Section 13 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
13. Effect of refusal to grant registration.
- An applicant, whose application for grant of registration under regulation 4 or of a renewal thereof under regulation 11 has been refused or rejected by the Authority, shall, on and from the date of the receipt of the communication under regulation 12(2) cease to act as a corporate agent. He, however, shall continue to be liable to provide services in respect of contracts already entered into through him. Such a service shall continue upto the period of expiry of those existing contracts, which have already been closed, or for a period of six months, whichever is earlier within which time they shall make suitable arrangements with the concerned insurer.
