Insurance agents/ intermediaries cannot become director of LIC India

The government has proposed to disqualify insurance agents and intermediaries like brokers, corporate agents and insurance marketing firm owners to become the director of the LIC India, India’s largest life insurance company.

In the finance bill, the government notified, “An individual shall not be eligible to be or remain a director if he is an insurance agent or an intermediary or an insurance intermediary.”  This has been mentioned under section 4A of the LIC India Act.

With this, insurance agents who wants to continue directorship in LIC India will have to give up individual agency license and vice versa.