Section 18(2) in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
(2)Where an insurance broker fails to pay the annual fees payable under [sub-regulation (1-A),] [Substituted by Notification No. IRDA/Reg/4/41/2007, dated 2.11.2007 (w.e.f. 5.11.2007). ] the Authority may suspend the license, whereupon the insurance broker shall cease to carry on business for the period during which the suspension subsists.
