Home India Life Insurance Corporation of India In exercise of the powers conferred by Section 49 of the Lif...
Date: 2019-03-02 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by Section 49 of the Life Insurance Corporation Act

Issued by Life Insurance Corporation of India · Not Applicable

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Executive Summary & Key Takeaways

**Executive Summary:** This document outlines amendments to the Life Insurance Corporation of India Recruitment of Apprentice Development Officers Regulations, 1999. These amendments, effective from the date of publication in the Official Gazette (March 2nd, 2019), pertain to agent categories, qualification requirements, and category-wise vacancy allocations for Apprentice Development Officers. It also adjusts the criteria for agency years to financial years. **Key Points / Main Content:** * **General** * These regulations are called the Life Insurance Corporation of India Recruitment of Apprentice Development Officers Amendment Regulations, 2019. * The regulations come into force on the date of their publication in the Official Gazette (March 2nd, 2019). * **Agent Category Definition:** * "Agents Category" includes individuals appointed by the Corporation to solicit or procure insurance business, including renewals or revivals, and those appointed under the Life Insurance Corporation of India Agents Regulations, 2017. * "Agents Regulations" refers to the Life Insurance Corporation of India Agents Regulations, 2017. * **Educational Qualifications:** * Applicants from all categories (Employees, Agents, and Others) for Apprentice Development Officer positions in both Urban and Rural areas must possess a Bachelor's Degree from a recognized Indian University or the Fellowship of Insurance Institute of India, Mumbai. * **Vacancy Allocation:** * The number of Apprentice Development Officers from the Employee Category shall not exceed 15%, the Agents Category shall not exceed 25%, and the Others Category shall not exceed 60% of the total vacancies. * Recruiting Authority must conduct recruitment for each category. * Special recruitment may be conducted if the required number of candidates is not available from any category. * **Other Definitions:** * Employee Category refers to employees defined in clause f of subregulation 1 of regulation 2. * Others Category refers to candidates from the open market. * Preference may be given to applicants with good knowledge of insurance marketing or a Master's Degree in Business Administration in Marketing or a Post Graduate Diploma in Marketing. * Recognized institution means any institution recognized by any State Government or the Central Government. * **Table I Amendments:** * Revisions to S.Nos. 6, 7, and 8 of TABLE I concerning Agents Category members and SC, ST, or OBC status. * **Table II Amendments:** * In TABLE II, the term "agency years" is replaced with "financial years" in columns 3 and 4 against Sr.No. 2. * In Note 1, A, the term "agency years" is replaced with "financial years". * Financial Year is defined as per the Income-tax Act, 1961. **Impact Analysis:** **Employees:** * *Impact:* Affected by changes to the definitions of employee categories and revised requirements for Apprentice Development Officer positions. * *Action Required:* Review eligibility criteria for Apprentice Development Officer positions based on the new regulations. **Agents:** * *Impact:* Affected by changes to the agent category definition, eligibility criteria, and vacancy allocations. * *Action Required:* Review the revised definition of "Agents Category," ensure they meet the updated qualification criteria, and understand the new vacancy allocation rules. **Recruiting Authority:** * *Impact:* Responsible for implementing the amended regulations and conducting recruitment processes. * *Action Required:* Adjust recruitment processes to align with the new regulations, including vacancy allocations, qualification requirements, and the possibility of special recruitments. **Applicants (Others Category):** * *Impact:* Individuals from the open market are subject to the new qualification requirements and vacancy allocations. * *Action Required:* Ensure they meet the updated qualification criteria for Apprentice Development Officer positions.

Key Entities Referenced

Life Insurance Corporation of India: A state-owned Indian insurance group and investment company. It is the dominant life insurance company in India. Life Insurance Corporation Act, 1956: An act of the Indian Parliament that established the Life Insurance Corporation of India. Central Government: The executive, legislative, and judicial branches of the government of India. Life Insurance Corporation of India Recruitment of Apprentice Development Officers Regulations, 1999: Regulations governing the recruitment of Apprentice Development Officers in the Life Insurance Corporation of India. Apprentice Development Officer: A position within the Life Insurance Corporation of India. Life Insurance Corporation of India Agents Regulations, 2017: Regulations pertaining to agents of the Life Insurance Corporation of India. Fellowship of Insurance Institute of India, Mumbai: A professional qualification offered by the Insurance Institute of India located in Mumbai, Maharashtra. Income-tax Act, 1961: An act of the Indian Parliament that governs income tax in India.
