Section 12 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
12. Rejection of Application.
(1)Where an application for issuance of Certificate of Registration under these regulations does not satisfy the conditions set out in regulation 8 and 9, the Authority may refuse grant of Certificate of Registration;Provided that no application shall be rejected unless the applicant has been given a reasonable opportunity of being heard.Any applicant, aggrieved by the Order of the Authority, may appeal to the Securities Appellate Tribunal(2)The Order of refusal to grant Certificate of Registration shall be communicated by the Authority within thirty days of such refusal to the applicant stating therein the grounds on which the application has been rejected.(3)If the application is rejected and the applicant chooses not to appeal against the order of rejection of application, the applicant may make a fresh application for issuance of certificate of registration after lapse of one year from effective date of such Order for consideration by the Authority. The Authority may consider such application on merit.
