Section 17 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
17.
An applicant granted a certificate of registration under the Regulations shall commence insurance business for which he had been authorised within 12 months of the date of registration:Provided, however, that if the company feels that it will not be able to commence the insurance business within the specified period of 12 months, it can before the time limit expires, seek an extension, by a proper written application, to the Authority.
