Section 16 in Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
16. Action against a person acting as a corporate agent without a valid registration.
(1)Notwithstanding and without prejudice to initiation of any criminal proceedings against any person, who acts as a corporate agent without holding a valid registration made under these regulations, the Authority may invoke against such a person penal action under the Act or any other law for the time being in force(2)Where the person falling under sub-regulation (1), is a company or firm or body corporate, without prejudice to any other proceedings which may be taken by the Authority against the company or firm or body corporate, every director, manager, secretary or other officer of the company or body corporate, and every partner of the firm, who is knowingly a party to such a contravention shall also be liable to be proceeded against. .
