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Union of India - Section

Section 12 in The Insurance Regulatory And Development Authority (Micro-Insurance) Regulations, 2005

12. Remuneration/commission.-

(1)A micro-insurance agent may be paid, remuneration for all the functions rendered as outlined in regulation 5 and including commission, by an insurer, and that the same shall not exceed the limits as stated below:
(a) Life InsuranceBusiness :
Single premiumpolicies Ten per cent ofthe single premium
Non-single premiumpolicies Twenty per cent ofthe premium for all the years of the premium paying term.
(b) Foe Non-LifeInsurance Business: Fifteen per centof the premium.
(2)Where the agreement between the micro-insurance agent and insurer is terminated for any reason whatsoever, no future commission/remuneration shall be payable.
(3)For group insurance products, the insurer may decide the commission subject to the overall limits as specified in sub-regulation (1).