Section 24(1) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(1)Every insurance broker shall take out and maintain at all times a professional indemnity insurance cover throughout the validity of the period of the Certificate of Registration issued to them by the Authority, as specified in Schedule II - Form S of these regulations. :Provided that the Authority shall in appropriate cases allow a newly registered insurance broker to produce such a policy within twelve months from the date of issue of certificate of registration.
