Section 10 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
10. Procedure for issuance of Certificate of Registration.
(1)The Authority on being satisfied that the applicant fulfills all the conditions specified for the issuance of Certificate of Registration, shall first issue an in-principle approval to the applicant for compliance of requirements for issuance of Certificate of Registration.(2)The Authority upon satisfying itself of the conditions specified in the in-principle approval or other conditions of the Act, Rules, regulations, circulars, guidelines, etc., may issue a Certificate of Registration as prescribed in Schedule I - Form J of these regulations stating the category.(3)The Certificate of Registration shall be issued subject to the insurance broker adhering to the conditions and the code of conduct as specified by the Authority from time to time.(4)An insurance broker registered under these regulations for a specified category may also apply for the issuance of Certificate of Registration for any other category by fulfilling the requirements of these regulations. However, such application shall be made only after completion of one year from the issuance of certificate of registration in the first instance.(5)In case a Certificate of Registration issued under these regulations or a License issued under previous regulations, is cancelled or surrendered or whose renewal is rejected by the Authority by an Order and such Order is upheld by the Securities Appellate Tribunal or any Court of Law, the applicant may then make a fresh application for grant of Certificate of Registration only after lapse of one year from the effective date of such Order for consideration of the Authority. The Authority may consider such application on merit.
