Life Insurance Corporation of India Development Officers Rules, 2009 amended

Dated 25th January, 2016 | Copy of | Notification Sl25 |

In exercise of the powers conferred by sub-section (1) read with clause (cc) of sub-section (2), of section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules to amend the Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions of Service) Rules, 2009, namely:-

1. (1) These rules may be called the Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions of Service) Amendments Rules, 2016.

(2) Save as otherwise provided in these rules, they shall be deemed to have come into force on the 1st day of August, 2015.

(3) These rules shall be applicable in respect of appraisals falling due on the 1st August, 2015 and thereafter.

2. In the Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions of Service) Rules, 2009 (hereinafter referred to as the said Rules) in rule 4, for rules (1) and (2) the following rules shall be substituted, namely:-

“(1) The expense limit applicable to a Development Officer in relation to his operational area shall be the expense limit as specified in the Table of Expense Limit under clause (j) of rule 2.

(2) Notwithstanding anything in sub-rule (1), the expense limit applicable to a Development Officer in relation to his operational area, where on or before the commencement of the relevant appraisal year,-

(a) he has completed the age of fifty-five years, shall be the expense limit as specified in the Table of Expense Limit under clause (j) of rule 2 as increased by four percent.; or

(b) he has completed ten years or more of service as a Development Officer and has completed the age fifty years but not completed the age of fifty-five years, shall be the expense limit as specified in the Table of Expense Limit under clause (j) of rule 2 as increased by two percent.”.

3. In rule 6 of the said Rules.-

(a) in sub rule (1), for the “Table of Disincentives” the following ‘Table of Disincentives’ shall be substituted, namely:-

“Table of Disincentives

(b) for sub-rule (8) the following sub-rule shall be substituted, namely:- “(8) Notwithstanding anything contained in sub-rules (1) to (7) where the annual remuneration of a Development Officer in any preceding year (hereafter in this sub-rule referred to as the “relevant year”) exceeds 50% of the eligible premium of that year and the aggregate of the annual remuneration in the relevant year and the two appraisal years immediately preceding the relevant year exceeds 50% of the aggregate of the eligible premium in those three years, his services shall be liable to be terminated in accordance with rule 7.”. 4. In rule 7 of the said Rules, - a) in sub-rule (1), for the word “the Zonal Manager”, the word “the appointing authority” shall be substituted; b) in sub-rule (2), for the word “ the Managing Director”, the word “the Zonal Manager” shall be substituted; c) in sub-rule (3), for the word “ the Managing Director”, the word “the Zonal Manager” shall be substituted; d) after sub-rule (3), the following sub-rule shall be inserted namely:- “(4) A Development Officer whose appeal has been rejected by the Zonal Manager may submit a Memorial to the Chairman in respect of that matter.”. 5. In rule 14 of the said Rules, for the words “or Assistant Administrative Officer”, the words “in the cadre of Assistant Administrative Officer” shall be substituted. 6. In rule 15 of the said Rules, for the words “seven years” the words “ten years” shall be substituted.

EXPLANATORY MEMORANDUM

It is to certified that no Development Officer of the Life Insurance Corporation of India is likely to be affected adversely by the notification being given retrospective effect.

Sd/- (Alok Tandon) Jt. Secy.

G.S.R.98(E) F. No. S-11012/04/2015-Ins.I Issued by: Ministry of Finance (Department of Financial Services) New Delhi Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R.818(E), dated the 12th November, 2009.

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Life Insurance Corporation of India Development Officers Rules, 2009 amended

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