Section 40(6) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(6)Failure to comply with this regulation shall attract penal action, in accordance with the provisions of regulation 48 being taken against the insurance broker.Explanation: (1) For the purpose of this regulation, `material change? means any change which has a bearing on consideration of their application under regulation 8 of these regulations.
