The Life Insurance (Emergency Provisions) Act, 1956

Extract

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The Life Insurance (Emergency Provisions) Act, 1956

THE LIFE INSURANCE (EMERGENCY PROVISIONS) ACT, 1956 ACT NO. 9 OF 1956

[21st March, 1956.]

An Act to provide for the taking over, in the public interest, of the management of life insurance business pending nationalisation thereof.

BE it enacted by Parliament in the Seventh Year of the Republic of India as follows:--

1.

Short title.

1. Short title. This Act may be called the Life Insurance (Emergency Provisions) Act, 1956.

2.

Definitions.

2. Definitions. In this Act, unless the context otherwise requires,--

(1) "appointed day" means the 19th day of January, 1956;

(2) "controlled business" means--

(i) in the case of an insurer specified in sub-

clause (a) (ii) or sub-clause (b) of clause (9) of section 2 of the Insurance Act and carrying on life insurance business--

(a) all his business, if he carries on no other class of insurance business;

(b) all the business appertaining to his life insurance business, if he carries on some other class of insurance business also;

(...

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