PREAMBLE:
In� exercise of the powers vested in it under
Sub-Section (2)� of Section 49 of the
Life Insurance Corporation Act, 1956, and with the previous approval� of the Central Government, the Life Insurance
Corporation of
PRELIMINARY:
1.�������� These Regulations may be called the
Life Insurance Corporation Regulations, 1959.
2.�������� In these Regulations unless there be
something in the subject or context���������
inconsistent�� therewith:
(i)�������� � The
Act� shall mean the Life Insurance Corporation Act, 1956;
(ii)������� � The
Insurance Act� shall mean the Insurance Act, 1938� as applied to the Corporation;
(iii)������ �The
Chairman� shall mean the Chairman for the time being of the Corporation and
�Member� shall mean a Member for the time being�
of the Corporation;
(iv)������ �The
Corporation� shall mean the Life Insurance Corporation of
(v)������� �Executive
Director� shall mean any officer of the Corporation appointed as an Executive
Director and so designated.
All
words and expressions used herein and not defined in these Regulations, but
defined in the Act or in the Insurance Act shall have the meanings respectively
assigned to them in those Acts.
MEETINGS:
�����������
3.�������� The
Corporation shall meet at such time and place as the Chairman may from time to
time determine.� But there shall be a
meeting of the Corporation once at least in every three months.
4.�������� The
Chairman shall call a meeting of� the
Corporation on a requisition signed by at least three members.
[2] 5.���� � Not
less than 15 days notice of each meeting shall be given to the Members . If it
shall become necessary to convene an emergency meeting, notice of not less than
3 days shall be given to every Member in order to enable him to attend. Any
accidental omission to give any such notice to any of the Members shall not
invalidate any resolution passed at any such meeting.
6.�������� The
Chairman shall preside at all meetings of the Corporation. In his absence the
Members may elect one of themselves to preside over the meeting.
7.�������� ( i)������� Five Members personally present shall be
a quorum for a meeting
and no business shall be transacted unless the quorum
requisite be present at the commencement of the meeting.
(ii)
If� within half an hour from the time appointed
for� holding the meeting the quorum is
not present, the meeting shall stand adjourned to a time, date and place to be
decided by the Chairman which should be within a week of such meeting.
(iii)
If at such
adjourned meeting also the quorum is not present within half an hour from the
time appointed for holding the meeting, the Members present shall be the
quorum.
8.�������� The
Chairman� may with the consent� of the meeting adjourn the same from time to
time. Without the consent� of� the Chairman no business other than that
which is included in the Agenda shall be transacted at any adjourned meeting.
It shall not be necessary to give notice of an adjourned meeting .
9.���� All
matters submitted to the Meeting shall be decided by a majority of Members
present and voting and in case of�
equality of� votes, the Chairman
shall have a casting vote in addition to the vote to which he may be entitled
as a Member.
10.������ No
resolution shall be deemed to have been duly passed by the Corporation by
circulation� unless the resolution has
been circulated in draft, together with the necessary papers, if any, to all
the members then in India (not being less in number than the quorum fixed for a
meeting of the Corporation), and to all other Members at their usual address in
India, and has been approved by such� of
the Members as are then in India, or by a majority of such of them , as are
entitled to vote on the resolution.
11.������ All
decisions shall as far as possible be recorded in the form of resolutions and
an entry of such decisions in the book of proceedings� of the Corporation� shall be conclusive evidence of the fact that
such decisions were taken by the Corporation. �����������
[3]12.����� The
proceedings� of every meeting of the
Corporation shall be circulated to the Members on or before the date of the
next Meeting.
EXECUTIVE COMMITTEE:
13.������ The
Executive Committee shall consist of the Chairman and not more than four other
members , who will be appointed by the Corporation.
14.������ The term
of office of� every member of the
Executive Committee� other than the
Chairman shall be the period ending on the 31st day of August, following his
appointment.
15.������ The
Corporation may nominate any one of its Members to serve on the Executive
Committee during the absence on leave for a period of not less than one month
of a member of the Executive Committee. The �member so nominated shall vacate office
on the expiry of leave of the original member or on his resuming his seat on
the Executive Committee, whichever is earlier.
