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of <h1>Amendments to LIC Act 1956: New Section 24 mandates separate funds, annual financial statements, and penalties for non-compliance.</h1> The amendments to the Life Insurance Corporation Act, 1956, introduced by the Finance Act, 2021, replace Section 24 with new provisions detailing the financial management of the Corporation. The Corporation must maintain separate funds for participating and non-participating policyholders and prepare comprehensive financial statements annually. These records must be kept at various levels-central, zonal, and divisional offices-and can be stored electronically. The Board is responsible for ensuring compliance with accounting standards and presenting financial statements at annual meetings. Non-compliance by key officials can result in penalties ranging from fifty thousand to five lakh rupees.
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