Thefee for obtaining or renewing a licence to act as an insurance agentshall Rs.15 provided that an additional of Rs. 7 shall be paid if theapplication for the renewal of the licence does not reach theController at least thirty days before the date on which the licenceceases to remain in force.
16-A. Issue of licences to insurance agents.-An applicant whodesires to obtain or renew a licence to act as an insurance agentshall proceed as follows:
(a) the applicant shall obtain from the Controller of Insurance aform of application for a licence which shall be,-
(i) in the case of an individual, Form V, or Form V-A, if heapplies for the grant of a licence for the first time or for therenewal of the licence held by him, as the case may be;
(ii) in the case of a company or firm, Form V-P, or Form V-PA, ifit applies for the grant of a licence for the first time or for therenewal of the licence held by it, as the case may be;
(iii) in the case of a co-operative society or a Panchayat, FormV-S, or Form V-SA, if it applies for the grant of a licence for thefirst time or for the renewal of the licence held by it, as the casemay be;
(iv)in the case of a society registered under the Societiesregistration Act, 1860 (21 of 1860), Form V-SS or Form V-SSA, if itapplies for the grant of a licence for the first time or for therenewal of the licence held by him, as the case may be.
(b) He shall then send to the Controller of Insurance thecompleted application form with the fee which shall be paid in theform of stamps to the value of Rs. 15 or Rs. 22, as the case may be,and the stamp shall be affixed to the application in the properplace.
(c) The Controller of Insurance or the officer authorized by himunder subsection (1) of sec. 42 of the Act, shall issue a licenceafter taking all reasonable steps to satisfy himself that theapplication is in order and that the applicant is not disqualifiedfrom holding a licence. No application shall be considered by theController of Insurance unless the particulars in Form V-B, FormV-PB, Form V-SB or Form V-SSB] as the case may be, have been filledin by the applicant.
In the case of -
(i) an individual, the licence shall be in Form V-B;
(ii) a company or firm, shall be in form V-PB;
(iii) a co-operative society or a Panchayat, it shall be in FormV-SB; (iv) a society registered under the Societies Registration Act,1860 (21 of 1860), it shall be in Form V-SSB; (d) No application forthe renewal of licence will be accepted if it reaches the Controller on or after the date on which the licence ceases to bein force:
Provided, however, that if an applicant desires that hisapplication should be considered under the proviso to sub-section(3-A) of Sec. 42 of the Act, he shall forward along with suchapplication a request to that effect, with stamps to the value of Rs.75 affixed thereon and a statement of all the facts and particularswhich are to be taken into consideration by the Controller for thepurpose of examining whether undue hardship would be caused if norenewal of licence is granted:
Provided further that the applicant, if required to do so by theController, shall furnish documentary proof of any of the particularsor facts mentioned in the statement referred to above.
16-B. Bona fide insurance agents for the purposes of Sec. 41.- Theconditions to be satisfied by an insurance agent to establish that heis a bona fide insurance agent employed by the insurer for thepurposes of the proviso to sub-section (1) of Sec. 41 of the Actshall be the following namely-
(a) He must have secured policies on six different lives excludinghis own.
(b) He must have been an insurance agent continuously from thetime of his soliciting or procuring the first policy on each of suchsix lives or proposing for the policy on his own life, whichever isearlier till the time when the policies on those six lives and thepolicy on his own life have all been issued.
16-C. Fee for principal, chief and special agents.- The fee forobtaining or renewing a certificate to act as a principal agent orchief agent shall be Rs.
25 and the fee for obtaining or renewing acertificate to act as a special agent shall be Rs. 10:
Provided that an additional fee of Rs. 5 in the case of aprincipal agent or a chief agent, and Rs. 3 in the case of a specialagent, shall be paid, if the application for renewal of thecertificate reaches the Controller on or after the date on which thecertificate ceases to be in force but within 12 months of theaforesaid date.
16-D. Issue of certificates to principal, chief and specialagents.-A person, who desires to obtain or renew a certificate to actas a principal agent, or chief agent or special agent, shall proceedas follows-
(a) He shall obtain from the Controller a form of application fora certificate which form shall be as prescribed in Form V-C or FormV-D Form V-C shall be used when an applicant applies for acertificate for the first time, or for a fresh certificate, whileForm V-D shall be used when an applicant applies for the renewal ofcertificate already held by him. No application for the renewal of acertificate will be accepted if it reaches the Controller after aperiod of twelve months from the date on which the certificateceasesto be in force.
(b) He shall then send to the Controller the completed applicationform with stamps to the value of Rs. 25 or Rs. 30 or Rs. 10 or Rs.13, as the case may be, affixed thereon in the proper place.
(c) The Controller or the officer authorized by him undersub-section (1) of Sec. 42-A of the Act shall, after taking allreasonable steps to satisfy himself that the application is in orderand that the applicant is not disqualified from holding acertificate, issue a certificate in Form V-E.
16-E. Issue of duplicate licences and certificates.- (a) A personto whom a licence or a certificate has been issued under Sec. 42 orSec. 42-A of the Act shall, if such licence or certificate has beenlost, destroyed or mutilated, submit to the Controller an applicationrequesting the issue of a duplicate licence or certificate with a feeof Re. 1 in the case of a licence, and Rs. 2 in the case of acertificate, paid in the form of stamp duly affixed thereon and witha declaration giving full details regarding the issue and loss,destruction or mutilation of the licence or certificate, and themutilated pieces, if any, shall be returned to the Controller withthe said application.
(b) The Controller, after satisfying himself that the originallicence or certificate has been lost, destroyed, or mutilated, issuea duplicate licence in Form V-B or Form V-PB or Form V-SB or FormV-SSB or a certificate in Form V-E, as the case may be, with anendorsement thereon that it is a duplicate.
16-F. Description of stamp.- Any fee specified in rules 16, 16-A,16-C, 16-D and 16-E shall be paid in the form of "Government ofIndia Insurance" stamps available from a Government treasury.
16-G. Allowance for unused stamps.- Where an applicant for licenceor a certificate has inadvertently used "Government of IndiaInsurance" stamp of a greater value than is necessary or whereno licence or certificate in respect of an application bearing suchstamp has been issued, refund may be made of the excess of thenecessary fee or of the value of the stamp, as the case may be, onsuch application.
16-H. Cancellation of licences or certificates.-Where theController cancels the licence of an insurance agent undersub-section (5) of Sec. 42 or the certificate of a principal or chiefor special agent under sub-section (4) of Sec. 42-A, he shall -
(a) inform all the officers authorized by him under sub-sectional)of Sec. 42 or Sec. 42-A that the licence or the certificate, as thecase may be, has been cancelled;
(b) require the person concerned to return the licence orcertificate issued to him; and
(c) cause the fact of cancellation to be published in the Gazetteof India and in such State Gazette or Gazettes as he deems fit.
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