Section 35 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
35. Cancellation or suspension of license without notice .-The license of an insurance broker may be cancelled or suspended without notice, if he-
(a)violates any one or more of the requirements under the Code of Conduct specified in Schedule III;(b)is found guilty of fraud, or is convicted of a criminal offence;(c)commits such defaults, which require immediate action in the opinion of the Authority, provided that the Authority has communicated the reasons for the cancellation in writing;(d)the insurance broker has not commenced the business within six months of being granted a license.
