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of <h1>Amendments to Life Insurance Corporation Act, 1956: New Auditor Appointment Rules, Tenure, Duties, and Reporting Requirements under Section 25.</h1> The amendments to the Life Insurance Corporation Act, 1956, introduced by the Finance Act, 2021, replace Section 25 with new provisions regarding the appointment, tenure, and duties of auditors for the Corporation. Auditors are appointed for five-year terms, with restrictions on reappointment and network affiliations. The Corporation's Board, with Central Government approval, appoints auditors before the first annual general meeting. Auditors have rights to access financial records and must report on the Corporation's financial health. Internal and special auditors can be appointed, with specific roles and responsibilities outlined. The Corporation may remove auditors by special resolution, and auditors must report resignations.
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