Section 20(2) in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
(2)If the insurer fails to apply for the renewal of registration before the date specified in sub-regulation (1), the Authority may accept an application for renewal of registration on receipt of the fee payable with the application alongwith an additional fee by way of penalty of ten per cent. of the fee payable with the application.
