The IA shall issue its decision of approving or rejecting the application for license within a maximum period of 20 working days as from the date of submitting the complete application. The IA may subject its approval to grant the license to the conditions and restrictions at the discretion of the IA, or may suspend the granting of licenses due to the requirements of the public interest for the period it deems suitable.
Once the application for license is approved, the Insurance Broker shall be registered in the IA's Insurance Brokers Register.
An Insurance Broker may add a type or class of insurance to the granted license under an application to be submitted to the IA on the form designated for this purpose after meeting all the related conditions and requirements.