Life Insurance Corporation of India (Staff) Amendment Rules, 2019

No: ---- Dated: Oct, 16 2019

MINISTRY OF FINANCE

(Department of Financial Services)

(INSURANCE DIVISION)

NOTIFICATION

New Delhi, the 16th October, 2019

G.S.R. 790(E).— In exercise of the powers conferred by Clause (cc) of Sub-section (2) of 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 of India (Staff) Rules, 1960, namely:—

1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2019.

  2. In the Life Insurance Corporation of India (Staff) Rules, 1960 in rule 61, in clause (c) the following proviso shall be inserted, namely:-

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

  “Provided that in the event of compulsory retirement as a measure of penalty under the provisions of clause (e) of sub-rule (1) of rule 39 a payment equal to the employee's last salary for the period of privilege leave to his credit as on the date of his compulsory retirement subject to maximum of 240 days, shall be allowed to the retiree employee.”

[F. No. S-11012/03/2017-Ins.1]

LALIT KUMAR, Economic Advisor

Note : The principal Regulations was published in the Gazette of India vide notification dated 23rd July,

  1960 and subsequently amended vide notifications dated 20-01-1962, 01-12-1962, 14-04-1962,

  30-03-1963, 03-08-1963, 28-12-1963, 01-02-1964, 02-05-1964, 22-08-1964, 03-10-1964, 16-01-1965,

  05-06-1965, 19-06-1965, 17-07-1965, 11-09-1965, 06-11-1965, 27-11-1965, 08-01-1966, 19-02-1966,

  26-02-1966, 26-03-1966, 23-04-1966, 18-06-1966, 03-09-1966, 10-09-1966, 01-10-1966, 22-10-1966,

  31-12-1966, 18-02-1967, 11-02-1967, 01-04-1967, 15-04-1967, 29-04-1967, 22-07-1967, 19-08-1967,   30-07-1967, 02-03-1968, 30-03-1968, 08-06-1968, 15-06-1968, 08-03-1969, 12-04-1969, 26-04-1969,   14-06-1969, 19

 07-1969, 23-01-1971, 07-08-1971, 19-06-1971, 07-10-1972, 18-11-1972, 16-12-1972,   04-05-1974, 31-05-1975, 13-12-1975, 22-04-1976, 12-06-1976, 10-07-1976, 28-08-1976, 21-01-1977,   23-04-1977, 04-06-1977, 21-07

  1977, 12-11-1977, 01-04-1978, 26-05-1978, 31-05-1978, 01-07-1978,

  07-10-1978, 04-11-1978, 19-12-1978, 08-12-1979, 10-05-1980, 23-12-1983, 10-05-1988 and vide

  G.S.R.No. 1166(E) dated 09-12-1988, G.S.R.No. 855(E) dated 25-09-1989, G.S.R.No. 745(E) dated

  13-12-1993, G.S.R.No. 598(E) dated 30-06-1995, G.S.R.No. 644(E) dated 19-09-1995, G.S.R. No.

  93(E) dated 16.02.1996, G.S.R.No. 262 (E) dated 22-05-1998, G.S.R.No. 281(E) dated 23-04-1999,

  G.S.R.No. 444(E) dated 18-06-1999, Corrigenda G.S.R.No. 584(E) dated 10-08-1999, G.S.R.No.

  554(E) dated 22-06-2000, G.S.R.No. 668(E) dated 26-10-2006, G.S.R.No. 160(E) dated 03-03-2008,

  G.S.R.No. 401(E) dated 13-05-2010, G.S.R.No. 829(E) dated 08-10-2010, GSR No. 471(E) dated

  10-07-2013, and GSR No. 1161(E) dated 21-12-2016, GSR No. 282(E) dated 23-03-2017 and GSR No.

  415 (E) dated 28.04.2017.

  Actual Document  -  ↓