Life Insurance Corporation Act, 1956 · Chapter VII: Miscellaneous
Section 36: Contracts of chief agents and special agents to terminate
Notwithstanding anything contained in the Insurance Act or in any other law for the time being in force every contract appertaining to controlled business subsisting immediately before the appointed day,—
(a) between an insurer and his chief agent or between an insurer and a special agent; or
(b) between the chief agent of an insurer and a special agent;
shall, as from the appointed day, cease to have effect and all rights accruing to the chief agent or the special agent under any such contract shall terminate on that day:
Provided that in every such case compensation shall be given by the Corporation to the chief agent or the special agent, as the case may be, in accordance with the principles contained in the Third Schedule, and the provisions of sub-section (2) of section 16 shall, so far as may be, apply in every such case.
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.