LALITA DEVI Vs. L I C OF INDIA

JUDGEMENT

(1.) The petitioner was appointed as an Agent in the National Indian Life Insurance Company on 28-6-1954. By virtue of the enactment of the Life Insurance Corporation of India Act, 1956, (hereinafter referred to as the Act'), the business of the said company vested in the Life Insurance Corporation of India (Hereinafter referred to as the Corporation) from the appointed day.

(2.) In exercise of the powers conferred on the Corporation under section 49 of the Act and with the previous approval of the Central Government, the Corporation made Regulations known as "Life Insurance Corporation of India (Agents) Regulations, 1972" (Hereinafter referred to as the Agents Regulations'). The said Regulations came into force from 1-5-1972, Till the Regulations came iato force, the terms and conditions of work of the petitioner were governed by the terms and conditions ot the Agency of the National Indian Life Insurance Company, By virtue of sub-regulation (4) of Regulation 4 of the Agents Regulations, the pe titioner became an 'absorbed agent' under the Corporation. Consequently, the petitioner was governed by the Agents Regulations which define the method of recruitment and the terms and conditions of appointment of Agents.

(3.) The husband of the petitioner is now an employee of the Corporation, He was also formerly working in the National Indian Life Insurance Company until the assets and liabilities of the said company were transferred to and vested in the Corporation under section 7 of the Act.