law: Life Insurance Corporation Act, 1956 
  Chapter VII:
  
  Miscellaneous 
  30. Corporation to
  
  have exclusive privilege of carrying on life insurance business.- 
  Except to the extent
  
  otherwise expressly provided in this Act, on and from the appointed day the
  
  Corporation shall have the exclusive privilege of carrying on life insurance
  
  business in India; and on and from the said day any certificate to registration
  
  under the Insurance Act held by any insurer immediately before the said day
  
  shall cease to have effect in so far as it authorises him to carry on life
  
  insurance business in India.