Section 3(1) in The Life Insurance Corporation of India (Agents) Regulations, 2017
(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 from the date of his appointment to the end of the month in which he completes twelve months as an agent (hereinafter referred to as the first 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; and(ii)in relation to an absorbed agent, means-(A)the period of twelve months from the date following the date on which he had completed the last year of his agency before the published day (hereinafter referred to as the first 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 of an agent on whom a notice has been served under sub-regulation(6) of regulation 4, subsequent agency years shall be taken to mean every successive period of twelve months computed from the date mentioned in the notice;(e)"appointment letter" means a letter of appointment issued by the competent authority to an individual to act as an agent;(f)"authority" means the Insurance Regulatory and Development Authority of India established under the provisions of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(g)"competent authority" means the authority prescribed in column (3) of the First Schedule to discharge the functions mentioned in the corresponding entries in column (2) thereof;(h)"designated officer" means an officer authorized by the Corporation to make appointment or reinstatement of agents and to discharge other functions as entrusted to him in column (2) of the First Schedule;(i)"Insurance Act" means the Insurance Act, 1938 (4 of 1938);(j)"IRDA Act" means Insurance Regulatory and Development Authority of India Act, 1999;(k)"published day" means the date on which these regulations are published in the Official Gazette;(l)"Schedule" means a Schedule appended to these regulations.
