Section 14(1) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(1)The application for renewal of certificate of registration shall be submitted to the Authority by the insurance broker in Schedule I - Form K of these regulations at least thirty days before the expiry of the certificate of registration.Provided that if the application reaches the Authority later than the period mentioned in sub-regulation (1) above but before the actual expiry of the current certificate of registration, an additional fee of rupees one hundred shall be payable by the applicant to the Authority.Provided further that in case the applicant submits in writing the reasons for the delay not covered by the previous proviso, and if the Authority is satisfied with those reasons, it may accept an application for renewal after the date of the expiry of the certificate of registration upto a period of 60 days of the expiry of certificate of registration, on payment of an additional fee of seven hundred and fifty rupees.Provided further that the application for renewal received after 60 days of the expiry of the certificate of registration will be considered only after a lapse of 12 months from the date of submission of the late application. However, during the interregnum, the certificate of registration of the insurance broker shall cease to exist and it shall not solicit any new business, except servicing the existing policies till the expiry of the contract.Note: An insurance broker is permitted to submit the application for renewal ninety days prior to the expiry of the registration.
