Section 40 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
40. Effect of cancellation or suspension of license .-(1) On and from the date of suspension or cancellation of the license, the insurance broker, shall cease to act as an insurance broker.
(2)An insurance broker however shall continue to service the contracts already concluded through him for a period of six months within which suitable arrangements shall be made by him for having the contracts attended to by another licensed insurance broker.(3)The Authority in such an event may pass such an order as it thinks fit for the disposal of the deposit of the insurance broker made under regulation 22.