16.������ (i )����� � The
Chairman or any other member of the Executive Committee
duly
authorised by the Chairman shall preside over the meetings of the Executive
Committee.
(ii)������� The
procedure at the Meetings shall be as may be decided upon by the Executive
Committee� from time to time.
(iii)������ Three
members personally present shall be quorum for a meeting and no business shall
be transacted unless the requisite quorum be present at the commencement of the
meeting.
[4](iv)����� If
within half an hour� from the time
appointed for holding� the meeting the quorum
is not present, the meeting shall stand adjourned to a time, date and place to
be decided by the Chairman� which shall
be� within a week of such meeting and
which shall be intimated to the members so far as may be telephonically or
telegraphically.
(v)������� If at
such adjourned meeting also the quorum is not present within half an hour from
the time appointed for holding the meeting the members present shall be the
quorum.
17.������ In
addition to the powers and authorities expressly conferred on the Executive
Committee by these Regulations or otherwise, the Executive Committee shall have
power and authority to exercise all such powers and do all such acts and things
as the Corporation is entitled to exercise and do subject, nevertheless , to
the provisions of the Act and of these regulations and of any other regulations
from time to time made by the Corporation provided, however, that no
regulations so made shall invalidate any prior acts of the Executive Committee
which would have been valid� if such
regulations had not been made.
18.������ Without
prejudice to the general� powers
conferred in the last preceding regulation�
and the other powers conferred by these Regulations, it is hereby
expressly declared that subject to such limitations and directives as may, from
time to time� be imposed or given� by the Corporation, the Executive
Committee� shall have the following
powers, that is to say:
(i)�������� To
grant , issue and enter into any Policies of Assurance� and any deeds or other instruments and
any� transactions for any purpose within
the scope of these regulations in such form, to such effect, upon such terms ,
based upon� such tables or calculations
and in such manner as the Executive Committee may think fit, provided that the
above powers shall extend� to enable the
grant of policies on the participating�
principle or on any system of credit; the grant of policies� jointly by way of substitution for other
policies� whether substituted or not; the
grant of policies absolutely or partially�
indisputable; the revival of or confirmation of the forfeited policies;
the variation of any policy� already in
force; the grant of policies on survivorship and on any other contingencies� whatever and generally� any transactions in the business� of life assurance, capital redemption or
annuities� or other business authorized
by the Act and upon any conditions which the Executive Committee may think
advisable;
(ii)
To accept� the surrender of any insurance or annuity and
to �purchase
or redeem any insurance or annuity and to waive the forfeiture� of any insurance on such terms as the
Executive Committee may think fit;
(iii)
To make any
arrangements for reassuring risks undertaken by the Corporation or for sharing
risks undertaken by other insurers;
(iv)
To appoint and at
their discretion remove agents, to determine their duties, to fix their
emoluments, to require security in such instances and of such amount as they
may think fit, to make, vary and repeal from time to time Standing Orders for
regulation of the recruitment of agents and the terms and conditions of their
employment;
(v)
With the advice
of the Investment Committee, to lend on mortgage on the security of or to
purchase or otherwise acquire for the Corporation any immovable or movable
properties, rights or privileges, which the Corporation is authorized to
acquire under the Act , at or for such price or consideration and
generally� on such terms and conditions
as they may think fit and in any such purchase or other acquisition to accept
such� title as they may believe or may be
advised to be reasonably satisfactory; and to sell, let on lease , or otherwise
dispose of or grant rights over any such immovable� or movable property rights or privileges;
(vi)
To purchase or
otherwise acquire all kinds of� movable
articles; chattels and things and to sell, dispose of or otherwise deal with
the same in the course of the business of the Corporation;
(vii)����� To
institute, conduct, defend, compound or abandon any legal proceedings by or
against the Corporation or its Officers, or otherwise concerning the affairs of
the Corporation , and also to compound and allow time for payment or
satisfaction of any debts due and of any claims or demands by or against the
Corporation and to refer any differences to arbitration and observe and perform
any awards made thereon;
