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of <h1>Finance Act 2021 amends LIC Act 1956: Changes to Board roles, director elections, and fund management under section 49.</h1> The Finance Act, 2021 amends the Life Insurance Corporation Act, 1956, specifically section 49. The amendments replace references to 'Corporation' with 'Board' in sub-sections (1) and (2), omit certain clauses, and update others. New clauses are added, detailing procedures for Board meetings, director elections, share nominations, and fund management. It specifies the maintenance of registers, books, and records. Additionally, it clarifies that references to the 'Investment Committee' in existing regulations will now refer to the Board's Investment Committee as per section 19A.
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