Court : Supreme Court of India
Reported in : AIR1964SC892; 5SCR125
..... may, be material clauses of the rule only recognize the pre-existing principles inherent in the relevant dispute under the provisions of the act. 23. this court in national insurance co. v. life insurance corporation of india : 2scr182 held that the claim for set off was within the jurisdiction of the tribunal. hidayatullah j., speaking for the court, observed at p. ..... of them appertained to the controlled business. the relevant entries in the certified balance-sheets are, therefore, not correct. if so, it follows that under s. 7(1) of the life insurance corporation act on the appointed day only such part of the said dividends and the corresponding assets appertaining to the controlled business were transferred to and vested in the corporation ..... or qualification imposed or made on 'assets and liabilities'. as the section is providing for the transfer of assets and liabilities of a company which may have businesses other than life insurance business, it has become necessary to say that the said assets and liabilities are those that pertain only to the controlled business. the antithesis is not between the company ..... -up capital of the appellant-company and assets representing such part, which had been allocated to the controlled business of the appellant-company in accordance with r. 18 of the life insurance corporation rules, 1956, made under the act. the letter concluded thus : 'as the aforesaid assets have not yet been transferred to the corporation the said amount of rs. 1 .....Tag this Judgment!
Court : Mumbai
Reported in : 2007(3)ALLMR462; 2007(3)BomCR98; (2007)109BOMLR559; 79SCL583(Bom)
..... valley trust company and mississippi valley trust company, lexsee 240 sw 2d 676, of the supreme court of missoori. one butterworth had a certain policy of term life insurance issued by fidelity mutual life insurance company. the policy was assigned by butterworth to one g. locke tarlton. tarlton by another assignment assigned the policy to himself, o.e. sehaefer and the trust ..... be an actionable claim within the meaning of section 3 of the transfer of property act and is not a mere right to sue. in a policy of life insurance the sum insured is certain, the premium, or the consideration for its payment is certain and the time when its payment is to become due is certain to come. even ..... forms of investment and self compelled saving. it has been held to be property. courts have held that so far as reasonable safety permits, it is desirable to give life insurance policies the ordinary characters of property (see grigsby). ordinarily in commercial matters unless our statute specifically provides otherwise, the law as recognised internationally should ordinarily be considered as the ..... party for consideration. the said further assignment would again be registered and reflected in the books of the 1st respondent. this business of assignment of life insurance policy is important and essential characteristics of the life an insurance contracts. a life insurance policy is the personal movable property of the policy holder. the assignment of policies has led to the business of acquisition of .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1965SC1985; 35CompCas741(SC); 3SCR474
..... in form i, 92 1/2 per centum thereof is meant for the policy-holders under this provision. secondly, when transfer of life insurance business from the life insurance companies to the life insurance corporation took place a provision had to be made to carry out the effect of s. 49(1) in connection with the ..... between the total assets and liabilities apart from liabilities towards policies yet to mature. 19. besides we are of opinion that if the words 'life insurance fund' in clause(d) are to be given the meaning for which the appellant is contending there will be a clear inconsistency between clause(d ..... excess, the central government may direct that such assets equivalent in value to the excess shall not be transferred to or vested in the life insurance corporation. it is obvious from these provisions that where the legislature intended to refer to all the assets and liabilities it said so in ..... the form and these items are : premiums of all kinds, consideration for annuities, interest, dividends and rent's (obviously from assets of the life insurance fund); regulation fees and other income. it is thus clear that the revenue account on the receipt side mainly has income from premiums and income ..... liabilities of the respondent. that is how the appellant arrived at the compensation of rs. 1,11,466. 2. the appellant claimed that the words 'life insurance fund' in clause(d) meant the difference between the total assets and the liabilities under cls. (a) and (c) of the said paragraph 4 .....Tag this Judgment!
