Section 47 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
47. Show-cause notice and order.
(1)On receipt of the report from the enquiry officer, the Authority shall consider the same and if considered necessary by it, issue a show-cause notice as to why action as it considers appropriate should not be initiated.(2)Lloyd's India or the service company or the syndicate shall, within twenty-one days of the date of receipt of the show-cause notice, send a reply to the Authority.(3)The Authority after considering the reply to the show-cause notice, if received, shall as soon as possible but not later than thirty days from the receipt of the reply, if any, pass such orders as it deems fit. If no reply is furnished to the Authority by Lloyd's India or the service company or the syndicate within 90 days of the service of the notice, the Authority can proceed to decide the issue ex-parte.(4)An order passed under sub-regulation (3) shall give reasons therefor including justification of the penalty imposed by that order.(5)The Authority shall send a copy of the order made under sub-regulation (3) to Lloyd's India or the service company or the syndicate.
