Section 17 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
17. Action against a person acting as an insurance broker without a valid license .-(1) Notwithstanding and without prejudice to initiation of any criminal proceedings against any person, who acts as an insurance broker without holding a valid license issued under these regulations, the Authority may invoke against such a person penal action under the Act.
(2)Where the person falling under sub-regulation (1), is a company or form or body corporate, without prejudice to any other proceedings which may be taken by the Authority against the company or firm or body corporate, every director, manager, secretary or other officer of the company or body corporate, and every partner of the firm, who is knowingly a party to such a contravention shall also be liable to be proceeded against.
