Section 4 in The Life Insurance Corporation of India (Agents) Regulations, 2017
4. Appointment of Agents.
(1)Agents may be appointed in any place within India for the purpose of soliciting or procuring life insurance business including business relating to the continuance, renewal or revival of policies of insurance for the Corporation.(2)All appointments referred to in the sub-regulation (1), shall be made by the competent authority after conducting interview of the candidates and satisfying itself about their suitability.(3)In making such appointments the competent authority shall be guided by such rules of procedure as are laid down in the Insurance Regulatory and Development Authority of India (Appointment of Insurance Agents) Regulations, 2016 made under the IRDA Act, as amended from time to time.(4)On and from the commencement of these regulations, every agent appointed under the provisions of the Life Insurance Corporation of India (Agents) Rules, 1972 and who was immediately before that day acting on behalf of the Corporation as such agent, shall be deemed to be an agent appointed and confirmed under these regulations from such day.Provided that for the purpose of computing the period of his work as an agent and any benefit under these regulations, the period during which he was continually acting on behalf of the Corporation as an agent immediately before the commencement of these regulations (excluding any period prior to the 1st September, 1956) shall be taken into account and for the purpose of ascertaining his business in force or the renewal premium income in respect of such business on any date, the business completed by him in the period during which he was continually acting as an agent immediately before such commencement shall be taken into account.(5)An applicant seeking appointment as a composite insurance agent shall provide details of the Insurer with whom his Agency exists in the Application Form for Composite Agents.(6)Notwithstanding anything in sub-regulations (1) to (5), the competent authority may, by notice in writing to an agent, direct that his agency year shall be every successive period of twelve months from the date mentioned in the notice:Provided that the date so mentioned in the notice shall be the first date of a calendar month.(7)Notwithstanding anything contained in this regulation, the designated officer may refuse or reject, for reasons to be recorded in writing, an application if he feels that the grant of appointment may be against public interest.
