Section 12 in Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
12. Rejection of application.
(a)An application, which is not complete in all respects, shall be liable to be rejected:Provided that, before rejecting any such application, the applicant shall be given an opportunity to complete such formalities within a period of thirty days from the date of receipt of communication from the Authority.(b)The Authority may require the applicant to furnish such further information or clarification as may be required by it.(c)In case the requirements are not furnished/ filed/ submitted within thirty days of the communication from the Authority, the application may be returned and the applicant shall be required to file a fresh application, unless allowed by the Authority after furnishing reasons for non submission.(d)The order rejecting the application shall be communicated by the Authority within thirty days of such rejection to the applicant in writing stating therein the ground on which the application has been rejected.(e)An applicant aggrieved by the decision of the Authority may, within a period of forty-five days from the date of such communication, apply to the Securities Appellate Tribunal (SAT) against the decision of the Authority.
