Section 56 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
56. Effect of cancellation of certificate of registration.
(1)On and from the date of suspension or cancellation of the certificate of registration, the insurance broker, shall cease to act as an insurance broker.(2)An insurance broker however shall continue to service the contracts already concluded through them for a period of six months within which suitable arrangements shall be made by them for having the contracts attended to by another registered insurance broker.(3)Another registered insurance broker who agrees to take over the obligations of policy service can collect remuneration on current contracts which were not collected earlier from insurers, provided the insurance broker undertakes to service the policies through its term.Chapter - VI Miscellaneous
