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Chapter V of the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 contains the provisions of cancellation of Insurance Broker License. This piece of writing discusses how cancellation of Insurance Broker license shall take place.
The provisions relating to cancellation of registration of notice take place with notice are covered under regulation 49 of Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018[1] (regulations).
The provisions relating to cancellation of registration of notice take place without notice are covered under regulation 50 of regulations.
The order of cancellation of Insurance Broker license shall be published in one newspaper of English language and one newspaper of the regional language as the IRDAI may deem fit. The order of cancellation also needs to be published in the authority’s website.
Read our Article:How to get an Insurance Broker License in India?
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