Court : Gujarat
Reported in : (2004)IIILLJ380Guj
..... was to be paid the amounts stipulated under the scheme. according to the petitioner, the provisions of section 3 of the insurance act, 1938 and section 30 of the life insurance corporation act, 1956, refer to `life insurance business' and did not refer to `life insurance activities'. the scheme like the one undertaken by the petitioner was not a business venture and was, therefore, outside the scope ..... do any activity which is contrary to law. the contention that the provisions of section 15 of the trade unions act, 1926, override the provisions of section 30 of the life insurance corporation act, 1956, therefore, fails.14. for the foregoing reasons, the petition fails and is hereby rejected. rule is discharged with no order as to costs. interim relief stands ..... contribution by the employer respondent no.2 was not to be stopped.4. it was argued by the learned counsel appearing for the petitioners that section 30 of the life insurance corporation act imposes an unreasonable restriction on the welfare activities carried out by the petitioner which was a recognized trade union though such activity was permissible under section 15 of ..... members of the family of a deceased member or in the event of the disablement of a member suffering from physical disablement. it is contended: 'section 30 of the life insurance corporation act, 1956 curtails the freedom of association of a registered trade union inasmuch as it curtails its freedom to provide financial help by way of welfare measure to the .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 1997(3)ALT783
..... the learned counsel for the appellants.33. it is fourthly contended that when question was raised in parliament as to appointment of the central government employees' spouses as life insurance corporation of india agents as contrary to service rules and creating discontent among the public, therefore the central government issued a direction which is binding on the corporation ..... court held that the regulations do not contemplate appointment on compassionate grounds when one of the members of the deceased family is gainfully employed, as regulation 4 of the life insurance corporation of india (staff) regulations, 1960 clearly empowers the chairman of the corporation to issue such instructions or directions as may be necessary to give effect and ..... compassionate appointment of a wife of a deceased (first respondent). considering the facts of the case, the supreme court elaborately discussed about the scope of regulation 4 of the life insurance corporation of india (staff) regulations, 1960 which deals with the recruitment and appointment of staff on compassionate grounds (class iii and class iv staff). the chairman of the ..... .14. regulation 4 deals with the appointment of agent which reads as follows:(1) agents may be appointed in any place for the purpose of soliciting or procuring life insurance business for the corporation.(2) all appointments shall be made by the competent authority after interviewing the candidates and satisfying itself about their suitability.(3) in making the .....Tag this Judgment!
Court : Chennai
Reported in : AIR1964Mad24
..... field officer. the definition of the term 'field officer' shows that if he were wholly or mainly engaged in the development of new life insurance business for the insurer by supervising persons procuring or soliciting new life insurance business, he would be a field officer. but that definition will exclude persons who have been appointed to the designated (or enumerated posts ..... the integration of the services of supervisory clerical and subordinate staff presented more difficult problems. besides, it appears that during the two years preceding nationalisation of the life insurance business, various insurers had appointed, a number of inspectors creating other classes of intermediaries under a variety of designations sometimes on a pro rata basis and on occasions on fixed salary ..... could under sub-section (2) alter the remuneration of the employees, it had no power to curtail other conditions of service.16. since this decision was rendered, the life insurance corporation act has been amended in regard to sub-section (2) bringing it to its present form. section 11(2) of the act empowers the central government notwithstanding anything ..... but that after the corporation came into being they were demoted to the position of field officers contrary to the statutory guarantee contained in section 11(1) of the life insurance corporation act (which will hereinafter be referred to as the act). by the petitions out of which these appeals arise, the appellants prayed for reinstatement, to their .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 2001ACJ806; AIR2001SC549; 104CompCas79(SC); (2001)3GLR1990; JT2001(1)SC10; 2000(8)SCALE320; Supp5SCR646; 2001(1)LC456(SC)
