Section 139: Procedures of Taking Actions

1) The Authority shall give written notice to the concerned insurer, insurance intermediary or other insurance service provider or person providing a time limit of 7 days to submit clarification in reference to the proposed proceedings and the fine before taking regulatory action pursuant to Section 134 or imposing fine pursuant to Section 138.

2) The concerned insurer, insurance intermediary or any person shall have to submit their clarification in writing to the Authority within seven days from the date of written notice received in accordance with sub-section (1).

3) If the clarification submitted seems reasonable pursuant to sub-section (2), the Authority may amend the action or fine or repeal (cancel) the same.

4) Other procedures to be adopted by the Authority under this Act while taking action or imposing the fine shall be as determined by the Authority.