law: Life Insurance Corporation Act, 1956 
  35. Repatriation of
  
  assets and liabilities in the case of foreign insurers in certain cases.- 
  1.     
  
    Any
  
  insurer incorporated outside India may, before the appointed day, make an
  
  application to the Central Government stating that among the assets
  
  appertaining to the controlled business of the insurer of building up his life
  
  insurance business in India, which, notwithstanding anything contained in
  
  section 7, should not be transferred to and vested in the Corporation.
  2.     
  
    On
  
  receipt of an application under sub-section (1), the Central Government shall
  
  determine the value of the assets of the insurer appertaining to his controlled
  
  as at that date in accordance with the provisions contained in paragraph 3 of
  
  Part B of the First Schedule, and deduct there from the total amount of the
  
  liabilities of the insurer appertaining to his controlled business in existence
  
  on the 31st day of December 1955, computed as at that date in accordance with
  
  the provisions contained in the Second Schedule; and if there is any excess,
  
  the Central Government may, by order, direct that such assets equivalent in
  
  value to the excess as may be specified in the order shall not be transferred
  
  to or vested in the Corporation, or where the order is made after the appointed
  
  day, that the Corporation shall be divested of the said assets.
  3.     
  
    In
  
  the case of any insurer incorporated outside India, the Central Government may
  
  also, by order, direct that any such liabilities in respect of life insurance
  
  policies expressed in any foreign currency issued on the lives of persons who
  
  are not citizens of India as are specified in the order together with any such
  
  assets necessary to meet the liabilities, as may be so specified, shall not be
  
  transferred to or vested in the Corporation or, if the order is made after the
  
  appointed day, that the Corporation shall be divested of such liabilities and
  
  assets as aforesaid.
  4.     
  
    The
  
  amount of liabilities in respect of the policies referred to in an order made
  
  under sub-section (3) shall be computed as at the 31st day of December, 1955,—
  a.      in any case where in
  
  respect of the insurer concerned an order has been made under sub-section (2),
  
  in accordance with the provisions contained in clause
  b.     Of the Second
  
  schedule; and (b) in any other case, in accordance with method A specified in
  
  the Second Schedule.
  Explanation.  In computing the
  
  amount of liabilities in respect of the policies referred to in this
  
  sub-section, allowances shall be made for receipts and payments in respect of
  
  such policies from the 31st day of December, 1955, up to the date of the order.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
    Every
  
  order made by the Central Government under this section shall be carried out by
  
  the Corporation in such manner as the Central Government may direct.