Section 14 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
14. Rejection of requisition for registration application.
(1)Where the requirements under regulation 13 are not complied with, the Authority may, after giving the applicant a reasonable opportunity of being heard, reject the requisition for registration application.(2)The order rejecting the application under sub-regulation (1) shall be communicated by the Authority within thirty days of such rejection to the applicant in writing stating therein the ground on which the requisition for registration application has been rejected.(3)An applicant aggrieved by the decision of the Authority under sub-regulation (2) may, within a period of forty-five days from the date on which a copy of the decision is received appeal to the Securities Appellate Tribunal (SAT) for reconsideration of the decision.
