Legal Question in Banking Law in India
I have worked in Lic and new india assurance co. Ltd from 2015 and now i get job in bank. Do I need to terminate my agency. And what wil happen if keep my agency. And if I terminate my agency can i get commission.
2 Answers from Attorneys
While on a regular service in a bank having monthly salary, you cannot continue your L.C. Agency. No bank will give permission while you are employed therein to be an agent of any other company. You will have to terminate your agency. The commission for business done by you for LIC till you terminate your agency will be paid to you as and when the LIC receive premium for the policies canvassed by you in the past. You can no longer act as Agent of LIC.
I agree with Mr. Radhakrishnan. I want to add something that You may not receive the renewal commission if your agency is terminated within the first five years.
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