law: Life Insurance Corporation Act, 1956 
  14. Power of
  
  Corporation to modify contracts of life insurance in certain cases.- 
  The corporation may,
  
  having regard to the financial condition on the appointed day of any insurer
  
  whose controlled business has been transferred to an vested in the Corporation,
  
  reduce the amounts of insurance under contracts of life insurance entered into
  
  by such insurer before the 19th day of January 1956, in such manner and subject
  
  to such conditions as it thinks fit:
  Provided
  
  that  
  
  no such reduction shall be made except in accordance with a scheme prepared by
  
  the Corporation in this behalf and approved by the Central Government.