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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

Appointment of officers and employees
15. (1) Each Corporation may appoint such officers and other employees as it considers necessary for the efficient performance of its functions on such terms and conditions as it may determine.
(2) A Corporation may employ such officers and other employees of an existing Bima Corporation, whose undertaking has been transferred to and vested in it under sub-section (1) of section 14, as it may specify, and the officers and other employees so employed shall hold their office or service in the Corporation on such terms and conditions as it may determine:
Provided that an officer or other employee may, within such time as may be specified by the Corporation which employs him, exercise his option not to continue in the service of that Corporation.
(3) If any question arises out of the transfer of an officer or other employee of an existing Bima Corporation under sub-section (2), the question shall be referred to the Government whose decision shall be final.
(4) The transfer of service of any officer or other employee from an existing Bima Corporation to a Corporation shall not entitle any such officer or other employee to any compensation and no such claim shall be entertained by any court, tribunal or other authority.
(5) Notwithstanding anything contained in any rules, regulations, contract or agreement relating to the terms and conditions of service made or entered into by an existing Bima Corporation, no person shall be entitled to any compensation against the existing Bima Corporation or against any Corporation for the loss of his office or service or for the premature termination of any contract or agreement of management entered into by him with the existing Bima Corporation.
(6) Notwithstanding anything contained in this Act, a Corporation shall not determine the pay scales of the different classes of its officers and other employees without the previous approval of the Government.

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