what are agents regulations?
Answers
Answer:
The Life Insurance Corporation of India (Agents) Regulations, 2017
Published vide Notifications No. G.S.R. 86(E), dated 2nd February, 2017
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Life Insurance Corporation of India
G.S.R. 86(E). - In exercise of the powers conferred under section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Life Insurance Corporation of India, with the previous approval of the Central Government, hereby makes the following regulations regulating the method of recruitment of agents and the terms and conditions thereof, namely:
1. Short title and commencement. - (1) These regulations may be called the Life Insurance Corporation of India (Agents) Regulations, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Application. - These regulations shall apply to all agents appointed in India by the Corporation in respect of life insurance business.
3. Definitions. - (1) In these regulations, unless the context otherwise requires,
(a) "Act" means the Life Insurance Corporation Act 1956 (31 of 1956);
(b) "absorbed agent" means an agent who is deemed to have been appointed under sub-regulation (4) of regulation 4;
(c) "agent" means a person who has been appointed under regulation 4 of these regulations and includes an absorbed agent;
(d) "agency year",-
(i) in relation to an agent, other than an absorbed agent, means-
(A) in the first year of his appointment, the period