Life Insurance Corporation Act,1956

Act No : 31

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Section : PRINCIPLES FOR DETERMINING COMPENSATION PAYABLE TO CHIEF AGENTS

THE THIRD SCHEDULE (See section 36) PRINCIPLES FOR DETERMINING COMPENSATION PAYABLE TO CHIEF AGENTS The compensation payable to a chief agent shall consist of seventy-five per cent. of the overriding commission specified in the contract relating to chief agency with the insurer on the renewal premiums received by the Corporation during a period of ten years from the appointed day in respect of the business procured by the chief agent before the appointed day; and such compensation shall be determined and paid annually for the said period. PRINCIPLES FOR DETERMINING COMPENSATION PAYABLE TO SPECIAL AGENTS The compensation payable to a special agent shall consist of one- eighth of his annual average earnings during the period beginning on the 1st day of January, 1952, and ending on the 31st day of December, 1955, in the form of overriding commissions in respect of business procured by him through insurance agents.

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