Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) (Amendment) Rules, 2021

Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) (Amendment) Rules, 2021

MINISTRY OF FINANCE

NOTIFICATION

New Delhi, the 7th July, 2021

G.S.R. 480(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 Managing Directors (Revision of Certain Terms and Conditions of Service) Rules, 1988, namely:—

1. (1) These rules may be called the Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) (Amendment) Rules, 2021.

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

Revision of Certain Terms and Conditions of Service

2. In the Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) Rules, 1988, in rule 2, for clause (b) and the entries thereto, the following clause shall be substituted, namely:—

„(b) “Managing Director” means a person appointed as such by the Central Government under clause (c) of sub-section (2) of section 4 of the Act;‟;

[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, Sub-section (ii) vide G.S.R. 65(E) dated 29th  January, 1988 and subsequently amended vide G.S.R.125 (E) dated the 5th  March, 1998, G.S.R.156 (E) dated the 31st  March, 1998, (Corrigenda) G.S.R. 592(E) dated the 14th  August,.2001, G.S.R. 630 (E) dated the 22nd September.2004, G.S.R.820 (E) dated the 26th November,.2008, G.S.R 30 (E) dated the 13th January, 2017 and G.S.R. 1009(E) dated the 8th October, 2018.

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