Section 42A of IA : Section 42A: Prohibition Of Insurance Business Through Principal Agent, Special Agent And Multilevel Marketing
IA
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Explanation using Example
Imagine a scenario where a large insurance company, "SecureLife Insurance," decides to expand its business. The company's management considers appointing a "chief agent" to oversee other agents and operate on a commission basis, incentivizing them to recruit more agents under a tiered structure. However, Section 42A of The Insurance Act, 1938 prohibits this practice.
Upon reviewing the legal requirements, SecureLife's legal team advises the management t...
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