Section 16 in Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
16. Effect of refusal to grant renewal of registration to Insurance Marketing Firm.
- Any Applicant, whose application for renewal of registration under regulation 14 has been refused by the Authority, shall, on and from the date of the receipt of the communication under regulation 15 cease to act as an Insurance Marketing Firm and cease to solicit Insurance business and conduct insurance activities. The Insurance Marketing Firm, however, shall take necessary steps as specified in regulation 12.3 of these regulations.
