Section 51 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
51. Publication of order of suspension.
(1)The order of suspension or cancellation of the certificate of registration made under regulation 49 or regulation 50, shall be displayed on website of the Authority and communicated to the insurers, so that registration of new business by the suspended insurance broker is stopped forthwith by the insurers.(2)On and from the date of suspension or cancellation of the certificate of registration, the insurance broker, shall cease to function as an insurance broker.(3)An insurance broker however shall continue to service the contracts already concluded through them for a period of six months within which he shall make suitable arrangements for having the contracts attended to by another registered insurance broker.
