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of <h1>Finance Act 2021 updates Life Insurance Corporation Act with new definitions, committees, and special resolution in Section 2.</h1> The Finance Act, 2021 amends the Life Insurance Corporation Act, 1956 by introducing new definitions and clauses in section 2. Key additions include definitions for 'Audit Committee,' 'Board of Directors,' 'Chairperson,' 'Chief Executive,' and 'Chief Executive Officer and Managing Director.' It also clarifies terms like 'financial statement,' 'fully diluted basis,' 'independent director,' and 'initial period.' New committees such as the 'Nomination and Remuneration Committee' are defined, and the concept of a 'special resolution' is introduced. The amendment specifies that undefined terms will carry meanings from the Insurance Act, 1938, or the Companies Act, 2013.
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