Section 20 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
20. Manner of renewal of certificate
.- [(1) An insurer, who has been granted a certificate under section 3 of the Act, shall make an application in Form IRDA/R5 for the renewal of the certificate in Form IRDA/R6 to the Authority before the 31st day of December each year, and such an application shall be accompanied by evidence of the payment of the fee which shall be the higher of,-] [ Substituted by Notification No. IRDA/Reg/26/2003, dated 26.2.2003 (w.e.f. 7.3.2003).](a)fifty thousand rupees for each class of insurance business, and(b)[one-tenth] [Substituted by Notification No. IRDA/Reg/26/2003, dated 26.2.2003 (w.e.f. 7.3.2003). ] of one per cent. of total gross premium written direct by an insurer in India during the financial year preceding the year in which the application for renewal of certificate is required to be made, or rupees five crore, whichever is less; (and in the case of an insurer carrying on solely reinsurance business, instead of the total gross premium written direct in India, the total premium in respect of facultative reinsurance accepted by him in India shall be taken into account).(2)If the insurer fails to apply for the renewal of registration before the date specified in sub-regulation (1), the Authority may accept an application for renewal of registration on receipt of the fee payable with the application alongwith an additional fee by way of penalty of ten per cent. of the fee payable with the application.
