Section 50 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
50. Suspension or Cancellation of certificate of registration without notice.
(1)The certificate of registration of an insurance broker may be suspended or cancelled without notice, if they(a)violate any one or more of the requirements under the code of conduct specified in Schedule I - Form H and Schedule I - Form I, whichever is applicable;(b)are found guilty of fraud, or is convicted of a criminal offence;(c)commit such defaults, which require immediate action in the opinion of the Authority, provided that the Authority has communicated the reasons for the cancellation in writing;(d)have not commenced the business within six months of being granted a registration.(2)in case the certificate of registration of an insurance broker is suspended without notice, such certificate of registration shall not be cancelled unless an enquiry has been held in accordance with the procedure specified in regulation 52.
