law: Life Insurance Corporation Act, 1956 
  16. Compensation for
  
  acquisition of controlled business.- 
  1.     
  
    Where
  
  the controlled business of an insurer has been transferred to and vested in the
  
  Corporation under this Act, compensation shall be given by the Corporation to
  
  that insurer in accordance with the principles contained in the First Schedule.
  2.     
  
    The
  
  amount of the compensation to be given in accordance with the aforesaid
  
  principles shall be determined by the Corporation in the first instance, and if
  
  the amount so determined is approved by the Central Government it shall be
  
  offered to the insurer in full satisfaction of the compensation payable to him
  
  under this Act, and if, on the other hand, the amount so offered is not
  
  acceptable to the insurer he may within such time as may be prescribed for the
  
  purpose have the matter referred to the Tribunal for decision.