42} Ny Re print SOUTHERN ZONE—1984 | (AGENTS) REGULATIONS, 1972 (Published in the Gazette of india Extraordinary ated 1st May 1972)oeoua—— CONTENTS Regulation No. | 16. ”. | 8 20, a, Preamble Short Title and Commencement Application Deiniions Appointment of agents. = Qvaldcation of agents Training and tess Probation Fnetons of agents Minimum amount of business to be secured by agents Payment of commission to agents Gat fd term insurance benghits Corporation's lien on agent's dud Termination of agency Termination of ageney on cancel f failure to. renew licence Termination of agency on account of ‘certain disquaifcations ‘Termination of agency for cerlainlapies Termination of agzacy by notice Procedure in insolvency cases Payment of comission on dibeontinuance of agency Appeals Withholding of appeals2. a, 25, UL, wv. vt vil Transmission of appeal Consideration of appeal Memorial Power to isue instrctions of direaions Power to frame schemes Relaxation . SCHEDULES ‘Competent autherity to dischange tbe functions under the various Regulations : Rates of Commission payable to agents during the continuance of the agency Bonus commission payable to agents ‘Alierative rates of commission payable to an ‘agent at his option dusing the continuance of the agency -- onus commission payable to agents, whe ematives rates of commissiog are ‘opted for Gratuity and Term Insurance ‘Appellate Authority -5 0s 2 B 4 416LIFE INSURANCE CORPORATION OF INDIA (AGENTS) REGULATIONS, 1972 ‘Whereas itis necesary to frame regulations defining the method of recruitment of agents fof the Life Insurance Corporation of India and the tems and conditions of their appointment ‘and work, the Corporation, in exerise of the powers vested in it under section 49 ofthe Life Insurance Corporation Act, 1956 (31 of 1956), and with the previous approval of the Central ‘Government, hereby makes the following regulations, namely: 1, Short title and commencement : () These regulations may be called the Life Insurance Corporation of India (Agents) Regulations, 1972 (@) They shall come into force on the date of their publication in the Gazette of India. 2 Asplication + ‘These regulations shall apply to all agents appointed in India by the Corporation in respoct of life insurance business. 3 Definitions: (1) In these regulations, unless the contest otherwise requites, @) “absorbed agent” means an ageat who is deemed to have been appointed under sub- regulation (4) of regulation 4 5 (©) “agent” means a person who has teen appointed under regulation 4 ofthese regulations ‘and includes an absorbed agent; ~ (© “agency year * (in teation to an. agent other than an absorbed agent means : (A) in the frst year of his appointment, the period from the date of bis appointment {othe end ofthe month in which he completes twelve months as an. agent (hetcn- after referred to as the Ost agency year of such ageat), and. (8) in the subsequent years of his appointment, every succesive period of twelve ‘months following the completion of the Gist agency year ; and (in relation to an absorbed ageat, means ; (A) the period of twelve months from the date following the date on which he bad ‘completed the lat year of his agency before the published day (hereinafter ceferred 0 as the frst agency year of such agent) and (B) in the subsequent years of his appointment every successive period of twelve ‘months following the completion of the first agency year : Provided that in the case ofan ageat on whom notice has beea served under sub-egulation (S) of regufation4, subsequent agcacy years shall be taken {to mean every sucsssive period of twelve months computed from the date rmeationed in the notice. () “ascertained”, with reference to population, means ascertained from the latest Census Repost of the Government of India. ; (©) “competent authority” means the authority specified in column (3) of Schedule 1 to discharge the functions mentioned in the corresponding entries in coluina (2) thereof? () “Tosurance Act” means the Insurance Act, 1938 4 of 1928) \