Section 95: Cancellation of License

1) The license of insurance intermediaries or other insurance service providers should be ipso facto cancelled if it cannot be renewed under section 94.

2) If any insurance intermediary or other insurance service provider submits a written application to the Authority to revoke its license, the Authority may, after investigation, revoke such license as prescribed.

3) Notwithstanding anything contained elsewhere in this act, NIA cancel the license in the following circumstances:

(a) Acted against this act or rules or regulations made under this act or directives or directions provided by Authority or

(b) If it is proved that such Insurance Mediator or Other Insurance Service Provider had acted against the interest of the insured.

4) Before revoking a license pursuant to Sub-section (3), the Authority shall give the concerned insurance intermediary or other insurance service provider a reasonable opportunity to present its defence.