Section 13 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
13. Renewal of license .-(1) An insurance broker may, within thirty days before the expiry of the license, make an application in Form A to the Authority for renewal of license:
Provided however that if the application reaches the Authority later than that period but before the actual expiry of the current license, an additional fee of rupees one hundred only shall be payable by the applicant to the Authority:Provided further that the Authority may for sufficient reasons offered in writing by the applicant for a delay not covered by the previous proviso, accept an application for renewal after the date of the expiry of the license on a payment of an additional fee of seven hundred and fifty rupees only by the applicant.(2)An insurance broker before seeking a renewal of license, shall have completed, atleast twenty-five hours of theoretical and practical training, imparted by an institution recognised by the Authority from time to time.(3)The application for a renewal, under sub-regulation (1) shall be dealt with in the same manner as is specified under regulation 9.(4)The Authority, on being satisfied that the applicant fulfils all the conditions specified for a renewal of the license, shall renew the license in Form B for a period of three years and send an intimation to that effect to the applicant.(5)An insurance broker licensed under these regulations for a specified category may also apply for the grant of a license by the Authority for any other category by fulfilling the requirements of these regulations. However, such application shall be made only after a lapse of one year from the grant of a license in the first instance.