..... held to have been satisfied. we must, therefore, proceed to examine the evidence led by the parties in the case.15. the life insurance corporation was created by the life insurance corporation act, 1956 with a view to provide for nationalisation of life insurance business in india by transferring all such business to a corporation established for the purpose and to provide for the regulation and ..... policy and it could not be ascertained by reasonable enquiry by a prudent person.13. in this connection we may notice the decision of this court in mithoolal nayak v. life insurance corporation of india ( : air1962sc814 ), in which the position of law was stated thus:the three conditions for the application of the second part of section 45 are:(a) the statement ..... as a general proposition of law that in no case the high court can entertain a writ petition under article 226 of the constitution to enforce a claim under a life insurance policy. it is neither possible nor proper to enumerate exhaustively the circumstances in which such a claim can or cannot be enforced by filing a writ petition. the determination of ..... , husband of smt. asha goel respondent no. 1, was an employee of m/s. digvijay woollen mills limited at jamnagar as a labour officer. he submitted a proposal for a life insurance policy at meerut in the state of u.p. on 29th may, 1979 which was accepted and the policy bearing no. 48264637 for a sum of rs. 1,00,000 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1994SC2148; [1994(68)FLR791]; JT1994(2)SC183; (1994)IILLJ173SC; 1994(1)SCALE748; (1994)2SCC718; 2SCR163; 1994(1)LC592(SC)
..... when he put forth his entitlement, the appellant corporation passed an order dated 21.10.1991 in answer to the 2nd respondent request for appointment on compassionate grounds as follows: life insurance corporation of india, nasik divisional office, 'jeevan prakash', golf cloub ground, old agra road, post box no. 110, nasik - 422 002. dated : 21st october, '91. ref.: shri ..... employed. clause 4 of the circular dated 20.1.1987 interdicts such an appointment on compassionate grounds. the appellant corporation being a statutory corporation is bound by the life insurance corporation act as well as the statutory regulations and instructions. they cannot be put aside and compassionate appointment be ordered.14. further it is well-settled in law ..... order to secure effective control over the staff employed by the corporation. the chairman of the corporation with the approval of the board on 27.11.1979 issued the life insurance corporation recruitment (of class iii and class iv staff) instructions, 1979. these instructions also contain provisions for the appointment of staff on compassionate ground upon demise of a ..... section 49 of the said act empowers the corporation to make regulations with prior approval of the central government. in exercise of these powers, the corporation has framed the life insurance corporation of india (staff) regulations, 1960 providing for terms and conditions of service of the staff of the corporation. regulation 4 of the said regulations empowers the chairman .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 1997(6)ALT1(SC); JT1997(8)SC373; 1997(6)SCALE357; (1997)8SCC461; Supp4SCR207; 1998(1)LC67(SC); (1997)3UPLBEC2141
..... the industrial disputes act and since the requirements of section 25-f of that act were not complied with, the termination would be bad. it may be pointed out that life insurance corporation (amendment) act, 1981 (act 1 of 1981) which came into force on 31st of january, 1981 provided that under sub-section (2a) of section 48 of the ..... life insurance corporation act, 1956, the regulations which were already in force immediately before the commencement of the amendment act shall be deemed to be rules made by the central government and ..... give notice or to hold the regular departmental enquiry.16. in the instant case; the respondent was discharged from service during probation in terms of regulation 14 (4) of the life insurance corporation of india (staff) regulations, 1960. such termination has already been upheld by a three judge bench of this court in m. venugopal v. divisional manager ..... , life insurance corporation of india, machilipatnam, a.p. and anr. : (1994)illj597sc . this decision also meets the ground raised by the counsel for the respondent that the termination of respondent's services .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1995SC189; 82CompCas191(SC); JT1994(6)SC379; 1994(4)SCALE364; 1994Supp(3)SCC569; Supp4SCR87; 1995(1)LC200(SC)
..... should occur to the insured.the life insurance corporation of india undertakes various kinds of life insurance, of which mention may be made of-(1) limited payment life insurance; (2) endowment insurance; (3) joint-life insurance; (4) multi-purpose insurance; (5) children's deferred insurance; (6) two-year temporary insurance; (7) whole life-insurance; (8) double endowment insurance; (9) triple benefit insurance; (10) anticipated endowment insurance; (11) convertible whole life insurance ; (12) special whole life insurance ; (13) annuity insurance including single premium to ..... immediate or deferred annuity insurance and including single premium to immediate or deferred annuity .....Tag this Judgment!