Section 10 in The Life Insurance Corporation of India (Agents) Regulations, 2017
10. Payment of commission to agents.
(1)An agent shall be paid as compensation and remuneration for the discharge of all his functions under these regulations, commission at the rates fixed for each product of assurance as approved by the competent authority on the first year premiums and renewal premiums received during the continuance of his agency in respect of the completed business under his agency.(2)An agent shall, in addition to the commission payable under sub-regulation (1), be entitled to bonus commission on the first year eligible commission as provided in the Third Schedule.(3)The commission or remuneration payable to an agent in any form is subject to regulations made by the Authority under the IRDAI Act, in force.(4)Save as provided by regulation 19, no commission shall be payable to an agent after he ceases to be an agent.
