Section 30: Commencement of Insurance Business

1) The insurer shall commence its insurance business within 6 months from the date of obtaining the license.

2) If the insurer cannot commence its business within the period specified in sub-section (1), the insurer may submit an application along with reasons to the Authority before the expiry of such period.

3) On examination of an application received as per sub-section (2), if the authority finds it reasonable, the authority may grant an extension of a further six months.

4) The concerned insurer shall commence its insurance business within six months and provide information to the authority as per sub-section (2).

5) The authority can cancel the license of the concerned insurer if such an insurer cannot commence its business even within the extended period sub-section (2).