[5](viii) ��� To scrutinize proposals for inclusion in the
budget and to have the budget prepared for presentation to the Corporation and
to exercise financial control over the affairs of the Corporation and ensure
that the expenditure incurred is not in excess of the budget sanctioned by the
Corporation;
(ix)
To act on behalf
of the Corporation in all matters relating to bankrupts and insolvents ;
(x)
�To make and give receipts , releases and other
discharges for moneys payable to the Corporation and for the claims and demands
of the Corporation;
(xi)������ To
determine from time to time who shall be entitled to sign ,on ������������������������ the Corporation�s
behalf,� bills, notes, receipts,
acceptances,
endorsements,
cheques, dividend warrants, releases, contracts and documents, and to give the
necessary� authority for such purpose; �
(xii)
From time to
time� to make, vary and repeal Standing
Orders for the regulation of the business of the Corporation; all such Standing
Orders shall be placed before the next meeting of the Corporation;
(xiii)
To subscribe and
contribute or otherwise to assist or to guarantee money to Charitable ,
benevolent , religious, scientific, national or other institutions or subjects
which shall have any moral or other claim to support or aid by the Corporation,
either by reasons of locality of operation, or of public and general utility or
otherwise;
(xiv)
At any time and
from time to time , by Power of Attorney under the Seal of the Corporation,
to� appoint any person or persons to be
the Attorney or Attorneys� of the
Corporation for such purposes, and with such powers, authorities and discretion
(not exceeding those vested in the Executive Committee under these Regulations
) and for such period and subject to such conditions as� the Executive Committee� may, from time to time , think fit;
(xv)
For or in
relation to any of the matters� or
otherwise for the purpose of the Corporation , to enter into all such
negotiations and contracts , and execute and do all such acts, deeds and things
in the name and on behalf of the Corporation as they may consider expedient;
(xvi)
To procure the
Corporation to be registered or recognised in any �foreign
country or place and for such purposes make such investments and deposits as
may be required by the laws of� such
country or place.
INVESTMENT COMMITTEE:
19.������ The Investment
Committee shall consist of the Chairman and [6]{
not more than seven other members of whom not less than three} shall be Members
of the Corporation. All such� members
will be appointed by the Corporation.
20.������ The term
of office of every member of the Investment Committee other than the Chairman
shall be the period ending on the 31st day of August, following his
appointment.
21.������ The
Corporation may nominate any of its members or any other person who has special
knowledge and experience� in financial
matters , to serve on the Investment Committee during the absence on leave for
a period of not less than one month, of a member of that Committee. The member
so nominated shall vacate office on the expiry of leave of the original member
or on his resuming his seat on the Investment Committee, whichever is earlier.
� [7]22.��� Subject to
such limitations or directions as may be imposed or given by the Corporation,
the Investment Committee shall advise the Corporation in matters relating to
the investment of its funds including entering into an agreement or
understanding with any person whether incorporated in or� outside�
�23.����� (i)�������� The Chairman or any other member of the
Investment Committee
duly
authorised� by the Chairman shall preside
over the meetings of the said Committee.
(ii)
The Investment
Committee shall meet as often as may be necessary� and such meetings� shall be governed by the procedure that may
be decided upon from time to time� by the
said Committee.
(iii)
Four members , of
whom at least one shall be a Member of the Corporation , personally present
shall be a quorum for a meeting and no business shall be transacted unless the
requisite quorum be present at the commencement of the meeting.
[8](iv)����� If
within half an hour� from the time
appointed for holding the meeting the quorum is not present, the meeting shall
be adjourned to a time, date and place to be decided by the Chairman which
shall be within a week of such meeting and which shall be intimated to the
members so far as may be , telephonically or telegraphically.
(v)������� If at
such adjourned meeting also the quorum is not present within half an hour from
the time appointed for holding the meeting, the members present shall be the
quorum.
� [9]24.��� The
Investment Committee shall meet at least twice at
�� [10]24(a)�
The fees and travelling and daily allowances payable to a member of the
Investment Committee , who is not a member of the Corporation or an officer of
the Central Govt., shall be the same as those applicable� to members of the Committee,� who are members of the Corporation.
