Preamble - LIFE INSURANCE CORPORATION (AMENDMENT) RULES, 2020

LIFE INSURANCE CORPORATION (AMENDMENT) RULES, 2020

PREAMBLE

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 Rules, 1956, namely :-

Rule 1 - Short title and commencement

(1) These rules may be called the Life Insurance Corporation (Amendment) Rules, 2020.

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

Rule 2 - RULE 2

In the Life Insurance Corporation Rules, 1956, for rule 8, the following rule shall be substituted, namely:-

"8. Fees of members.-A member not being a whole-time officer of the Corporation or an officer of the Central Government shall be paid fees by the Corporation as follows :-

(a) for attending meetings of the Corporation - Rs.40,000 (rupees forty thousand) for each meeting;

(b) for attending meetings of the Committee constituted by the Corporation - Rs. 20,000 (rupees twenty thousand) for each meeting as well as for visit to other places in connection with the affairs of the Corporation;

(c) for chairing meetings of the Corporation - Rs. 10,000 (rupees ten thousand) for each meeting in addition to (a) above;

(d) for chairing meetings of any committee constituted by the Corporation - Rs. 5,000 (rupees five thousand) for each meeting in addition to (b) above,

subject to an overall ceiling of Rs. 15,00,000 (rupees fifteen lakh) per annum per member."