Life Insurance Corporation Act : Surplus from life insurance business how to be utilized. Indian Bare

Life Insurance Corporation Act,1956

Act No : 31

Section : Surplus from life insurance business how to be utilized.

2*[28. Surplus from life insurance business how to be utilized. If as a result of any investigation undertaken by the Corporation under section 26 any surplus emerges, ninety-five per cent. of such surplus or such higher percentage thereof as the Central Government may approve shall be allocated to or reserved for the life insurance policy-holders of the Corporation and after meeting the liabilities of the Corporation, if any, which may arise under section 9, the remainder shall be paid to the Central Government or, if that --------------------------------------------------------------------- 1. Subs by Act 33 of 1965, s. 2, for certain words. 2. Subs. by s. 3, ibid., for s. 28 (with retrospective effect). 260 Government so directs, be utilized for such purposes and in such manner as that Government may determine.]