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of <h1>Finance Act 2021 amends LIC Act, 1956: New Board structure, mandatory female director, stricter penalties for violations.</h1> The Finance Act, 2021 introduces amendments to the Life Insurance Corporation Act, 1956, replacing Section 4 with new provisions. The Board of Directors, comprising up to eighteen members including a mandatory female director, will oversee the Corporation's affairs. Key roles include a Chairperson, CEO, Managing Directors, and independent directors. Directors must meet specific eligibility criteria and disclose any conflicts of interest. Related party transactions require Board consent and adherence to prescribed conditions. Penalties for violations are adjudicated by a designated officer, with provisions for appeals and increased penalties for repeated offenses within three years.
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