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L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx III—[k.M 4 PART III—Section 4 izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 84] ubZ fnYyh] 'kfuokj] ekpZ 2] 2019@iQkYxqy 11] 1940 No. 84] NEW DELHI, SATURDAY, MARCH 2, 2019/PHALGUNA 11, 1940 भभभभााााररररततततीीीीयययय जजजजीीीीववववनननन बबबबीीीीममममाााा ििििननननगगगगमममम अअअअििििधधधधससससचचूूचचूू ननननाााा मुंबई, 1 माच,(cid:4) 2019 फफफफाााा.... सससस..ंं..ंं एएएएसससस----11111111000011111111////11117777////2222000011117777----बबबबीीीीममममाााा I.—भारतीय जीवन बीमा िनगम, जीवन बीमा िनगम अिधिनयम, 1956 (1956 का 31) क(cid:6) धारा 49 (cid:12)ारा (cid:13)द(cid:15) शि(cid:18)य(cid:20) का (cid:13)योग करते (cid:25)ए तथा के(cid:28)(cid:29)ीय सरकार के पूव(cid:4) अनुमोदन से भारतीय जीवन बीमा िनगम ((cid:13)िश*ु िवकास अिधका+रय(cid:20) क(cid:6) भत,) िविनयम, 1999 का और संशोधन करने के िलए िन3िलिखत िविनयम बनाता ह,ै अथा(cid:4)त् :- 1111.... ससससििंंििंं(cid:4)(cid:4)(cid:4)(cid:4)(cid:5)(cid:5)(cid:5)(cid:5) ननननाााामममम औऔऔऔरररर (cid:12)(cid:12)(cid:12)(cid:12)ााााररररंंंंभभभभःःःः---- (1) इन िविनयम(cid:20) का संि*9 नाम भारतीय जीवन बीमा िनगम ((cid:13)िश*ु िवकास अिधका+रय(cid:20) क(cid:6) भत,) (संशोधन) िविनयम, 2019 ह ै। (2) ये राजप; म< इनके (cid:13)काशन क(cid:6) तारीख को (cid:13)वृ(cid:15) ह(cid:20)गे। 2222.... भभभभााााररररततततीीीीयययय जजजजीीीीववववनननन बबबबीीीीममममाााा ििििननननगगगगमममम (((((cid:12)(cid:12)(cid:12)(cid:12)ििििशशशश(cid:4)(cid:4)(cid:4)(cid:4) ुु ुुििििववववककककाााासससस अअअअििििधधधधककककाााा(cid:28)(cid:28)(cid:28)(cid:28)ररररयययय(cid:29)(cid:29)(cid:29)(cid:29) कककक(cid:30)(cid:30)(cid:30)(cid:30) भभभभतततत(cid:31)(cid:31)(cid:31)(cid:31))))) ििििववववििििननननययययमममम,,,, 1111999999999999 ((((ििििजजजज$$$$हहहह& & & & इइइइससससककककेेेे इइइइससससककककेेेे पपपप****ाााातततत उउउउ,,,, ििििववववििििननननययययमममम ककककहहहहाााा गगगगययययाााा हहहहै ै ै ै )))) मममम,,&&,,&& ििििववववििििननननययययमममम 2222 ककककेेेे ,,,, उउउउपपपप----ििििववववििििननननययययमममम ((((1111)))) ककककेेेे खखखखडडंंडडंं ((((कककक)))) औऔऔऔरररर ((((खखखख)))) ककककेेेे ////थथथथाााानननन पपपपरररर ििििनननन1111ििििललललििििखखखखतततत खखखखडडंंडडंं ररररखखखख ेे ेेजजजजााााएएएएँँगगँँगगे,े,े,े, अअअअथथथथाााातत77तत77 ्् ््::::---- ‘(क) “अिभकता(cid:4) (cid:13)वग”(cid:4) से िन3िलिखत अिभ(cid:13)ेत ह ै– (i) ऐसा कोई Aि(cid:18) जो िनगम से संबंिधत िनगम क(cid:6) पािलिसय(cid:20) क(cid:6) िनरंतरता, नवीकरण अथवा पुनः(cid:13)वत(cid:4)न से संबंिधत Aवसाय सिहत बीमा कारोबार यािचत करने या उपा9 करने के (cid:13)योजन के िलए िनगम (cid:12)ारा िनयु(cid:18) अथवा िनयोिजत Eकया गया हो; अथवा (ii) ऐसा कोई Aि(cid:18) जो भारतीय जीवन बीमा िनगम (अिभकता(cid:4)) िविनयम, 2017 के अधीन अिभकता(cid:4) के Hप म< िनयु(cid:18) Eकया गया हो; (ख) “अिभकता(cid:4) िविनयम” से भारतीय जीवन बीमा िनगम (अिभकता(cid:4)) िविनयम, 2017 अिभ(cid:13)ेत हI;’ 1399 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] 3333.... उउउउ,,,, ििििववववििििननननययययमममम(cid:29)(cid:29)(cid:29)(cid:29) ककककेेेे ,,,, ििििववववििििननननययययमममम 4444 मममम,,&&,,&& (i) खखखखंडंडंडंड ((((कककक)))) ककककेेेे ////थथथथाााानननन पपपपरररर ििििनननन1111ििििललललििििखखखखतततत ररररखखखखाााा जजजजााााएएएएगगगगाााा,,,, अअअअथथथथाााातत77तत77 ्् ््:::: “(क) (i) शहरी और Jामीण *े; दोन(cid:20) म< (cid:13)िश*ु िवकास अिधकारी के Hप म< भत, के िलए कम(cid:4)चा+रय(cid:20) के (cid:13)वग(cid:4) से आवेदक के पास कानून के अधीन भारत म < Lथािपत अथवा इस (cid:13)योजन के िलए अऩुमोEदत िवNिवOालय से Pातक िडJी अथवा भारतीय बीमा संLथान, मुंबई क(cid:6) अRयेतावृि(cid:15) होनी चािहए; (ii) अिभकता(cid:4) के (cid:13)वग(cid:4) से शहरी और Jामीण *े; दोन(cid:20) म< (cid:13)िश*ु िवकास अिधकारी के Hप म< भत, के िलए आवेदक के पास काननू के अधीन भारत म< Lथािपत अथवा इस (cid:13)योजन के िलए अऩुमोEदत िवNिवOालय से Pातक िडJी अथवा भारतीय बीमा संLथान, मुंबई क(cid:6) अRयेतावृि(cid:15) होनी चािहए; (iii) अ(cid:28)य (cid:13)वग(cid:4) से शहरी और Jामीण *े; दोन(cid:20) म< (cid:13)िश*ु िवकास अिधकारी के Hप म< भत, के िलए आवेदक के पास कानून के अधीन भारत म< Lथािपत अथवा इस (cid:13)योजन के िलए अनुमोEदत िवNिवOालय से Pातक िडJी अथवा भारतीय बीमा संLथान, मुंबई क(cid:6) अRयेतावृि(cid:15) होनी चािहए; (iv) कम(cid:4)चा+रय(cid:20) के (cid:13)वग(cid:4) म< से भत, Eकए गए (cid:13)िश*ु िवकास अिधका+रय(cid:20) क(cid:6) संSया 15% से अिधक नहU होगी, अिभकता(cid:4) (cid:13)वग(cid:4) म< से भत, Eकए गए (cid:13)िश*ु िवकास अिधका+रय(cid:20) क(cid:6) संSया 25% से अिधक नहU होगी तथा अ(cid:28)य (cid:13)वग(cid:4) म< स े भत, Eकये गए (cid:13)िश*ु िवकास अिधकाVरय(cid:20) क(cid:6) संSया (cid:13)िश*ु िवकास अिधकाVरय(cid:20) क(cid:6) भत, के िलए कुल +रिWत य(cid:20) क(cid:6) संS या का 60% से अिधक नहU होगी । परंतु भत, करने वाला (cid:13)ािधकारी (cid:13)Xयेक (cid:13)वग(cid:4) के िलए भत, संचािलत करेगा । परंतु यह और Eक Eकसी भी (cid:13)वग(cid:4) के िलए अिभिनिYच त क(cid:6) गई +रि(cid:18)य(cid:20) को भरने के िलए यEद अपेि*त संSया म< उZमीदवार उस (cid:13)वग(cid:4) के िलए उपल[ध नहU ह,I तो भत, करने वाला (cid:13)ािधकारी उ(cid:18) +रि(cid:18)याँ भरने के िलए उस (cid:13)वग(cid:4) के िलए िवशेष भत, संचािलत कर सकेगा । (cid:28)(cid:28)(cid:28)(cid:28)टटटट;;;;पपपपणणणण 1111 :::: (क) ‘‘‘‘कम(cid:4)चारी (cid:13)वग(cid:4) ’ से इन िविनयम(cid:20) के िविनयम 2 के उप-िविनयम (1) के खंड (च) म< प+रभािषत कम(cid:4)चारी अिभ(cid:13)ेत ह।ै (ख) ‘अ(cid:28)य (cid:13)वग(cid:4)’ से खुले बाजार से उZमीदवार अिभ(cid:13)ेत ह।ै (cid:28)(cid:28)(cid:28)(cid:28)टटटट;;;;पपपपणणणण 2222 :::: उन आवेदक(cid:20) को वरीयता दी जा सकेगी जो बीमा िवपणन का अ^छा ‘ान रखते ह(cid:20) तथा जो कानून के अधीन भारत म< Lथािपत, Eकसी िवNिवOालय अथवा अिखल भारतीय तकनीक(cid:6) िश*ा प+रषद (cid:12)ारा अनुमोEदत Eकसी संLथान अथवा Eकसी मा(cid:28)यता (cid:13)ा9 संLथा से िवपणन म< Aवसाय (cid:13)शासन क(cid:6) माLटर िडJी अथवा िवपणन म < Pातको(cid:15)र िडbलोमा रखते ह(cid:20)। (cid:1)प(cid:3)ीकरण – इस खंड के (cid:13)योजन के िलए, `मा(cid:28)यता (cid:13)ा9 संLथा‘ स े ऐसी संLथा अिभ(cid:13)ेत ह ै जो Eकसी राcय सरकार अथवा के(cid:28)(cid:29)ीय सरकार (cid:12)ारा मा(cid:28)यता (cid:13)ा9 हो ।“ ((((iiiiiiii)))) खखखखंडंडंडंड ((((खखखख)))) कककक(cid:30)(cid:30)(cid:30)(cid:30) ,,,, ससससााााररररणणणणीीीी----1111 कककक(cid:30)(cid:30)(cid:30)(cid:30),,,, ====मममम सससस>>ंं>>ंं ययययाााा ((((6666)))),,,, ((((7777)))) औऔऔऔरररर ((((8888)))) ततततथथथथाााा उउउउननननससससे े े े ससससबबंंबबंं ििंंििंंधधधधतततत (cid:12)(cid:12)(cid:12)(cid:12)ििििववववििििBBBBयययय(cid:29)(cid:29)(cid:29)(cid:29) ककककेेेे ////थथथथाााानननन पपपपरररर ,,,, ििििनननन1111ििििललललििििखखखखतततत ====मममम सससस>>ंं>>ंं ययययाााांकंकंकंक औऔऔऔरररर (cid:12)(cid:12)(cid:12)(cid:12)ििििववववििििBBBBययययाााा ँँ ँँररररखखखखीीीी जजजजााााएएएएँँँँगगगगीीीी,,,, अअअअथथथथाााातत77तत77 ्् ््::::---- (1) (2) (3) “(6) “अिभकता(cid:4) (cid:13)वग(cid:4)” से ऐसा Aि(cid:18) जो अ.