The Ministry of Finance, Department of Financial Services, through Notification G.S.R. 654(E) dated 23 July 2026, has published draft rules proposing amendments to the Life Insurance Corporation General Rules, 1956 under section 48 of the Life Insurance Corporation Act, 1956. The draft rules are proposed to be notified after the expiry of thirty days from the date the draft is made available to the public, during which objections or suggestions may be submitted to the Secretary, Department of Financial Services, and will be considered by the Central Government. The proposed amendments include omission of rules 14, 15 and 16, omission of the words “Part II of the Fourth Schedule to” from Explanation 1 and “Form F of the Third Schedule to” from Explanation 2 in rule 18(ii), and omission of the words and brackets “clause (a) of” in rule 19. The proposed rules are to be called the Life Insurance Corporation General (Second Amendment) Rules, 2026 and will come into force from the date of their publication in the Official Gazette.
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 23rd July, 2026
G.S.R. 654(E).— Draft rules to amend the Life Insurance Corporation General Rules, 1956, which the Central Government proposes to make in exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), are hereby published for information of all persons likely to be affected thereby, and notice is hereby given that the said draft rules will be taken for publication in the Gazette of India after the expiry of a period of thirty days from the date on which the copies of the draft rules are made available to the public.
Objections or suggestions, if any, from persons likely to be affected may be addressed to the Secretary, Ministry of Finance, Department of Financial Services, Jeevan Deep Building, 3rd floor, Sansad Marg, New Delhi 110001.
Objections or suggestions that may be received from persons likely to be affected with respect to the draft rules within the aforesaid period shall be considered by the Central Government.
DRAFT RULES
1. Short title and commencement.—
i. These rules may be called the Life Insurance Corporation General (Second Amendment) Rules, 2026.
ii. They shall come into force from the date of their publication in the Official Gazette.
2. In the Life Insurance Corporation General Rules, 1956 (hereinafter referred to as the said rules), rule 14 shall be omitted.
3. In the said rules, rule 15 shall be omitted.
4. In the said rules, rule 16 shall be omitted.
5. In the said rules, in rule 18, in sub-rule (ii), –
a. In Explanation 1, the words “Part II of the Fourth Schedule to” shall be omitted;
b. In Explanation 2, the words “Form F of the Third Schedule to” shall be omitted.
6. In the said rules, in rule 19, the words and brackets “clause (a) of” shall be omitted.
[F. No. 12018/02/2021-Ins.II]
Dr. DEBASISH PRUSTY, Addl. Secy.
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide notification number S.R.O. 1889A, dated the 28th August, 1956 and were subsequently amended vide notification numbers G.S.R. 317, dated the 30th April, 1958, G.S.R. 1101, dated the 8th November, 1958, G.S.R. 1568, dated the 23rd October, 1964, G.S.R. 1094, dated the 22nd July, 1965, G.S.R. 1116(E), dated the 2nd December, 1988, G.S.R. 278(E), dated the 28th May, 1997, G.S.R. 474(E), dated the 23rd July, 2004, G.S.R. 669(E), dated the 26th October, 2006, G.S.R. 2, dated the 3rd January, 2012, G.S.R. 199, dated the 24th October, 2015, G.S.R. 96(E), dated the 10th February, 2020, G.S.R. 460 (E), dated the 30th June, 2021, G.S.R. 171 (E), dated the 3rd March, 2022 and G.S.R. 59 (E), dated the 27th January, 2026.
