The Life Insurance Corporation Act, 1956
Section 30A. Exclusive privilege of Corporation to cease.
1 [30A. Exclusive privilege of Corporation to cease.---Notwithstanding anything contained in this Act, the exclusive privilege of carrying on life insurance business in India by the Corporation shall cease on and from the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), and the Corporation shall, thereafter, carry on life insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938) 2 [, as applicable to the Corporation by virtue of section 43 of the Life Insurance Corporation Act, 1956 (31 of 1956)].]
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