Section 14 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
14. Renewal of Certificate of Registration.
(1)The application for renewal of certificate of registration shall be submitted to the Authority by the insurance broker in Schedule I - Form K of these regulations at least thirty days before the expiry of the certificate of registration.Provided that if the application reaches the Authority later than the period mentioned in sub-regulation (1) above but before the actual expiry of the current certificate of registration, an additional fee of rupees one hundred shall be payable by the applicant to the Authority.Provided further that in case the applicant submits in writing the reasons for the delay not covered by the previous proviso, and if the Authority is satisfied with those reasons, it may accept an application for renewal after the date of the expiry of the certificate of registration upto a period of 60 days of the expiry of certificate of registration, on payment of an additional fee of seven hundred and fifty rupees.Provided further that the application for renewal received after 60 days of the expiry of the certificate of registration will be considered only after a lapse of 12 months from the date of submission of the late application. However, during the interregnum, the certificate of registration of the insurance broker shall cease to exist and it shall not solicit any new business, except servicing the existing policies till the expiry of the contract.Note: An insurance broker is permitted to submit the application for renewal ninety days prior to the expiry of the registration.(2)No insurance broker shall be allowed to do any fresh insurance business after expiry of the certificate of registration, except servicing the existing policyholders.(3)The Principal Officer and Broker Qualified Persons of an insurance broker before seeking a renewal of certificate of registration shall have completed at least twenty-five hours of theoretical and practical training, imparted by an institution recognized by the Authority. While doing so, they shall ensure that they complete the renewal training within six months prior to the expiry of three years from the time the previous training was completed.(4)The application for renewal, under sub-regulation (1) shall be dealt with in the same manner as specified under regulation 8.(5)The Authority may seek further information/ clarification/ data on the application submitted by the insurance broker while processing the application.(6)The insurance broker shall submit such information as required under sub-regulation (5) above within 21 days of receipt of the communication from the Authority.Provided if the applicant seeks additional time, for the reasons specified, for submission of information sought by the Authority under sub-regulation (5) above, the request may be considered by the Authority on merit.(7)The certificate of registration of the insurance broker, on failing to comply with sub-regulation (6) above may be suspended till such time the information required under sub-regulation (5) above is received by the Authority.(8)The Authority, on being satisfied that the applicant fulfills all the conditions specified for renewal of the certificate of registration, shall renew the certificate of registration in Schedule I - Form L for a period of three years and send intimation to that effect to the applicant.(9)The category certificate of registration of an insurance broker may be modified by restricting its operation in a particular category where the certificate of registration was already issued by the Authority for the reasons specified in writing and after giving due notice to the insurance broker. In any case, no restriction of category of the certificate of registration shall be done unless the insurance broker has been given a reasonable opportunity of being heard.Note: Documents to be attached with renewal application by insurance brokers as per Schedule I - Form M, Schedule I - Form N and Schedule I - Form O.
