/Lic Agent Agreement

Lic Agent Agreement

(i) for agency years ending April 1, 1968, the commission for the extension of an agent during an agency year; and (i) with respect to an agent, other than an absorbed agent, (f) to interfere with any proposal made by another insurance agent of the company; (2) Nothing included in these provisions is considered to be a power to delegate to an agent the power to recover or accept a risk for or on behalf of the Corporation, or to engage it in any way: provided that an agent may be authorized by the Corporation to withdraw and transfer renewal bonuses in accordance with the directives or deposits of supporters on the terms set by the Corporation. 3. Each agent complies from time to time with the code of conduct as established in the second calendar and as prescribed by the authority and society. 9. Minimum amount of business that must be guaranteed by agents. – 1. During its first years of agency and subsequent years, an agent brings a minimum amount set from time to time by the company. 2. Notwithstanding the provisions of the sub-regulation (1), an agent is exempt from the exercise he requires if he meets from time to time other conditions that may be set by the company.

10. Payment of commission to agents. – 1. An agent is paid and paid for the performance of all duties under the provisions of this Regulation, at the insurance rates and extension premiums approved by the competent authority, for the commitment rates and extension premiums approved by the competent authority during the continuation of the transaction under his agency. 2. An agent is entitled to a bonus commission for the first year set out in the third schedule, in addition to the commission to be paid under the Council`s decree (1). 3. The commission or remuneration to be paid in any form to a representative is subject to the provisions of the Authority under the current IRDAI Act.

4. Except under Rule 19, no commission is paid to a representative after he has ceased to be an agent. 11. Congratulations and insurance benefits. – Tipping and fixed-term insurance benefits must be paid to a representative in accordance with the fourth list, subject to the provisions of the Authority under the IRDAI Act. 12. The Corporation`s right to pledge the agent`s fees. – 1. Any omission or violation of Regulation 8 and the code of conduct under the second list, which results in a loss to the company, makes the officer responsible for the sanction, including the recovery of the aforementioned losses. 2.

The company has a first right of guarantee and a royalty for all funds to be paid to an agent or his heirs for the recovery of any debts unsuitable for the company, and can acquire it directly to carry out these debts. 13. Resignation of the Agency. – 1. If, in the course of an agency year, an agent is not in the transactions he requests under Rule 9, his appointment ends at the end of that agency year: unless otherwise stated in this regulation, a producer who is exempt under Regulation (2) of Regulation 9 applies. 2. An agency terminated under the sub-regulation (1) may be reinstated by the competent authority if it is satisfied that the non-presentation of the activity of the requested agent is due to reasons not under its control.

By |2020-12-12T00:57:23+00:00December 12th, 2020|Uncategorized|0 Comments

About the Author: