Section 12 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
12. Period of validity of registration of the Insurance Marketing Firm.
- 12.1 The registration issued under these Regulations shall be valid for a period of three years from the date of its issue, unless it is suspended or cancelled by the Authority.12.2The registration issued by the Authority can be suspended or cancelled by the Authority for any of the reasons stated in Schedule VIII of these Regulations.12.3In case the Authority suspends or cancels the registration of the Insurance Marketing Firm, the Insurance Marketing Firm shall cease to solicit new insurance business and continue to service the existing policies for a period of six months within which suitable arrangements shall be made by Insurance Marketing Firm for having the contracts attended to and serviced by respective insurers or by another Insurance Marketing Firm registered to operate in that jurisdiction as may be approved by the Authority.12.4No Insurance Marketing Firm is allowed to function as such after the expiry of registration unless it is renewed by the Authority. They shall not engage any person without a valid registration for the purposes of carrying out the functions of Insurance Marketing Firm.
