MANU/FNSV/0039/2021
Ministry : Ministry of Finance
Department/Board : Financial Services
Notification No. : GSR459(E)
Date of Notification : 30.06.2021
Date of Publication : 30.06.2021
Notification/ Circulars Referred : G.S.R. No. 1166(E) dated 09-12-1988 MANU/CNBN/1118/1988; G.S.R. No. 855(E) dated 25-09-1989, G.S.R. No. 745(E) MANU/CNBN/0695/1989;G.S.R. No. 598(E) dated 30-06-1995 MANU/CNBN/0842/1995;G.S.R. No. 644(E) dated 19-09-1995 MANU/CNBN/0874/1995;G.S.R. No. 262 (E) dated 22-05-1998 MANU/CNBN/0621/1998;G.S.R. No. 281(E) dated 23-04-1999 MANU/CNBN/0437/1999;G.S.R. No. 444(E) dated 18-06-1999 MANU/CNBN/0713/1999;Corrigenda G.S.R. No. 584(E) dated 10-08-1999 MANU/CNBN/0102/1999;G.S.R. No. 668(E) dated 26-10-2006 MANU/EAFF/0113/2006;G.S.R. No. 401(E) dated 13-05-2010 MANU/FNSV/0024/2010;G.S.R. No. 471(E) dated 10-07-2013 MANU/FNSV/0036/2013;G.S.R. No. 1161(E) dated 21-12-2016 MANU/FNSV/0077/2016;G.S.R. No. 282(E) dated 23-03-2017 MANU/FNSV/0088/2017;G.S.R. No. 415 (E) dated 28.04.2017 MANU/FNSV/0024/2017;G.S.R. No. 790(E) dated 16.10.2019 MANU/FNSV/0035/2019;G.S.R. No. 647(E) dated 19.10.2020 MANU/FNSV/0048/2020
Subject: Finance
Citing Reference:
G.S.R. No. 1166(E) dated 09-12-1988 MANU/CNBN/1118/1988 Referred
G.S.R. No. 855(E) dated 25-09-1989, G.S.R. No. 745(E) MANU/CNBN/0695/1989 Referred
G.S.R. No. 598(E) dated 30-06-1995 MANU/CNBN/0842/1995 Referred
G.S.R. No. 644(E) dated 19-09-1995 MANU/CNBN/0874/1995 Referred
G.S.R. No. 262 (E) dated 22-05-1998 MANU/CNBN/0621/1998 Referred
G.S.R. No. 281(E) dated 23-04-1999 MANU/CNBN/0437/1999 Referred
G.S.R. No. 444(E) dated 18-06-1999 MANU/CNBN/0713/1999 Referred
Corrigenda G.S.R. No. 584(E) dated 10-08-1999 MANU/CNBN/0102/1999 Referred
G.S.R. No. 668(E) dated 26-10-2006 MANU/EAFF/0113/2006 Referred
G.S.R. No. 401(E) dated 13-05-2010 MANU/FNSV/0024/2010 Referred
G.S.R. No. 471(E) dated 10-07-2013 MANU/FNSV/0036/2013 Referred
G.S.R. No. 1161(E) dated 21-12-2016 MANU/FNSV/0077/2016 Referred
G.S.R. No. 282(E) dated 23-03-2017 MANU/FNSV/0088/2017 Referred
G.S.R. No. 415 (E) dated 28.04.2017 MANU/FNSV/0024/2017 Referred
G.S.R. No. 790(E) dated 16.10.2019 MANU/FNSV/0035/2019 Referred
G.S.R. No. 647(E) dated 19.10.2020 MANU/FNSV/0048/2020 Referred
Life Insurance Corporation of India (Staff) Amendment Rules, 2021
G.S.R.459(E).--In exercise of the powers conferred by clause (cc) of sub-section (2) of 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 (Staff) Regulations, 1960, namely:-
1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.
(2) They shall come into force on the date of their publication in Official Gazette.
