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          <h1>Finance Act 2021 Amends LIC Act: Changes in Director Roles, Related Party Transactions, and Governance Procedures</h1> The Finance Act, 2021 amends Section 48 of the Life Insurance Corporation Act, 1956. It replaces the term 'members' with 'directors' in clause (a) of subsection (2) and introduces new clauses (aa) to (ad) detailing disclosure of interest by directors, conditions for related party transactions, issuance of securities, and reservation for policyholders in public issues. Additional clauses (ha) to (hk) specify procedures for general meetings, quorum requirements, voting, service of notices, issuance of financial statements, auditor appointments, and auditor duties. These amendments aim to enhance governance, transparency, and operational efficiency within the Corporation.

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