CS Professional · Banking and Insurance - Laws and Practice · Life Insurance
Under Section 28(3) of the LIC Act, 1956, how often must the Corporation publish its surplus distribution policy on its website, with Board approval?
The Corporation must publish its surplus distribution policy on its website, with Board approval, at least once in five years. The Board may choose a shorter period, but not less than three years. The policy must state the percentages.
- AEvery year without exception
- BAt least once in five years, or a shorter period not less than three years as the Board deems fitCorrect
- COnce in ten years, or a shorter period not less than five years
- DOnly when the Central Government directs it to do so
Explanation
Section 28(3) requires publication on the website, with Board approval, at least once in five years, or a shorter period not less than three years as the Board deems fit. The policy must specify, among other things, the surplus percentages.
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