Section 18 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
18. Payment of fees and the consequences of failure to pay fees .- [(1) Every applicant shall at the time of making an application for grant of license pay such fees and in such manner as specified in Schedule II.]
[(1-A) Every insurance broker shall pay the annual fees in such manner and within such a period as specified in Schedule II. In addition to the annual fees every broker shall at the time of making an application for renewal of license pay such renewal fees and in such manner as specified in Schedule II.] [ Inserted by Notification No. IRDA/Reg/4/41/2007, dated 2.11.2007 (w.e.f. 5.11.2007).](2)Where an insurance broker fails to pay the annual fees payable under [sub-regulation (1-A),] [Substituted by Notification No. IRDA/Reg/4/41/2007, dated 2.11.2007 (w.e.f. 5.11.2007). ] the Authority may suspend the license, whereupon the insurance broker shall cease to carry on business for the period during which the suspension subsists.