����������� 25, 26, 27, 28, 28A, 28B, 28C, 29, 30 and
31 deleted.[11]
CHAIRMAN:
�� 32.[12](a)�������� The
Chairman shall be the Chief Executive and shall , subject to such general or
special directions as the Corporation or any of its Committees may , from time
to time give , exercise all such powers as may be exercised and do such acts
and things as may be done by any of the Committees of the Corporation appointed
under Sub-Sections (1) and (3) of Section 19 of the Act.
�����������������������
�Any
action taken by the Chairman shall be reported by him, to the appropriate
Committee on or before the date of the next meeting.
�����������������������
(b)
The Chairman , in
his capacity as the Chief Executive , shall carry out the advice of the
Investment Committee in regard to investments of the funds of the Corporation .
It shall , however, be open to the Chairman to reserve the question of any such
advice on any particular item, for consideration by the Corporation and in that
case such item shall be reserved for consideration by the Corporation.
33.������ In an
emergency, the Chairman shall be competent�
to exercise all the powers of the Corporation.
Any
action taken by the Chairman shall be reported by him ,as soon as may be , to
the Corporation.
GENERAL:
�[13]34.��� Proceedings
of all the Committees of the Corporation shall be circulated to all the members
on or before the date of the next meeting of the appropriate Committee and
shall also be placed before the Corporation for record and where necessary, for
information.
35������� ( i )������ Any Committee will be entitled to co-opt
a member for any
meeting� of the Committee provided that such co-opted
member while entitled to take part in the discussions, shall not have the right
to vote and shall not be counted on the quorum.
(ii)������� If a
member wishes to attend a meeting of any committee of which he is not a member,
he will be entitled to do so , provided that while taking part in the
discussions, he shall not have the right to vote and provided further that he
shall not be entitled to any allowance normally payable to a member of the
Committee.
36.������ ( i)������� The Chairman shall , at the instance of
any Committee of the
Corporation,
arrange for joint meeting of two or more Committees to deal with any matter of
common interest or interlinked relationships and the resolution passed by or
the decision taken at such joint meeting shall be deemed to be a resolution or
decision of each of such Committees.
The
proceedings of such joint meeting shall be deemed to be the proceedings of such
committees.
(ii)
The Chairman or
any other member of one of such committees duly authorized by the Chairman
shall preside over the joint meetings of such committees
(iii)
Four members
personally present shall be a quorum and no business shall be transacted unless
the requisite quorum be present at the commencement of the meeting. Such four
members shall include at least one member of each of the different committees
of which the joint meeting is held.
[14](iv)���� If
within half an hour from the time appointed for holding any such joint meeting,
the quorum is not present, the meeting shall stand adjourned to a time , date
and place to be decided by the Chairman, which shall be within a week of such
meeting and which shall be intimated to the members, so far as may be,
telephonically or telegraphically.
(v)������� If at
the adjourned meeting also the quorum is not present within half an hour from
the time appointed for holding the meeting, the members present shall be the quorum.
� [15]37��� The
Managing Directors (including any Acting Managing Director) may with the
approval of the Chairman and with the prior sanction of the Corporation or any
Committee of the Corporation, delegate or sub-delegate to any Class I Officer
or as the case may be , to an employee not below the rank of Higher Grade
Assistant/Section Head all or any of the powers authorities and discretions
which may be necessary for the efficient conduct of the business of the
Corporation.
�� ���38. [16](
i)���� The Managing Directors of the
Corporation (including any Acting
Managing
Director) and the Executive Directors at the Central Office of the
Corporation� may, both within India and
in all territories outside India, institute , conduct, defend and represent the
Corporation in all suits, appeals, applications and execution proceedings by or
against the Corporation or to which the Corporation may be a party and in
addition� they may make all such
petitions, applications and representations and sign and execute all appearances
and warrants� of attorney for
engagement� of advocates, solicitors,
notaries and other legal professional persons and sign and verify all pleadings
, memoranda of appeal , petitions, counter petitions, representations,
applications, cross-objections, applications for execution and all� legal documents of whatsoever nature and make
all affidavits and declarations and give all sanctions and consents on behalf
of the Corporation and accept service of writs of summons and all other
processes of Court of Judicial or semi-judicial�
bodies. The Managing Director may delegate� any of the authorities aforesaid� to any officer of the Central Office not
below the rank of Asst. Divisional Manager.
