Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) (Amendment) Regulations, 2019.

In a recent release in the official gazette of India it has been made clear that in exercise of the powers conferred by Section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956) and with the previous approval of the Central Government, the Life Insurance Corporation of India hereby makes the following regulations further to amend the Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) Regulations, 1999.

These regulations may be called the Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) (Amendment) Regulations, 2019.

The following amendments have been introduced:

I. In the Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) Regulations,1999 (hereinafter referred to as the said regulations), in regulation 2, in sub-regulation (1), for clauses (a) and (b), the following clauses shall be substituted, namely:

(a) “Agents Category” means:

(i) an individual appointed or engaged by the Corporation for the purpose of soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance pertaining to the Corporation; or

(ii) an individual who has been appointed as an agent under the Life Insurance Corporation of India (Agents) Regulations, 2017;

(b) “Agents Regulations” means the Life Insurance Corporation of India (Agents) Regulations, 2017;

II. In the said regulations, in regulation 4,-

(i) for clause (a), the following shall be substituted, namely:-

“(a) (i) an applicant from Employees Category for recruitment as an Apprentice Development Officer in both Urban and Rural area shall possess a Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Mumbai;

(ii) an applicant from Agents Category for recruitment as an Apprentice Development Officer in both Urban and Rural area shall possess a Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Mumbai;

(iii) an applicant from Others Category for recruitment as an Apprentice Development Officer in both Urban and Rural area shall possess a Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Mumbai.

(iv) The number of Apprentice Development Officers recruited from among the Employee Category shall not exceed 15%, from Agents Category shall not exceed 25% and from Others Category shall not exceed 60% of the total number of vacancies for recruitment of Apprentice Development Officers:

Provided that the Recruiting Authority shall conduct recruitment for each category:

Provided further that if the required numbers of candidates are not available from any category to fill in the vacancies earmarked for that category, the Recruiting Authority may conduct special recruitment for that category to fill the said vacancies.

Note 1: (a) ‘Employee Category’ means the Employee defined in clause (f) of sub-regulation (1) of regulation 2 of these regulations.

(b) ‘Others Category’ means the candidates from the open market.

Note 2: Preference may be given to those applicants who have good knowledge of insurance marketing and also those who possess Masters Degree in Business Administration in Marketing or Post Graduate Diploma in Marketing from a University in India established under a statute or by an institute approved by the All India Council for Technical Education or a recognised institution.

Explanation: For the purpose of this clause, ‘recognised institution’ means such institution as may be recognised by any State Government or the Central Government.”