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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

22. (1) After making provision for bad and doubtful debts, depreciation of assets and any other matter determined by the Board, the Sadharan Bima Corporation may, out of its net annual profits, establish a reserve fund and any surplus remaining thereafter shall be paid to the Government.
(2) If as a result of any investigation undertaken by the Jiban Bima Corporation under section 20 any surplus emerges, ninety-five per cent of such surplus or such higher percentage thereof as the Government may approve shall be allocated to or reserved for the life insurance policy-holders of the Corporation and the remainder shall be paid to the Government.

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