Section 7(1) in Life Insurance Corporation General Rules, 1956
(1)Any contract or arrangement entered into by the Corporation with a related party shall be in accordance with the provisions of section 4C, clause (d) of subsection (2) of section 19C and sub-section (3) of section 19C, and the agenda of the meeting of the Audit Committee and the Board at which such contract or arrangement is proposed to be considered shall disclose the following, namely:(i)the name of the related party and nature of relationship;(ii)the nature, duration and particulars of the contract or arrangement;(iii)the material terms of the contract or arrangement, including the value thereof, if any;(iv)advance paid or received, if any, for the contract or arrangement;(v)the manner of determining the pricing and other commercial terms, irrespective of whether or not the same are included in the contract;(vi)whether all factors relevant to the contract have been considered and, if not, the details of the factors not considered, along with the rationale for the same not being considered;(vii)any other information relevant for the Audit Committee or the Board, as the case may be, to take decision in the matter.