(ii)
The Managing
Directors of the Corporation (including any Acting Managing Director )both
within India and in all territories outside India may make such petitions,
applications and representations and give all such guarantees and undertakings
as may become necessary in the course of the business of the Corporation to the
Government� of India, the Government of
the States of India or any departments of such Governments, and after first
obtaining� the approval of the Government� of India to all Governments or departments
thereof outside India and to all public�
and statutory bodies or judicial or semi judicial officers either within
or outside India and particularly� to
enable the Corporation to carry on the business of life insurance in all� territories�
outside India and to comply with the statutory requirements prevailing in
such territories.
TERRITORIAL LIMITS OF THE ZONES:
[17]39.���� The
territorial limits referred to in Sub-section(3) of �Section 18 of the Act for each of the Zones
shall be as follows:
|
Name of the Zone |
State� of |
|
1.�� Central |
i)
Madhya Pradesh |
|
2.�� Eastern |
i)
Arunachal Pradesh ii)
iii)
iv)
Manipur v)
Meghalaya vi)
Mizoram vii) Nagaland viii) Orissa ix)
x)
Tripura xi)
xii) |
|
3.� Northern |
i)
Haryana ii)
Himachal Pradesh iii)
Jammu & Kashmir iv)
v)
Rajasthan vi)
|
|
4.�� North Central |
i)
Uttar Pradesh |
|
5.�� Southern |
i)
Kerala ii)
Tamil Nadu iii)
|
|
6.��� South
Central |
i)
Andhra Pradesh ii)
Karnataka iii)
|
|
7.�� Western |
i)
ii)
iii)
iv]��� |
40.������ The
Corporation may delegate any of its powers in relation to the affairs and
business within the territorial limits of each Zone to the respective Zonal
Managers.
[18]41.���� [The seven
Zonal Managers of the Corporation at its Zonal Offices at Bhopal, Bombay,
Calcutta, Delhi, Hyderabad, Kanpur and Madras ] may institute, conduct and
defend and represent� the Corporation in
all suits, appeals, applications and execution proceedings by or against� the Corporation or to which the Corporation
may be a party in all courts of their respective Zones to which decrees passed
by the Courts in their respective Zones and in the case of execution
proceedings also in all courts situated outside their respective Zones to which
decrees passed� by the Courts in their
respective Zones may have been sent for execution.� And for the purposes aforesaid they may sign
and execute all appearances and vakalatnamas for engagements of advocates,
solicitors and other legal professional persons and sign and verify all
pleadings, memoranda of appeal, cross objections, applications for executions,
petitions, counter petitions and all legal documents� of whatsoever nature and make all affidavits
for and on behalf of the Corporation and to accept service of writs of� Summons and other processes of the Court. The
Zonal Managers may delegate any of the authorities aforesaid to any other
officer of the respective Zonal Offices or any Divisional or Branch Office of
the Corporation in their respective Zones.
ZONAL ADVISORY BOARDS:
42.������ ( i )������ The Board constituted under Section 22(2)
of the Act shall be
known
as Zonal Advisory Boards.
(ii)
Each Zonal
Advisory Board shall consist of not less than eight and not more than twelve
persons to be nominated by the Corporation to represent the various areas of
each Zone , one of whom shall be the Zonal Manager who shall be an ex-officio
member of the Board.
[19](iii)���� The
term of office of each member shall be two years or such shorter period as may
be specified� by the Corporation,
provided, however, that in the event of resignation , disqualification or death
of a member, the Chairman may fill in the vacancy by nominating another person
for the remainder of the term.
(iv)
The Corporation
shall appoint one of the members of each Zonal Advisory Board� to be the Chairman of that Board.
(v)
The Zonal
Advisory Board shall meet at such time and place as may be determined by the
Zonal Manager in consultation with the Chairman of the Zonal Advisory Board
from time to time. But there shall be not less than two meetings in a year.
