law: Life Insurance Corporation Act, 1956 
  10. Provisions as to
  
  composite insurers.- 
  1.     
  
    For
  
  the removal of doubts it is hereby declared that in any case where an insurer
  
  whose controlled business has been transferred to an vested in the corporation
  
  under this Act is a composite insurer, the provisions of the preceding sections
  
  shall only apply to the extent to which any property appertains to his
  
  controlled business and to rights and powers acquired, and to debts,
  
  liabilities and obligations incurred, and to contracts, agreements and other instruments
  
  made by the insurer for the purposes of his controlled business and to legal
  
  proceedings relating to those purposes, and the provisions of those sections
  
  shall be construed accordingly.
  2.     
  
    The
  
  Central Government may, by rules made in this behalf provide—
  a.      for the determination
  
  of the question whether any property appertains to his controlled business or
  
  whether any rights, powers, debts, liabilities or obligations were acquired or
  
  incurred or any contract, agreement or other instrument was made by the insurer
  
  for the purposes of his controlled business or whether any documents relate to
  
  those purposes;
  b.     doe the allocation of
  
  the paid-up capital or assets representing such paid-up capital, as the case
  
  may be, between the controlled business of the insurer and any other business;
  c.      for substituting for
  
  any agreements entered into by any insurer partly for the purposes of his
  
  controlled business and partly for other purposes separate agreements in the
  
  requisite terms and for any apportionments and indemnities consequent thereon;
  d.     for the severance of
  
  leases comprising property of which part only is transferred to And vested in
  
  the Corporation by virtue of this Act and for apportionment consequent on such
  
  severance;
  e.      for the apportionment
  
  and the making of financial adjustments with respects to any debts, liabilities
  
  of obligations incurred by any such insurer partly for the purposes of his
  
  controlled business and partly for other purposes and for any necessary
  
  variation of mortgages and encumbrances relating to such debts, liabilities or
  
  obligations;
  f.      for the apportionment
  
  of the moneys and other assets belonging to any provident or superannuation
  
  fund or any other like fund to which the provisions of section 8 do not apply
  
  between persons employed in connection with the controlled business of an
  
  insurer and other persons;
  g.     for any other matters
  
  supplementary to or consequential on the matters aforesaid for which provision
  
  appears to be necessary or expedient.
  1.     
  
  
  2.     
  
  
  3.     
  
    All
  
  rules made under this section shall be laid for not less than thirty days
  
  before both Houses of Parliament as soon as possible after they are made and
  
  shall be subject to such modifications as Parliament may make during the
  
  session in which they are so laid or the session immediately following.
  4.     
  
    Where
  
  at any time before the expiration of six months from the appointed day a
  
  question has arisen under this section or under any rules made there under as
  
  to whether any property is or was held or used by the insurer for the purposes
  
  of his controlled business, the question shall be referred to the Tribunal for
  
  decision.