The Ministry of Finance via Notification dated 29th June 2021 has notified 30th June 2021 as the date on which the provisions of Part III of Finance Act, 2021 shall come into force.
Part III deals with amendments to the Life Insurance Corporation Act 1956. The Amendment has increase the authorised share capital of the corporation to ₹25,000 crore divided into 2,500 crore shares of ₹10 each and has introduced provisions on corporate governance in line with SEBI norms to enable listing of LIC on stock exchanges.
A key amendment is also regarding the utilization of surplus from the life insurance business under which it pays 5 percent of the surplus to the government.
Note : For detailed amendments, kindly refer Part III (Section 128 to Section 146) of the Finance Act, 2021
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