Page 66 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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Chapter 13 Nationalisation of Life Insurance
The LIC Act 1956 came into force on 1st July 1956 and Life
Insurance Corporation of India was established with effect from
1st September 1956.
LIC was formed by the merger of 154 Indian life insurers, 16
non-Indian life insurers and 75 Provident Societies.
The capital of LIC was Rs. 5 crores which has been increased to
Rs.100 Crore
Section 6 of the Act gives various powers to LIC to carry on life
insurance business to the best advantage of the community.
LIC of India conducts actuarial valuation of its liabilities every
year.
In 1999 the IRDA Act was passed and LIC's exclusive privilege of
carrying on life insurance business ceased and private players
