Section 29(4) in Motor Vehicles Third Party Insurance Rules, 1946
(4)If at any time a guarantor ceases to be an insurer, The Central Government may, after giving such notice as may appear to it to be necessary, remove from the approved list the name of such guarantor where it appears:Provided that the guarantor who ceases to be an insurer shall be deemed, in respect of all certificates of foreign insurance endorsed in pursuance of the provisions of rule 30(2) of these rules before the date of removal of the name of the guarantor from the approved list, to continue as the guarantor of the foreign insurer as if the guarantor had not ceased to be an insurer and as if his name has been removed from the list.
