An insurance agent is prohibited from doing certain functions through LIC Regulatory Act, 1972.
The important ones among them are :
1. He is prohibited from collecting any fund or accept any risk on behalf of the corporation adversely by his acts.
2. He is prohibited from depositing any advance installment of premium on behalf of the proposer or assured from his own pocket.
3. He is prohibited from printing, publishing or circulating any leaflets, handbills or advertisement, letters heads, etc. relating to life insurance in any media, without prior permission of the divisional manager.
4. He is prohibited from granting any rebate or commission to any proposer or assured.
5. He is prohibited from doing the insurance business without holding a valid license.
6. He is prohibited from interfering in the matter of other agents.