(vi)
The Zonal
Advisory Board� shall be competent to
discuss and review all matters of policy affecting the proper development of
the life insurance business within the territorial limits of the Zone and make
recommendations thereon. But only general lines of policy shall be discussed
and it shall not be competent for the Zonal Advisory Board to review or discuss
matters relating to any individual employee or policyholder of the Corporation.
(vii)
The remuneration
and allowances payable to Members of the Zonal Advisory Boards� shall be as follows:
[20](a)���� a fee of
(Rs.1000/-) for attending each meeting of such Board as well as for visits to
other places in connection with the affairs of the Corporation.
(b)
Travelling
allowance for journeys performed in connection with the work of the Board at
the rate admissible to the officers of the first grade in the service of the
Government of India: Provided that every such member shall when travelling by
rail be entitled to travel by air-conditioned accommodation if such
accommodation is available, and
[21](c)���� The daily
(halting) allowance on duty at the following rates namely:
(i)
daily (halting)
allowance as admissible to the highest grade officer of the Corporation
(ii)
actual expenses
of lodging charged by the hotel other than a 5 star hotel and an amount at the
rate not exceeding the daily allowance specified in (i) above as and by way of
boarding and incidental expenses
Note:�� The total
duration of tour for which daily (halting) expenses are admissible will be
calculated from the actual time or departure of the train or flight from the
place of residence of the Member by the last available train or flight up to
the time of the return thereto by the first available train or flight after
completion of official business.
����������� The
above provisions are applicable to non-official members of the Zonal Advisory
Boards only.
(viii)
No business shall
be transacted at any meeting of the Board unless there is present a quorum of
not less than 1/3rd� of the
total number of members of the Board , provided that if at any meeting there is
not a sufficient number of members present to form a quorum, the meeting shall
stand adjourned to the same time and place on the following working day, when
no quorum shall be necessary.
(ix)
The proceedings
of each meeting of the Zonal Advisory Board�
shall be forwarded to the Central Office of the Corporation.
(x)
A member shall be
disqualified for being nominated or continuing to be a member of a Zonal
Advisory Board if �
a)
he has been found
to be of unsound mind by a Court of competent jurisdiction and the finding is
in force;
b)
he is an un-discharged
insolvent;
c)
he has applied to
be adjudicated� as an insolvent and his
application is pending;
d)
he has been
convicted by a Court in
43.������ ( i )������ The Corporation may establish a
Policyholders� Council for each
����������������������� Divisional
Office.
���������� 21A(ii) ������ Each
Policy holders council shall consist of Five Members as representatives of the
policyholder, resident of the area served by the Divisional Office and
nominated by the Corporation. Out of the Five Members, one shall be a woman,
one from Scheduled Caste/Scheduled Tribe and one a consumer activist.
(iii)
The term of
office of each member shall be two years�
provided, however, that in the event of resignation, disqualification or
death of a member, the Chairman may fill in the vacancy by nominating another
person� for the remainder of the term.
(iv)
Policyholders
Council shall meet at least twice every year at such time and place as the
Divisional Manager may decide and the Divisional Manager shall preside over the
meetings of the Council.
(v)
The remuneration
and allowances payable to Members of the Policyholders Councils shall be as
follows:
[22](a)���� A fee of
(Rs.500/-) for attending each meeting of such council as well as for visits to
other places in connection with the affairs of the Corporation.
(b)������� Traveling
allowance for journeys performed in connection with the work of the Council at
the rate admissible to the officers of the first grade in the service of the
Government of India; Provided that every such member shall when traveling by
rail be entitled to travel by air-conditioned accommodation if such
accommodation is available and
[23](c)���� The daily
(halting) allowance on duty at the following rates, namely;
( i)������� daily
(halting) allowance as admissible to a highest grade officer of the
Corporation.
(ii)
actual expenses
of lodging charged by the hotel other than a five star hotel and an amount at
the rate not exceeding the daily allowance specified in������ ( i )above as and by way of boarding and
incidental expenses.
Note: �� The total duration of tour for which daily
(halting) expenses are admissible will be calculated from the actual time for
departure of the train or flight from the place of residence of the member by
the last available train or flight up to the time of the return thereto by the
first available train or flight after completion of the official business.�
The
above provisions are applicable to non-official members of the Policyholders
Council only.
