Life Insurance Corporation Act : Power of Corporation to modify contracts of life insurance in

Life Insurance Corporation Act,1956

Act No : 31

Section : Power of Corporation to modify contracts of life insurance in certaincases.

14. Power of Corporation to modify contracts of life insurance in certain cases. The Corporation may, having regard to the financial condition on the appointed day of any insurer whose controlled business has been transferred to and vested in the Corporation, reduce the amounts of insurance under contracts of life insurance entered into by such insurer before the 19th day of January, 1956, in such manner and subject to such conditions as it thinks fit: Provided that no such reduction shall be made except in accordance with a scheme prepared by the Corporation in this behalf and approved by the Central Government.