Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) (Amendment) Rules, 2021

Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) (Amendment) Rules, 2021

MINISTRY OF FINANCE

NOTIFICATION

New Delhi, the 7th July, 2021

G.S.R. 478(E).— In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government, hereby makes the following rules further to amend the Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) Rules, 1997, namely:—

1. Short  title  and  commencement.—(1)  These  rules  may  be  called  the Life  Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) (Amendment) Rules, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

Payment of Gratuity

2. In the Life Insurance Corporation of India (Payment of Gratuity to the Chairman andManaging Directors) Rules, 1997,—

(a) in rule 1, in sub-rule (1), for the word “Chairman”, the word “Chief Executive” shallbe substituted;

(b) in rule 2,  in sub-rule (1),—

(i) in clause (a), for the word “act”, the word “Act” shall be substituted;

(ii) in  clause  (b),  for  the  word  “Chairman”  at  both  places,  the  word  “Chief  Executive” shall be substituted;

(iii) for clause (c), the following clause shall be substituted, namely:—

„(c)  “Chief  Executive  and  Managing  Director”  means  the  Chief  Executive  Officer  and Managing Director appointed by the Central Government under section 4 of the Act”;

(c) in rule 3, for the word “Chairman”, the word “Chief Executive” shall be substituted;

(d) in the EXPLANATORY MEMORANDUM, in item 1, for the word  “Chairman”, the word “Chief Executive” shall be substituted.

[F. No. I-13011/02/2021-Ins.I]
SAURABH MISHRA, Jt. Secy.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number G.S.R.77(E) dated 14th February, 1997 and subsequently amended vide G.S.R. No. 593 (E) dated 14th August, 2001 and G.S.R. No.631 dated 22.09.2004.

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