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?⁸​

Answer 1

Answer:

a) It's a state own insurance group and investment corporation owned by the government.

b) statuary corporation are powers and public enterprises brought into existence by a special act of the parliament.

c) Yes!

d) Yes!

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