जा. अथवा अ.ज.जा. अथवा अ.िप.व. 40 (ओबीसी) का सदLय नहU ह।ै (7) “अिभकता(cid:4) (cid:13)वग”(cid:4) से ऐसा Aि(cid:18) जो अ.िप.व. (ओबीसी) का सदLय ह ै 43 [ f(cid:6)मीलेयर के Aि(cid:18)य(cid:20) को छोड़कर] (8) “अिभकता(cid:4) (cid:13)वग”(cid:4) से ऐसा Aि(cid:18) जो अ.जा. अथवा अ.ज.जा. का सदLय ह।ै 45”; ((((iiiiiiiiiiii)))) खखखखंडंडंडंड ((((गगगग)))) कककक(cid:30)(cid:30)(cid:30)(cid:30) ,,,, ससससााााररररणणणणीीीी----2222 मममम,,&&,,&&---- (1) fम संSया (2) के सामने , Lतंभ (3) और (4) म<, “अिभकरण वषi” श[द(cid:20) के Lथान पर जहाँ जहाँ वे आते ह,I वहाँ “िव(cid:15)ीय वषi” श[द रखे जाएँगे।¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3 ((((2222)))) +टbपण 1) म<, (क) “अिभकरण वषi” श[द(cid:20) के Lथान पर “िव(cid:15)ीय वषi” श[द रखे जाएँगे; (ख) खंड (ख) के पjात िन3िलिखत खंड अ(cid:28)त:Lथािपत Eकया जाएगा, अथा(cid:4)त् :- ‘(ग)“िव(cid:15)ीय वष(cid:4)” से ऐसा वष(cid:4) अिभ(cid:13)ेत ह ै जो आय-कर अिधिनयम, 1961 (1961 का 43) म< प+रभािषत’ ह ै। हमे ंत भाग(cid:4)व, (cid:13)भारी अRय* एवं (cid:13)बंध िनदशे क [िव‘ापन-III/4/असा./558/18] (cid:28)(cid:28)(cid:28)(cid:28)टटटट;;;;पपपपणणणण:::: मूल िविनयम का. आ. 53 (अ) तारीख 2 फरवरी 1999 (cid:12)ारा (cid:13)कािशत Eकये गये थे और तXपjात (i) का. आ. 129(अ), तारीख 16 फरवरी 2000 और (ii) fम सं. 143, तारीख 18 अ(cid:18)ूबर 2005 (cid:12)ारा संशोिधत Eकये गए थे । LIFE INSURANCE CORPORATION OF INDIA NOTIFICATION Mumbai, the 1st March , 2019 F.No.S-11011/17/2017-Ins.I.—In exercise of the powers conferred by Section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956) and with the previous approval of the Central Government, the Life Insurance Corporation of India hereby makes the following regulations further to amend the Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) Regulations,1999, namely:- 1. Short title and commencement. — (1) These regulations may be called the Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) (Amendment) Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) Regulations,1999 (hereinafter referred to as the said regulations), in regulation 2, in sub-regulation (1), for clauses (a) and (b), the following clauses shall be substituted, namely:— ‘(a) “Agents Category” means– (i) an individual appointed or engaged by the Corporation for the purpose of soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance pertaining to the Corporation; or (ii) an individual who has been appointed as an agent under the Life Insurance Corporation of India (Agents) Regulations, 2017; (b) “Agents Regulations” means the Life Insurance Corporation of India (Agents) Regulations, 2017; 3. In the said regulations, in regulation 4,- (i) for clause (a), the following shall be substituted, namely:- “(a) (i) an applicant from Employees Category for recruitment as an Apprentice Development Officer in both Urban and Rural area shall possess a Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Mumbai; (ii) an