Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Entire Act]

Union of India - Section

Section 27 in The Life Insurance Corporation of India (Agents) Regulations, 2017

27. Power to relax.

- The Executive Committee referred in sub-section (1) of section 19 of the Act may in the interests of the Corporation, for reasons to be recorded in its resolution, relax any of the provisions of these regulations in individual cases.First Schedule[See regulation 3(1)(g), (h)]
Regulation No. Nature of functions Competent authority
(1) (2) (3)
3(e) and 4 Appointment of agents Officer in-charge of the Branch.
4(6) Change of agency year Officer in charge of the Division.
8(1)(g) Allotment of orphan policies to agents Allotment Committee of the Branch.
10(1) Commission to agents Chairman.
13(2) Reinstatement of agency when failure to bringthe business required of the agent was due to reasons beyondcontrol Designated official of the Corporationdesignated as such by the Executive Director.
14 Resignation or surrender of appointment by an agent Officer in-charge of the Branch.
15(1) and 15(3) Termination of agency on account of certain disqualification Officer in charge of the Division.
16 Action against agent for certain lapses andissue of direction not to solicit or procure new life insurancebusiness Officer in charge of the Division.
17 Termination of agency by notice Zonal Managers in charge of the Zone.
18 Direction not to solicit or procure new lifeinsurance business or termination of agency in insolvency cases. Officer in charge of the Division.
19(1) Payment of commission on discontinuance of agency Officer in charge of the Division.
19(6) Commutation of renewal commission Officer in charge of the Division.
Schedule I Reg.21 Withholding of appeals - Nature of functions -to issue show cause notice and final order Officer-in-charge of the Division.
The Second Schedule[See regulations 8(3),12(1)]Code of Conduct
(1)Every insurance agent shall. -
(a)identify himself as an insurance agent of the Corporation;
(b)show the agency identity card to the prospect, and also disclose the agency appointment letter to the prospect on demand;
(c)disseminate the requisite information in respect of insurance products offered for sale by the Corporation and take into account the needs of the prospect while recommending a specific insurance plan;
(d)disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect;
(e)indicate the premium to be charged by the Corporation for the insurance product offered for sale;
(f)explain to the prospect the nature of information required in the proposal form by the Corporation, and also the importance of disclosure of material information in an insurance contract;
(g)bring to the notice of the Corporation every fact about the prospect relevant to the insurance underwriting, including any adverse habits or income inconsistency of the prospect, within the knowledge of the agent, in the form of a report called "Insurance Agent's Confidential Report" along with every proposal submitted to the Corporation, and any material fact that may adversely affect the underwriting decision of the Corporation as regards acceptance of the proposal, by making all reasonable enquiries about the prospect;
(h)obtain the requisite documents at the time of submitting the proposal papers to the Corporation, and other documents subsequently called for by the Corporation for completion of the proposal.
(i)advise every prospect to effect nomination under the policy;
(j)inform promptly the prospect about the acceptance or rejection of the proposal by the Corporation;
(k)render necessary assistance and advice to every policyholders on all policy servicing matters including assignment of policy, change of address or exercise of options under the policy or any other policy service, wherever necessary;
(l)render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the Corporation.
(2)The Insurance Agent shall not. -
(a)solicit or procure insurance business without being appointed to act as such by the Corporation;
(b)induce the prospect to omit any material information in the proposal form;
(c)induce the prospect to submit wrong information in the proposal form or documents submitted to the Corporation for acceptance of the proposal;
(d)resort to multilevel marketing for soliciting and procuring insurance policies and/or induct any prospect or policyholder to join a multilevel marketing scheme;
(e)behave in a discourteous manner with the prospect;
(f)interfere with any proposal introduced by any other insurance agent of the Corporation;
(g)offer different rates, advantages, terms and conditions other than those offered by the Corporation;
(h)demand or receive a share of proceeds from the beneficiary under an insurance contract;
(i)force a policyholder to terminate the existing policy and to effect a new policy from him within three years from the date of such termination of the earlier policy;
(j)apply for fresh agency appointment to act as an insurance agent, if his agency appointment was earlier canceled by the designated official, and a period of five years has not elapsed from the date of such cancellation;
(k)become or remain a director of any insurer.
(3)Every agent shall, with a view to conserving the insurance business already procured through him, make every attempt to ensure remittance of the premiums by the policyholders within the stipulated time, by giving notice to the policyholder orally and in writing.
(4)Any person who acts as an insurance agent in contravention of the provisions of the IRDAI Act shall be liable to penalty and disciplinary action by the Corporation.The Third Schedule[See regulation 10(2)]Bonus commission payable to agents