Question
What is the restriction imposed on insurance agents or
intermediaries regarding commission or remuneration under the Insurance Act?Solution
Section 40. Prohibition of payment by way of commission or otherwise for procuring business: (2) No insurance agent or intermediary or insurance intermediary shall receive or contract to receive commission or remuneration in any form in respect of policies issued in India, by an insurer in any form in respect of policies issued in India, by an insurer except in accordance with the regulations specified in this regard: Provided that the Authority, while making regulations under sub-sections (1) and (2), shall take into consideration the nature and tenure of the policy and in particular the interest of the agents and other intermediaries concerned.
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