The Life Insurance Corporation of India vide a notification dated 22nd July, 2021 has released Life Insurance Corporation General Regulations, 2021. The key provisions of the regulations includes:
- The Corporation may issue securities either in physical form or in dematerialized form in accordance with the provisions of the Depositories Act and the Depositories and Participants Regulations.
- Members may make nomination in the manner provided for nomination by the security holders of a company in rules made under section 72 of the Companies Act with regard to share capital and debentures.
- The Corporation shall pay dividend in proportion to the amount paid-up on each share.
- The Corporation may, with the approval of the Board, make calls upon a member for further share capital in respect of any amount remaining unpaid on shares held by him and also accept from him the whole or part of such amount even if the amount has not been called up.
- For carrying out activities in relation to transfer of securities, the Corporation shall appoint a share transfer agent or manage the transfer of securities’ facility in-house.
- Contracts made on behalf of the Corporation shall be made in writing, signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
- Making, varying or discharging a contract, or making, varying or cancelling a nomination, or giving of notice, or maintaining a register, or executing an instrument of transfer or other document by LIC is valid if it is in form of an electronic record as defined in the Information Technology Act, 2000.
