Section 23 in The Insurance Regulatory And Development Authority (Registration Of Indian Insurance Companies) Regulations, 2000
23. Suspension of certificate
.-Without prejudice to any penalty which may be imposed or any action taken under the provisions of the Act, the registration of an Indian insurance company or insurer who-(a)conducts its business in a manner prejudicial to the interests of the policyholders;(b)fails to furnish any information as required by the Authority relating to its insurance business;(c)does not submit periodical returns as required under the Act or by the Authority;(d)does not cooperate in any inquiry conducted by the Authority;(e)indulges in manipulating the insurance business;(f)indulges in unfair trade practices;(g)fails to make investment in the infrastructure or social sector specified under sub-section (1-A) of section 27-D of the Act, may be suspended for a class or classes of insurance business for such period as may be specified by the Authority by an order:Provided that the Authority for reasons to be recorded in writing may, in case of repeated defaults of the type mentioned above, impose a penalty of cancellation of certificate.
