The term of license shall be one year expiring at the end of December every year. The validity period of the first license shall be from the date of issuance through the end of December of the same year.
The license shall be renewable under an application to be submitted to the IA at least one month prior to the expiry date after ensuring that the Insurance Broker has continuously abided to the provisions of these Regulations and has paid the prescribed annual renewal fees. The IA shall issue its decision on the complete application within 10 working days as from the date of submitting the same.
The IA may suspend the Insurance Broker from practicing the activity in case of failure to submit a complete application for license renewal.