SOURCE:- IRDA
OFFICIAL WEBSITE
PROHIBITION OF REBATES (SECTION 41 OF THE INSURANCE ACT, 1938 AS AMENDED BY THE
INSURANCE LAWS
(AMENDMENT) ACT, 2015):
1)
No person shall allow or offer to allow,
either directly or indirectly, as an inducement to any person to take out or
renew or continue an insurance in respect of any kind of risk relating to lives
or property in India, any rebate of the whole or part of the commission payable
or any rebate of the premium shown on the policy, nor shall any person taking
out or renewing or continuing a policy accept any rebate, except such rebate as
may be allowed in accordance with the published prospectuses or tables of the
insurer: provided that acceptance by an insurance agent of commission in
connection with a policy of life insurance taken out by himself on his own life
shall not be deemed to be acceptance of a rebate of premium within the meaning
of this sub-section if at the time of such acceptance the insurance agent
satisfies the prescribed conditions establishing that he is a bonafide
insurance agent employed by the insurer.
2)
Any person making default in complying with
the provisions of this section shall be liable for a penalty , which may extend to ten lakh rupees.
SOURCE:- IRDA OFFICIAL WEBSITE
No comments:
Post a Comment