law: Life Insurance Corporation Act, 1956 
  36. Contracts or
  
  chief agents and special agents to terminate.- 
  Notwithstanding
  
  anything contained in the Insurance Act or in any other law for the time being
  
  in force every contract appertaining to controlled business subsisting
  
  immediately before the appointed day,—
  a.     
  
    between
  
  an insurer and his chief agent or between an insurer and a special agent; or
  b.    
  
    between
  
  the chief agent of an insurer and a special agent; shall as from the appointed
  
  day, cease to have effect and all rights accruing to the chief agent or the
  
  special agent under any such contract shall terminate on that day:
  Provided
  
  that  
  
  in every such case compensation shall be given by the Corporation to the chief
  
  agent or the special agent, as the case may be, in accordance with the
  
  principles contained in the Third Schedule, and the provisions of sub-section
  
  (2) of section 16 shall, so far as may be, apply in every such case.