LIC of India (Agents) (Amendment) Regulations 2021

Life Insurance Corporation (LIC) of India (Agents) (Amendment) Regulations 2021

F.No. I-13011/03/2021-Ins. I.—In exercise of the powers conferred by section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Board, with the previous approval of the Central Government, hereby makes the following regulations to amend the Life Insurance Corporation of India (Agents) Regulations, 2017, namely:—

1. Short title and commencement.—
   (1) These regulations may be called the Life Insurance Corporation of India (Agents) (Amendment) Regulations, 2021.
   (2) They shall come into force on the date of their publication in the Official Gazette.
   
2. In the Life Insurance Corporation of India (Agents) Regulations, 2017 (hereinafter referred to as the said regulations), in regulation 6 of the said regulations, in sub-regulation (2), for the words “by the Corporation”, the words “by the Board” shall be substituted.
   
3. In regulation 9 of the said regulations,—
   (i)in sub-regulation (1), for the word “Corporation”, the word “Board” shall be substituted;
   (ii) in sub-regulation (2), for the word “Corporation”, the word “Board” shall be substituted.
   
4. In regulation 16 of the said regulations, in sub-regulation (1), in clause (n), for the word “Corporation”, the word “Board” shall be substituted.
   
5. In regulation 19 of the said regulations, in sub-regulation (7), for the word “Corporation”, the word “Board” shall be substituted.
   
6. In regulation 24 of the said regulations, in sub-regulation(1), for the word “Chairman” at both places where they occur, the words “Chief Executive” shall be substituted.
   
7. In regulation 26 of the said regulations, for the word “Corporation”, the word “Board” shall be substituted.
   
   In the First Schedule to the said regulations, in column (3), for the entries against Regulation No. 10(1), for the word “Chairman”, the words “Chief Executive” shall be substituted.

Note: The principal regulations were published in the Gazette of India, Extraordinary, vide number G.S.R. 86(E), dated the 2nd February, 2017.

Notification

Read More on IRDAI