Section 15 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
15. Effect of refusal to grant license .-Any applicant, whose application for grant of a license under regulation 6 or of a renewal thereof under regulation 13 has been refused by the Authority, shall, on and from the date of the receipt of the communication under regulation 13(2) cease to act as an insurance broker. He, however, shall continue to be liable to provide services in respect of contracts already entered into through him. Such a service shall continue only upto the period of expiry of those current contracts, details of which shall be disclosed to the Authority on receipt of the communication under regulation 13.
