Employees Pension Amendment Rules 2021 : Life Insurance Corporation of India

Employees Pension Amendment Rules 2021 : Life Insurance Corporation of India

NOTIFICATION

New Delhi, the 7th July, 2021

G.S.R. 482(E).— In exercise of the powers conferred by 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 (Employees‟) Pension Rules, 1995, namely:—

1. (1) These rules may be called the Life Insurance Corporation of India (Employees‟) Pension (Amendment) Rules, 2021.

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

2. In the Life Insurance Corporation of India (Employees‟) Pension Rules, 1995 (herein after referred to as the said rules), in rule 2, in sub-rule (j),—

(i) in the proviso,—

(a) for the word, “Chairman”, the word “Chief Executive” shall be substituted;

(b) before the words, “in accordance with”, the words “as defined in section2” shall be inserted;

(ii) after the proviso, the following proviso shall be inserted, namely:—

“Provided further that where the Managing Director of the Corporation appointed by the Central Government in accordance with Section 4 of the Act was immediately preceding such appointment an Employee of the Corporation, then, subject to the terms of any contract, agreement or letter of appointment or directions issued by the Central Government, such Managing Director for the purposes of these rules shall also be deemed to be an employeeof the Corporation.”.

3. In rule 3 of the said rules, in the proviso, for the word “Corporation”, the word “Board”shall be substituted.

4. In rule 5 of the said rules, in sub-rule 1, for the word “Corporation”, the word “Board”shall be substituted.

5. In rule 8 of the said rules,—

(a) in sub-rule (1), for the word “Corporation”, the word “Board” shall be substituted;

(b) in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted;

(c) in sub-rule (3), for the word “Corporation”, the word “Board” shall be substituted.

6. In rule 9 of the said rules, for the word “Corporation”, the word “Board” shall be substituted.

7. In rule 10 of the said rules,—

(a) in sub-rule (1), for the word “Corporation”, the word “Board” shall be substituted;

(b) in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted.

8. In rule 11 of the said rules,—

(a) for the word “Corporation”, the word “Board” shall be substituted;

(b) in the proviso, for the word “Corporation”, the word “Board” shall be substituted.

9. In rule 24 of the said rules, in the proviso, for the word “Corporation”, the word “Board” shall be substituted.

10. In rule 32 of the said rules, in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted.

11. In rule 35 of the said rules, in sub-rule (8), for the words “proviso to clause (j) of rule 2 or an employee appointed as a Managing Director under section 20 of the Act”, the words “provisos to sub-rule (j) of rule 2” shall be substituted.

12. In rule 36 of the said rules, in sub-rule (d), for the word “Corporation”, the word “Board” shall be substituted.

13. In rule 39 of the said rules, in sub-rule (1), in clause (b), for the words “approved by the Corporation” shall be substituted by the words “approved by the Board”

14. In rule 40 of the said rules, in sub-rule (1),—

(a) in clause (c), in sub-clauses (iv) and (v), for the word “Corporation”, the word “Board” shall be substituted;

(b) in clause (g), for the word “Corporation”, the word “Board” shall be substituted;

(c) in clause (h), for the word “Corporation”, the word “Board” shall be substituted.

15. In rule 41 of the said rules,—

(a) in sub-rule (4), in Notes (4), in Explanation (ii), for the word “Corporation”, the word “Board” shall be substituted;

(b) in sub-rule (5), in clauses (c), (g) and (h), for the word “Corporation”, the word “Board” shall be substituted.

16. In rule 50 of the said rules,—

(a) in sub-rule (1) and its proviso, for the word “Corporation”, the word “Board”shall be substituted;

(b) in sub-rule (2), for the word “Corporation”, the word “Board” shall be substituted;

(c) in sub-rule (3), for the words “the Corporation shall have regard” the words “the Board shall have

regard” shall be substituted;

(d) in sub-rule (4) and its proviso, for the word “Corporation”, the word “Board”shall be substituted;

(e) in sub-rule (5), for the word “Corporation”, the word “Board” shall besubstituted;

(f) in sub-rule (6) and its proviso, for the word “Corporation”, the word “Board”shall be substituted;

(g) in sub-rule (7), for the word “Corporation”, the word “Board” shall be substituted.

17. In rule 55 of the said rules, for the word “Chairman”, the word “Chief Executive” shall be substituted.

18. In rule 55B of the said rules,—

(a) for the words “proviso to sub-rule (j) of Rule 2 and employees appointed as Managing Director under

section 20 of the Act”, the words “provisos to sub- rule  (j) of rule 2” shall be substituted;

(b) for the words “an employee appointed as Managing Director under section 20 of the Life Insurance Corporation of India Act, 1956, and in respect of an employee covered by proviso to sub-rule (j) of Rule 2”, the words “employees covered by the provisos to sub-rule (j) of rule 2” shall be substituted.

19. In Appendix I of the said rules, for the word “Chairman”, the word “Chief Executive” shall be substituted.

20. In Appendix IV of the said rules, in para (3B), for the word “Corporation”, the word “Board” shall be substituted.

21. In Appendix-V of the said rules, in para (e), for the word “Corporation”, the word “Board” shall be substituted.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 525(E) dated the 28th June, 1995 andlastly amended vide G.S.R. 324(E) dated the 23rd April, 2019.