Section 31 of The Insurance Regulatory and Development Authority Act, 1999
The Life Insurance Corporation Act, 1956 shall be amended in the manner specified in the Second Schedule to this Act.
Summary
- This provision directs changes to the Life Insurance Corporation Act of 1956.
- It specifies that the 1956 Act must be amended according to the details in the Second Schedule.
- It ensures that the Life Insurance Corporation operates under the new regulatory framework.
Practical examples
FAQ
1. Does Section 31 list the new rules for the Life Insurance Corporation?
No, it acts as a pointer to the Second Schedule where those rules are written.
2. Why was the 1956 Act amended?
To remove the exclusive privilege or monopoly that the Life Insurance Corporation had previously enjoyed.
3. When do these amendments take effect?
They take effect as specified in the Act, typically from the date the new Regulatory Authority was established.
Test yourself
Q1.Under Section 31 of The Insurance Regulatory and Development Authority Act, 1999, which specific Act is amended by the Second Schedule?
Q2.Under Section 31 of The Insurance Regulatory and Development Authority Act, 1999, where are the specific details of the amendments for the Life Insurance Corporation located?
Q3.Under Section 31 and the Second Schedule of The Insurance Regulatory and Development Authority Act, 1999, which corporation's exclusive privilege to carry on life insurance business is ended?
Q4.Under Section 31 of The Insurance Regulatory and Development Authority Act, 1999, what is the core purpose of amending the 1956 Act?