Section 16 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
16. Effect of refusal to issue certificate of registration.
(1)Any applicant, whose application for renewal thereof has been refused by the Authority, shall, on and from the date of the receipt of the communication cease to act as an insurance broker.(2)The insurance broker, however, shall continue to be liable to provide services in respect of contracts already entered into through it.(3)Such a service shall continue only upto the period of expiry of those current contracts or for a maximum period of six months, whichever is earlier, within which suitable arrangements shall be made by it for having the contracts attended to by another registered insurance broker.(4)The details of the arrangements shall be disclosed to the Authority on receipt of the communication.Part - C Duplicate certificate of registration
