Governance definitions expand board, executive and committee terms, altering corporate governance framework for the Corporation.

The amendment inserts comprehensive definitions into section 2 of the Life Insurance Corporation Act, 1956 to clarify governance and corporate terms: Audit Committee, Board of Directors, Chairperson, Chief Executive (initial-period Chairperson and later CEO and MD), Chief Executive Officer and Managing Director, Managing Director, member and director status, Nomination and Remuneration Committee, notification, and special resolution. It defines "financial statement" components and "fully diluted basis" for government shareholding, designates "independent director" and "initial period", and directs reliance on the Insurance Act and Companies Act for undefined terms.

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