Section 50(1) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(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.
