The Life Insurance Corporation of India (Agents) Amendment Regulations, 2023.
F.No.S-11015/01/2019-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 further to amend the Life Insurance Corporation of India (Agents) Regulations, 2017, namely:-
- Short title and commencement.-(1) These regulations may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023.
(2) These regulations shall come into force on the date of their publication in the Official Gazette. - In the Life Insurance Corporation of India (Agents) Regulations, 2017 (hereinafter referred to as „principal regulations‟), in regulation 7, the sub-regulation (2) shall be omitted.
- In the principal regulations, in the Fourth Schedule, –
(a) in paragraph 2, –
(A) in sub-paragraph (1), –
(I) in clause (i), in sub-clause (b), for the words “expected reason”, the words “excepted reason” shall be substituted;
(II) in clause(ii), for the word “an”, the word “and” shall be substituted;
(III) in the Explanation, for the words “expected reason”, the words “excepted reason” shall be substituted;
(B) In sub-paragraph (3), for the words “three lakh”, the words “five lakh” shall be substituted.
(b) in paragraph 3,for sub-paragraph (2), the following shall be substituted, namely:-
“(2) The amount payable under sub-paragraph (1) (hereinafter referred to as the amount of term insurance) shall be based on the average annual renewal commission earned by the agent in the three agency years immediately preceding his death (hereinafter referred to as the average commission) and shall be according to the following Table, namely:-
TABLE
Note : The principal regulations were published in the Gazette of India, Extraordinary, vide G.S.R. 86(E), dated the 2nd February, 2017 and subsequently amended vide F.No.I-13011/03/2021-Ins.I dated the 22nd July,2021.
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