2. In the Life Insurance Corporation of India (Staff) Regulations, 1960 (hereinafter referred to as the said regulations), for regulation 1, the following shall be substituted, namely:-
"(1) These rules may be called the Life Insurance Corporation (Staff) Rules, 1960.".
3. In the said regulations,-
(a) for the words "regulation" or "regulations" or "Regulations" wherever they occur (except in regulation 87), the words "rule" or "rules" or "Rules" shall, respectively, be substituted;
(b) for the words "sub-regulation" or "sub-regulations" wherever they occur, the words "sub-rule" or "sub-rules" shall, respectively, be substituted.
4. In regulation 3 of the said regulations, after clause (d), the following clause shall be inserted, namely:-
"(da) "Executive Director" shall mean any officer of the Corporation appointed as an Executive Director and so designated.'.
5. In regulation 19 of the said regulations, after sub-regulation (4), the following sub-rule shall be inserted, namely:-
"(5) Notwithstanding anything contained in these rules, if the Central Government appoints the Chairman for a term of office that extends beyond sixty years of age, or extends his term of office to a period beyond the said age, he shall not superannuate till he completes such term, or till he attains the age of sixty-two years, whichever is earlier.".
[F. No. S-11012/02/2021-Ins.I]
SAURABH MISHRA, Jt. Secy.
Note: The principal regulations were published in the Gazette of India vide notification dated 23rd July, 1960 and subsequently amended vide notifications dated 20-01-1962, 01-12-1962, 14-04-1962, 30-03-1963, 03-08-1963, 28-12-1963, 01-02-1964, 02-05-1964, 22-08-1964, 03-10-1964, 16-01-1965, 05-06-1965, 19-06-1965, 17-07-1965, 11-09-1965, 06-11-1965, 27-11-1965, 08-01-1966, 19-02-1966, 26-02-1966, 26-03-1966, 23-04-1966, 18-06-1966, 03-09-1966, 10-09-1966, 01-10-1966, 22-10-1966, 31-12-1966, 18-02-1967, 11-02-1967, 01-04-1967, 15-04-1967, 29-04-1967, 22-07-1967, 19-08-1967, 30-07-1967, 02-03-1968, 30-03-1968, 08-06-1968, 15-06-1968, 08-03-1969, 12-04-1969, 26-04-1969, 14-06-1969, 19-07-1969, 23-01-1971, 07-08-1971, 19-06-1971, 07-10-1972, 18-11-1972, 16-12-1972, 04-05-1974, 31-05-1975, 13-12-1975, 22-04-1976, 12-06-1976, 10-07-1976, 28-08-1976, 21-01-1977, 23-04-1977, 04-06-1977, 21-07-1977, 12-11-1977, 01-04-1978, 26-05-1978, 31-05-1978, 01-07-1978, 07-10-1978, 04-11-1978, 19-12-1978, 08-12-1979, 10-05-1980, 23-12-1983 and 10-05-1988, and vide G.S.R. No. 1166(E) dated 09-12-1988, G.S.R. No. 855(E) dated 25-09-1989, G.S.R. No. 745(E) dated 13-12-1993, G.S.R. No. 598(E) dated 30-06-1995, G.S.R. No. 644(E) dated 19-09-1995, G.S.R. No. 93(E) dated 16.02.1996, G.S.R. No. 262 (E) dated 22-05-1998, G.S.R. No. 281(E) dated 23-04-1999, G.S.R. No. 444(E) dated 18-06-1999, Corrigenda G.S.R. No. 584(E) dated 10-08-1999, G.S.R. No. 554(E) dated 22-06-2000, G.S.R. No. 668(E) dated 26-10-2006, G.S.R. No. 160(E) dated 03-03-2008, G.S.R. No. 401(E) dated 13-05-2010, G.S.R. No. 829(E) dated 08-10-2010, G.S.R. No. 471(E) dated 10-07-2013, G.S.R. No. 1161(E) dated 21-12-2016, G.S.R. No. 282(E) dated 23-03-2017, G.S.R. No. 415 (E) dated 28.04.2017, G.S.R. No. 790(E) dated 16.10.2019 and G.S.R. No. 647(E) dated 19.10.2020.