Section 6, Life Insurance Corporation Act, 1956 [S1D-M1X]
As at 7 September 2026. In force from 10 July 1956.
6. Grant of licence.—(1) An application for a licence to undertake the carrying on of insurance business shall be made to the Authority in Form IRDA-2, accompanied by a fee of one thousand rupees. (2) The Authority may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Authority may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (1)
Authority: Section 2, Life Insurance Corporation Act, 1956 [S1DKXW] (In this Act, unless the context otherwise requires,—): "Authority" means the Insurance Regulatory and Development Authority of India established under section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)
Authority: 22 more definitions.
Made under this section, or naming it (0)
none
Cited by (3)
Section 5, Life Insurance Corporation Act, 1956 [S1D-M0Z], 10 July 1956, Band A. "section 6".
Section 70, Life Insurance Corporation Act, 1956 [S1D-P1N], 10 July 1956, Band A. "section 6".
Rule 5, Life Insurance Corporation Act Rules, 1957 [S1E-FDY], 25 August 1957, Band A. "section 6 of the Act".
Not held (0)
none
Duties published under this section (1)
D10-PGV. Every insurer: Obtain a licence before undertaking the carrying on of insurance business; apply in Form IRDA-2, fee one thousand rupees; Before the activity begins; licence valid three years; Form IRDA-2. Published by Department of Financial Services, Ministry of Finance (synthetic record).