Section 13 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
13. Rejection of an application.
- Procedure to be followed when registration is not granted to Insurance Marketing Firm:13.1Where an application for grant of a registration under regulation 4 does not satisfy the conditions set out in regulations 5 and 11, the Authority may refuse to grant the registration.Provided that no application shall be rejected unless the applicant has been given a reasonable opportunity of being heard.13.2The refusal to grant a registration shall be communicated by the Authority within thirty days of such refusal to the Applicant stating therein the grounds on which the application has been rejected.13.3Any Applicant, aggrieved by the decision of the Authority, may apply within a period of thirty days from the date of receipt of such intimation, to the Chairman of the Authority for reconsideration of its decision.13.4The Chairman of the Authority shall consider such an application and communicate his decision thereon to the applicant in writing within sixty days of the receipt thereof.13.5Any applicant aggrieved by the decision of the Chairman may make an appeal to Securities Appellate Tribunal, as per the procedure prescribed for such an appeal, within a period of forty-five days from the date on which a copy of the order made under sub-regulation 13.4 above is received by him, for passing such orders thereon as it thinks fit, conforming, modifying or setting aside the order appealed against.13.6In case the Securities Appellate Tribunal after consideration of the application made under sub-regulation (13.5) above, rejects the appeal, the Applicant can make a fresh application for grant of registration only after one year from the date of final rejection. The Authority may consider such application on merit.