�����������
(vi)������ Policyholders
Councils shall discuss all matters which may be referred to them by the
Divisional Manager but it shall not be competent for any such council to
discuss matters relating to any individual employee or policyholder of the
Corporation.
(vii)����� The
proceedings of meetings of Policyholders Councils shall be forwarded by the
Divisional Manager to the Zonal Manager and the Central Office of the
Corporation.
(viii)����� A
member shall be disqualified for being nominated or continuing to be a member
of a Policy holders Council ,� if �
a) he has been found to be of unsound mind by a Court of
competent jurisdiction and the finding is in force;
b) he is an un-discharged insolvent;
c) he has applied to be adjudicated� as an insolvent and his application is
pending;
d) he has been convicted by a Court in
�� [24]43A����������� (i
)������� The members of the Employees and
Agents Relations
Committee
constituted under Sub-Section (3) of Section 22 of the Life Insurance
Corporation Act for each Zonal Office shall be nominated by the Corporation as
provided under Rule 14 of� the� Life Insurance Corporation Rules,� 1956. The term� of office of the members of the Employees and
Agents Relations Committee shall be as laid down in Rule 15 of the Life
Insurance Corporation Rules, 1956. Any casual vacancies in Employees� and
Agents Relations Committee shall be filled in as provided in Rule 16 of the
Life Insurance Corporation Rules, 1956.
(ii)
Each Employees
and Agents Relations Committee shall consist of 12 members of whom six shall be
Corporation�s representatives drawn from officers belonging to Class I and the
remaining shall be the representatives of employees and agents consisting of
one from employees belonging to Class II, three from employees belonging to
Class III and IV and two from agents. The Chairman of the Committee� shall be an officer of the rank of Dy. Zonal
Manager or Senior Divisional Manager.
(iii)
The Committee
shall meet at such place and time as may be decided from time to time by the
Chairman� of the Committee but there
shall be not less than two meetings in each calendar year.
(iv)
A meeting of the
committee shall also be called if there be a requisition signed by not less
than five members.
(v)
Not less than 15
days notice� of each meeting shall be
given to the members. If it shall become necessary to convene an emergency
meeting, sufficient notice shall be given to every member in order to enable
him to attend. Any accidental omission to give any such notice to any of the members
shall not invalidate any resolution passed at such meeting
(vi)
(a) ������ The Employees and Agents Relations
Committee
shall
advise the Zonal Manager on matters relating to the welfare of the employees
and agents of the Corporation and/or which are likely to promote amity and good
relations between them and the Corporation and which fall within the scope of
his authority.
(b)
It shall not be
competent for the Committee to review and discuss matters which relate to
individual grievances of employees or agents or development Officers� of the Corporation.
(c)
In case of
difference of opinion as to whether or not any matter sought to be raised at a
meeting of the Committee falls within the scope and/or functions of the
Committee�s work, the decision of the Chairman�
shall be final.
(d)
Any
recommendations of the Committee not acted upon by the Zonal Manager shall be
reported back to the Committee as soon as possible.
(vii)
No business shall
be transacted at any meeting of the���������
Committee unless there is present a quorum of not less than 5 of whom at
least two shall be representatives of the employees and agents.
(viii)
If within half an
hour from the time appointed for holding any meeting the quorum is not present,
the meeting shall stand adjourned to a time ,�
date and place to be decided by the Chairman which should be within a
week of such meeting.
(ix)
If at the
adjourned meeting also the quorum is not present within half an hour from the
time appointed for holding the meeting the members present shall be the quorum.
(x)
The agenda for a meeting
should be circulated to all the members at least a week prior to the date of
the meeting . Any accidental omission to circulate the agenda to any member
shall not invalidate any resolution passed at such meeting.
(xi)
The Chairman may
with the consent of the meeting adjourn the same from time to time. Without the
consent of the Chairman no business other than that which is included in the
agenda shall be transacted at any adjourned meeting.
