Section 18 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
18. Action against a person acting as an insurance marketing firm without a valid registration.
- 18.1 Notwithstanding and without prejudice to initiation of any criminal proceedings against any person, who acts as an Insurance Marketing Firm without holding a valid registration issued under these Regulations, the Authority may invoke penal action under the Act, as amended from time to time, against such a person.18.2Where the person falling under sub-regulation 18.1, is a company or firm or body corporate, without prejudice to any other proceedings which may be taken by the Authority against the company or firm or body corporate, every director, manager, secretary or other officer of the company or body corporate, and every partner of the firm, who is knowingly a party to such a contravention shall also be liable to be proceeded against.
