Section 48(1) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(1)In case a registered insurance broker violates any of the provisions of Insurance Act, 1938, IRDA Act, 1999 and Rules and Regulations made there under, any circular/guidelines/orders issued by the Authority from time to time, the Authority may issue such order imposing appropriate penalty depending on the nature/gravity of violation.
