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REGISTERED No. D-(D)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (i)

PUBLISHED BY AUTHORITY

No. 264] NEW DELHI, FRIDAY, SEPTEMBER 19, 1975/BHADRA 28, 1897

Separate paging is given to this Part in order that it may be filed

as a separate compilation

MINISTRY OF FINANCE

(Department of Revenue and Insurance)

NOTIFICATION

New Delhi, the 19th September 1975

G.S.R. 499(E).—In exercise of the powers conferred by sub-section (2) of section 43 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby directs that section 40A of the Insurance Act, 1938 (4 of 1938), as made appli- cable to the Life Insurance Corporation of India by the notifications of the Government of India in the Ministry of Finance Nos. G.S.R. 734, dated the 23rd August, 1958 and G.S.R. 262(E), dated the 27th April, 1972, shall be subject to the following further modification, namely :—

In section 40A, in sub-section (1), after the existing proviso, the following further proviso shall be inserted, namely :—

''Provided further that in a case referred to in clause (c), where the rate of commission payable on the first year's premium is equal to or less than twenty-one per cent, thereof, and the rate on the fourth and fifth years' premiums' does not exceed six per cent, thereof, the Life Insurance Corporation of India may pay to an insurance agent, and the insurance agent may receive from it, commission on the sixth and subsequent years' renewal premiums payable on the policy at a rate not exceeding six per cent, of each renewal premium." [No. F. 81(4)-Ins.II/75] G. H. DAMLE, Controller of Insurance and Ex-officio, Jt. Secy. (2007) 2oo8 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 3(i)] PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW IIRLBI AND PUBLISHED BY THE CONTROLLER OP PUBLICATIONS, DELIU, 1975