Ministry of Finance notifies Life Insurance Corporation (Amendment) Rules, 2020

Feb 13, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Ministry of Finance on February 10, 2020, has notifies the Life Insurance Corporation (Amendment) Rules, 2020 to further amend the Life Insurance Corporation Rules, 1956.

Rule 8 of the Life Insurance Corporation Rules, 1956 has been substituted, namely:

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.

They will come into force on the date of their publication in the Official Gazette (February 10, 2020).

[Notification No. G.S.R. 96(E)]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.