(1) Upon examination of the application received as per Section 28 and the attached details documents, if the applicant is found to be capable of doing insurance business in accordance with this Act, the authority shall issue a license to the applicant within sixty days of receipt of the application after receiving the prescribed fee.
(2) When granting a license in accordance with sub-section (1), such license shall clearly state the type and type of insurance business that the applicant is entitled to operate in accordance with section 61.
(3) Unless it is mentioned in the license granted under sub-section (1) that it shall be effective from a specific date, such license shall be deemed to be effective from the date of issue. (4) When granting a license in accordance with this section, the authority may prescribe the necessary conditions to be followed by the insurer, taking into account the prevailing law, the financial and organizational structure of the insurer, and the rights and interests of the insured.
(5) Notwithstanding anything contained in sub-section (4): the authority may prescribe the conditions to be followed by the insurer while conducting insurance business or modify the prescribed conditions by issuing guidelines in accordance with this Act.
(6) It shall be the duty of the concerned insurer to comply with the conditions prescribed by the authority as per sub-sections (4) and (5).
(7) A license granted to an insurer under this section shall not be transferable.
(8) In this section: Regardless of what is written elsewhere, if the applicant does not submit any detailed documents required to be submitted as per section 28, or if there is no provision of necessary infrastructure for the operation of insurance business, or if the license is not granted to the applicant, the rights and interests of the insured cannot be protected, and it is not deemed appropriate to grant the license. The authority shall inform the petitioner within sixty days of the filing of the petition.