In exercise of the powers conferred by section 49 of the Life Insurance Corporation Act, 1956 31 of 1956, the Board, with the previous approval of the Central Government

EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 832] NEW DELHI, WEDNES DAY , DEC EMBER 13, 2023/ AGRAHAYANA 22, 1945 CG-MH-E-13122023-250647 LIFE INSURANCE CORPORATION OF INDIA NOTIFICATION Mumbai, the 6 th December, 2023 F.No.S -11015/01/2019 -Ins-I.--In exercise of the powers conferred by section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Board, with the previous approval of the Central Government, hereby makes the following regulations further to amen d the Life Insurance Corporation of India (Agents) Regulations, 2017, namely: - 1. Short title and commencement. -(1) These regulations may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023. (2) These regulations shall come into force on the date of their publication in the Official Gazette. 2. In the Life Insurance Corporation of India (Agents) Regulations, 2017 (hereinafter referred to as „principal regulations‟), in regulation 7, the sub -regulation (2) shall be omitted. 3. In the principal regulations, in the Fourth Schedule, - (a) in paragraph 2, - (A) in sub -paragraph (1), - (I) in clause (i), in sub -clause (b), for the words “expected reason”, the words “excepted reason” shall be substituted; (II) in clause(ii), for the word “an”, the word “and” shall be substituted; (III) in the Explanation, for the words “expected reason”, the words “excepted reason” shall be substituted; (B) In sub -paragraph (3), for the words “three lakh”, the words “five lakh” shall be substituted. (b) in paragraph 3,for sub -paragraph (2), the following shall be substituted, namely: - “(2) The amount payable under sub -paragraph (1) (hereinafter referred to as the amount of term insurance) shall be based on the average annual renewal commissio n earned by the agent in the three agency years immediately preceding his death (hereinafter referred to as the average commission) and shall be according to the following Table, namely: - TABLE Average Commission Amount of Term Insurance (a) If the average commission was upto Rs.5,000 Rs.25,000 (b) If the average commission was Rs.5,001 or more, but less than or equal to Rs.10,000 Rs. 50,000 (c) If the average commission was Rs.10,001 or more, but less than or equal to Rs.50,000 Rs.1,00,000 (d) If the average commission was Rs.50,001 or more Rs. 1,50,000”. M. JAGANNATH , Managing Director [ADVT. -III/4/Exty./ 614/2023 -24] Note : The principal regulations were published in the Gazette of India, Extraordinary, vide G.S.R. 86(E), dated the 2nd February, 2017 and subsequently amended vide F.No.I -13011/03/2021 -Ins.I dated the 22nd July,2021. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and P ublished by the Controller of Publications, Delhi -110054.