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of <h1>Finance Act 2021 Revamps LIC Act: New Rules on Share Capital, Government Ownership, and Share Issuance Explained</h1> The Finance Act, 2021, amends the Life Insurance Corporation Act, 1956, by replacing Section 5 with new provisions regarding the Corporation's share capital and governance. The authorized share capital is set at 25,000 crore rupees, with flexibility for the Central Government to adjust this amount. The Corporation can issue equity and preference shares, with the Central Government retaining at least 51% ownership. Shares can be issued through various methods, including rights issues and public offerings, with specific conditions for policy-holder reservations. The Corporation must maintain registers of members and beneficial interests, and shares are deemed securities under applicable laws. Nomination rights for share transfers upon a member's death are also established.
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