Section 15 in The Life Insurance Corporation of India (Agents) Regulations, 2017
15. Termination of agency on account of certain disqualifications.
(1)If an agent-(a)is found to be a minor;(b)is found to be of unsound mind by a court of competent jurisdiction;(c)if he is found to be guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment to commit any such offense by a court of competent jurisdiction;(d)if in any judicial proceeding, has been found to have knowingly participated in or connived at any fraud, dishonesty or misrepresentation against the Corporation or any of its subsidiaries or against any person having official dealings with the Corporation or any of its subsidiaries, his appointment shall be liable to be terminated by the competent authority.(2)Every order of termination under sub-regulation (1) shall be issued after affording a reasonable opportunity to the agent to show cause against such termination in an enquiry to be conducted in accordance with the procedure set out in the Fifth Schedule.(3)Where the competent authority proposes to take action under sub-regulation (1), it may direct the agent not to solicit or procure new insurance business until he is permitted by the competent authority to do so and the order of suspension so issued may be published as provided for in the Fifth Schedule.
