Member of icai can be lic agent

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This query is : Resolved

CA AMIT GOSWAMI (Querist)

21 August 2011 Dear Sir /Madam

I have just qualified .
I have joined LIC one month ago now i am confussed about I should hold LIC Licence or surrender it.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

21 August 2011 If you are not in practice then you can hold it.

But members holding COP are not allowed to do any other business so you cannot hold LIC license if you are in practice.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)

21 August 2011 Sorry, I am not agree with CA. Ashwani

A CA can engage in business other then CA profession, but for that it is require to take permission from the council.

There are 2 categories of exemption for that i.e General category & special Category.

The permissible categories of engagements approved by the Council under Regulation 190(A), are available in Appendix No. 9 to
the Chartered Accountants Regulations, 1988.

In case a member had obtained permission of the Council for other engagement, he is required to inform to the Institute the date of leaving, upon ceasing such empl. within 30 days.

He may also seek permission for his new engagement by sending the application in the prescribed Form within 30 days.

It is provided that the general and specific permission granted by the Council is subject to the condition that -

1. any member engaged in any other business or occupation, in terms of general or specific permission granted as per Appendix No. (9) shall not be entitled to perform any attest function except in the following cases.

(a) Authorship of books and articles

(b) Holding of Life Assurance Agency License for the limited purpose of getting renewal commission.

(c) Attending classes and appearing for any examination.

(d) Holding of public elective offices such as M.P., MLA & MLC.

(e) Honorary office-bearership of charitable, educational or other non-commercial organizations.

(f) Acting as Notary Public, Justice of the Peace, Special Executive Magistrate and the like.

(g) Part-time tutorship under the Coaching Organisation of the Institute.

(h) Valuation of papers, acting as paper-setter, head-examiner or a moderator for an
examination.

(i) Editorship of professional journals - (not in employment)

(j) Acting as surveyor and Loss Assessor under the Insurance Act, 1938 (not in employment).

(k) Acting as Recovery consultant in the Banking Sector (not in employment)

(L) Any coaching assignment organized by the Institute, its Regional Councils and Branches of Regional Councils.

(m) Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week.

(n) Engagement in any other business or occupation permitted by the Executive Committee form time to time.

2. A member who is not entitled to perform attest function shall not be entitled to train articled/audit assistants

So according to me you can be covered under general exemption category if you wish to get the renewal commission only, otherwise special exemption require to be obtain.

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