The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act, 1956 is a law that provides for the nationalization of the life insurance business in India and establishes the Life Insurance Corporation of India (LIC) as the sole nationalized life insurance provider. The Act defines the powers and duties of LIC, its board of directors, and other key stakeholders, as well as the terms and conditions for the issuance of life insurance policies. The Act also outlines the regulatory framework for the life insurance sector, including licensing requirements for insurance agents and brokers, and provisions for the settlement of claims and disputes.