law: Life Insurance Corporation Act, 1956 
  39. Special
  
  provisions for winding up of certain insurers.- 
  Where any insurer
  
  being a company (other than a composite insurer) whose controlled business has
  
  been transferred to and vested in the Corporation under this Act has in
  
  accordance with the provisions of this Act collected and distributed any moneys
  
  paid to him by the Corporation by way of compensation or otherwise and has also
  
  complied with any direction given to him by the Corporation for the purpose of
  
  securing that the ownership of any property or any right is effectively
  
  transferred to the Corporation, the Central Government may on application being
  
  made to it in this behalf by such insurer grant a certificate to the insurer
  
  that there is no reason for the continued existence of the insurer and where
  
  such a certificate has been granted shall cause the certificate to be published
  
  in the Official Gazette and upon the publication thereof the insurer shall be
  
  dissolved.