Section 58(3) in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
(3)However, the Authority may, on an application made to it by an existing insurance broker, for valid reasons, grant a further period of six months time to comply with the Regulations.[***] [Omitted '(4) An undertaking to the effect that compliance of 'Indian owned and controlled' as required under the regulation has been ensured shall be filed by all Insurance Brokers duly signed by the Principal Officer and Chief Compliance Officer within 45 days from the date of meeting of the Board of Directors, where such compliance has been confirmed' by Notification No. F. No. IRDAI/Reg/13/164/2019, dated 30.10.2019.].
