Section 17 in Insurance Regulatory and Development Authority of India (Lloyd's India) Regulations, 2016
17. Rejection of application for registration.
(a)Where an application for registration is not complete in all respects and does not conform to the regulations or instructions specified in Form IRDAI/ Lloyd's/ R2, and after considering the matter referred to in regulations 15, 16 and 19 and on being satisfied that it is not desirable to grant a certificate of registration the Authority, by an order, may reject the application.Provided before rejecting the application the applicant is given a reasonable opportunity of being heard by the Authority.(b)The order rejecting the application under sub-regulation (1) shall be communicated by the Authority within thirty days of such rejection to the applicant in writing stating therein the ground on which the application has been rejected.(c)An applicant aggrieved by the decision of the Authority under sub-regulation (2) may, within a period of thirty days from the date on which the copy of the decision is received, appeal to the SAT for reconsideration of such decision.(d)The fees, referred to in clause (d) of regulation 15(2), shall not be refunded.