(xii)
All matters
submitted to the meeting shall be decided by a majority of members present and
voting and in case of equality of votes, the Chairman shall have a casting vote
in addition to the vote which he may be entitled as a member.
(xiii)
a)�� ����� A
member shall be disqualified for being
nominated
or continuing to be a member of an Employees and Agents Relations Committee on
cessation of service with or discontinuance of agency of the Corporation as the
case maybe,� for any reason whatsoever.
(b)������� Notwithstanding
what is stated hereinabove, any��
representative of employees and agents who fails to attend two
consecutive meetings shall forfeit his membership, unless the Committee
otherwise directs.
(xiv)
Members
attending� the meeting of the Employees
and Agents Relations Committee� shall be
treated as on duty for the days of meeting and the to and fro journeys and
shall be eligible to traveling and daily allowances as per the rules of the
Corporation applicable to them from time to time.
(xv)����� The
proceedings of each meeting of the Employees and Agents Relations Committee
shall be forwarded by its Chairman to each member of the Committee as also to
the Chairman of the Corporation.
MISCELLANEOUS:
��� 44.�� All amounts received on behalf of the Corporation by
any Officer or employee shall immediately�
be credited to the appropriate bank account of the Corporation.� No employee or officer of the Corporation shall
deal with any amounts received by him on behalf of the Corporation in any other
manner whatsoever.
��� 45.�� Payments on behalf of the Corporation shall
be made only by the officers duly authorised in this behalf by Standing Orders
and out of the amounts placed at the disposal of such officers for this
purpose.
� [25]46.�� In
addition to the audit to be carried out by the Auditors appointed under Section
25 of the Life Insurance Corporation Act, 1956, the accounts of all the offices
of the Corporation shall be regularly audited�
by the Internal Auditors� who
shall be full-time employees of the Corporation. A summary of the reports of
the auditors shall be placed before the Executive Committee as soon as possible
after the close of each financial year.
����������� Provided
that in the case of offices of the Corporation outside
�[26]47.��� Every
office of the Corporation in
[27]48.��� All policies
issued by the Corporation shall be signed by the Divisional Managers or other
officers or Superintendents (or Higher Grade Assistants) at the Divisional
Office (or the Branch Office) who may from time to time� be authorized for the purpose� by the Executive Committee .
� 49.���� All contracts required by Law to be in writing may be
signed by any officer duly authorised in this behalf by the Executive Committee
or by any constituted� Attorneys of the
Corporation.
50.
The Life
Insurance Corporation Regulations, 1956 are hereby repealed.
***********************
[1]
Published in Gazette of India , Part IV dated
[2]
Published in Gazette of India, Part III Section 4 dated
[3]
Notified in Gazette of
[4] Notified in Gazette of India, Part III Section 4 dated 11.4.1992.
[5]
Notified in Gazette of India Part III Section 4 dated
[6]
Notified in Gazette of
[7]
Notified in Gazette of� India Part III
Section 4 dated�
[8]
Notified in Gazette of India Part III Section 4 dated
[9] Notified in Gazette of India, Part III Section 4 dated 19.6.71.
[10]
Notified in Gazette of
[11] Notified in Gazette of India Part IV dated 24.9.1966.
[12]
Notified in Gazette of India Part III Section 4 dated
[13]
Notified in Gazette of India Part III Section 4 dated�
[14]
Notified in Gazette of India Part III Section 4 dated
[15]
Notified in Gazette of India Part III Section 4 dated
[16]
Notified in Gazette of India Part III Section 4 dated
[17]��� Notified in Gazette of India Part III
Section 4 dated
17(i) Notified in Gazette of India Part III Section 4 dated 07.10.1992
[18]
����������� Notified in Gazette of
[19]
����������� Notified in Gazette of�
[20] ����������� Notified� in Gazette of India Part III Section 4 dated May 26. 2006.
[21]
����������� Notified in Gazette of�
[23]
����������� Notified in Gazette of�
[24] ����������� Notified in Gazette of� India Part IV dated18.11.1961.
[25] ����������� Notified in Gazette of India Part IV dated 19.6.1965.
[26] ����������� �������������������-------do---------
[27]
����������� Notified� in Gazette of