applicant from Agents Category for recruitment as an Apprentice Development Officer in both Urban and Rural area shall possess a Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Mumbai; (iii) an applicant from Others Category for recruitment as an Apprentice Development Officer in both Urban and Rural area shall possess a Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Mumbai. (iv) The number of Apprentice Development Officers recruited from among the Employee Category shall not exceed 15%, from Agents Category shall not exceed 25% and from Others Category shall not exceed 60% of the total number of vacancies for recruitment of Apprentice Development Officers: Provided that the Recruiting Authority shall conduct recruitment for each category:4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] Provided further that if the required numbers of candidates are not available from any category to fill in the vacancies earmarked for that category, the Recruiting Authority may conduct special recruitment for that category to fill the said vacancies. Note 1: (a) ‘Employee Category’ means the Employee defined in clause (f) of sub-regulation (1) of regulation 2 of these regulations. (b) ‘Others Category’ means the candidates from the open market. Note 2: Preference may be given to those applicants who have good knowledge of insurance marketing and also those who possess Masters Degree in Business Administration in Marketing or Post Graduate Diploma in Marketing from a University in India established under a statute or by an institute approved by the All India Council for Technical Education or a recognised institution. Explanation.– For the purpose of this clause, ‘recognised institution’ means such institution as may be recognised by any State Government or the Central Government.”; (ii) in clause (b), in TABLE-I, for S.Nos. (6), (7) and (8) and the entries relating thereto, the following S.Nos. and entries shall be substituted, namely :— (1) (2) (3) “(6) An individual from “Agents Category” who is not a member of a 40 SC or ST or OBCs. (7) An individual from “Agents Category” who is a member of an 43 OBCs (other than those in the creamy layer). (8) An individual from “Agents Category” who is a member of a 45”; SC or ST (iii) in clause (c), in TABLE-II, - (1) against Sr.No. (2), in columns (3) and (4), for the words “agency years” wherever they occur, the words “financial years” shall be substituted; (2) in Note 1), (A) for the words “agency years”, the words “financial years” shall be substituted; (B) after clause (b) the following clause shall be inserted, namely :— ‘(c) “Financial Year” shall mean the year as defined in the Income-tax Act, 1961 (43 of 1961)’. HEMANT BHARGAVA, Chairman In-charge & Managing Director [ADVT.-III/4/Exty./558/18] Note: The principal regulations were published vide S.O.53 (E), dated the 2nd February,1999 and subsequently amended vide (i) S.O.129(E), dated the 16th February, 2000 and (ii) Sl. No.143, dated the 18th October, 2005. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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