Section 53 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
53. Action to be taken after the receipt of the enquiry report.
(1)On receipt of the report from the enquiry officer, the Authority shall consider the report and issue a show-cause notice to the insurance broker if the contents of the report warrant a cancellation of the registration granted to them;Provided that no such notice is required, in case the provisions of regulation 50 are attracted.(2)The insurance broker shall within twenty-one days of the date of receipt of the show cause notice send a reply to the Authority.(3)The Authority after considering the reply to the show cause notice shall, as soon as possible, but not later than thirty days from the receipt of the reply, pass such an order as it deems fit.Provided, however, that where the insurance broker on serving of the notice under this regulation fails to furnish any reply within the stated period, the Authority may after the expiry of such time proceed to decide the case on merit and pass such an order as it deems fit.(4)The Authority shall send a `final order of the Authority' made under sub-regulation (3) to the insurance broker.
