Section 8 in The Life Insurance Corporation of India (Agents) Regulations, 2017
8. Functions of agents.
(1)Every agent shall-(a)solicit and procure new insurance business and endeavor to prevent the lapsing of a policy or its conversion into a paid-up policy, and while procuring life insurance business, an agent shall take into consideration the needs of proposers for life insurance and their capacity to pay premium;(b)take all reasonable steps to ensure that the age of the life assured is admitted at the commencement of the policy;(c)make all reasonable enquiries in regard to the lives to be insured before recommending proposals for acceptance, and bring to the notice of the Corporation any circumstances which may adversely affect the risk to be underwritten;(d)strictly adhere to the guidelines of the Corporation and the Authority regarding issuance of any circular, pamphlet or presentations;(e)strictly adhere to the Know Your Customer and Anti Money Laundering guidelines in accordance with the Prevention of Money Laundering Act, 1999 and the rules made thereunder;(f)strictly adhere to the provisions of the IRDAI Act and the rules and regulations made thereunder; and(g)to provide necessary support to the policyholders under the orphan policies allotted to him by the competent authority.(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.(3)Every agent shall adhere to the code of conduct as set out in the Second Schedule and as prescribed by the Authority and the Corporation, from time to time.
