Question

Q 24. Life Insurance Corporations of India is a corporate autonomous body. It has established by enactment of LIC Act, 1956. (a) Identify the type of organisation highlighted above?(b) Who defines the power, functions, rules and regulations of the above organisations?(c) Does these organisation have its own separate identity?(d) Are these organisations subjected to the accounting or audit procedure like government departments?​

Answer 1

Answer:

a) Statutory Corporation

b)  The special Act , which brings statutory corporation in existence only defines the power , functions and of statutory corporation (Here LIC Act)

c) Yes

D) No there are independent

Explanation:

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