Parliament as soon as possible after it is issued, and shall be subject to such modifications as Parliament may make during the session in which it is so laid or the session immediately following.(5)Save as provided in this section, nothing contained in the Insurance Act shall apply to the Corporation.[43-A. Deduction of income-tax not to be made on interest or dividend.[ Repealed by the Finance Act, 2002 (20 of 2002), section 157 (w.e.f. 1-6-2002).]
