Nearly 14 lakh agents of Life Insurance Corporation of India are set to go on a one-day strike on Thursday to protest against the proposed Insurance Laws (Amendment) Bill 2008.
Life Insurance Agents’ Federation of India — the umbrella organisation of life insurance agents — are specifically opposing the proposed amendment to certain Sections (40, 40(2), 44, and so on) of the Insurance Act, 1938.
These sections deal with ceiling on commissions, compulsion on insurance companies to pay the renewal commission after termination, and so on.
“These amendments will result in the demise of the agency force and put the interest of crores of policyholders at stake,” said Shyamal Chakraborty, Secretary-General, LIAFI.
The agents are also planning to hold a procession at Delhi’s Jantar Mantar area on March 22 if the Government does not respond favourably, Chakraborty said.