law: Life Insurance Corporation Act, 1956 
  49. Power to make
  
  regulations.- 
  
  1.     
  
    The
  
  Corporation may, with the previous approval of the Central Government, by
  
  notification in the Gazette of India, make regulations not inconsistent with
  
  this Act and the rules made there under to provide for all matters for which
  
  provision is expedient for the purpose of giving effect to the provisions of
  
  this Act.
  2.     
  
    In
  
  particular, and without prejudice to the generality of the foregoing power,
  
  such regulations may provide for—
  a.      the powers and
  
  functions of the Corporation which may be delegated to the Zonal Managers;
  b.     the method of
  
  recruitment of employees and agents of the Corporation and the terms and
  
  conditions of service of such employees or agents;
  c.      the number, term of
  
  office and conditions of service of members of Boards constituted under section
  
  22;
  d.     the territorial
  
  limits of each zone established under this Act and the business to be
  
  transacted in each Zone;
  e.      the manner in which
  
  the Fund of the Corporation shall be maintained;
  f.      the maintenance of
  
  separate funds and accounts at each of the zonal offices;
  g.     the jurisdiction of
  
  each divisional office and the establishment of Councils representative of
  
  policy-holders in each area served by a divisional office for the purpose of
  
  advising the divisional office in respect of any matter which may be referred
  
  to it;
  h.      the conduct of
  
  business at meetings of the Corporation;
  i.       the formation of
  
  Committees of the Corporation and the delegation of powers and functions of the
  
  Corporation to such Committees, and the conduct of business at meetings of such
  
  Committees;
  j.       the form and manner
  
  in which policies may because and contracts binding on the Corporation may be
  
  executed;
  k.      the classification of
  
  policies, whether issued by the Corporation or by any insurer whose controlled
  
  business has been transferred to and vested in the Corporation, for the
  
  purposes of declaring differential bonuses, wherever necessary;
  l.       the manner in which
  
  and the intervals within which the accounts of the various zonal offices,
  
  divisional offices and branch offices may be inspected and their accounts
  
  audited,
  m.    the conditions
  
  subject to which any payment may be made by the Corporation