Section 8(2) in The Life Insurance Corporation of India (Agents) Regulations, 2017
(2)Nothing contained in these regulations shall be deemed to confer any authority on an agent to collect any moneys or to accept any risk for or on behalf of the Corporation or to bind the Corporation in any manner whatsoever:Provided that an agent may be authorized by the Corporation to collect and remit renewal premium under the policies or proposal deposits from proponents on such conditions as may be determined by the Corporation.
