(1) If any insurer is found to have violated this Act or the rules, regulations or instructions or orders made under this Act or if it is found that he has submitted false information or data to the authority, such insurer or any of its directors, officers, executive heads or employees or insurance intermediaries or other The authority may take the following action against the insurance service provider:-
(a) warn or warn in writing,
(b) to make a confession for improvement or to order any improvement for a fixed period,
(c) taking control of the assets or books of the insurer,
(d) Distribution to shareholders: dividend, bonus shares or right shares. Prohibition of Distribution or Issuance,
(e) suspending or ordering the insurer to suspend the director, officer, chief executive or employee of the insurer and the insurance intermediary; (f) partially or completely prohibiting the operation of insurance business,
(g): Petition before concerned High Court for cancellation of licensed insurance company.
(2) If the founder, shareholder, manager, chief executive officer or officer, employee or any related person of any insurer violates this Act or the rules, regulations, instructions or orders made under this Act, the authority shall, considering the nature and seriousness of the violation, one or more of the following may take further actions:- (a) confiscate and withhold the shares of the relevant insurer taken by him and sell those shares to other persons or organizations or cause them to do so,
(b) suspending or withholding some or all of the benefits, including meeting allowances and remuneration, received by the board of directors, directors, officers and other employees of the insurer,
(c) If it is found that the insurer is not acting in the interest of the insured, shareholders and the insurer through the regulation, inspection or monitoring of the authority, the president, director, executive head or employee of the insurer shall be removed from that position by giving a written notice,
(d) salary allowances and other contrary to this Act or the rules, regulations, instructions or orders made under this Act. If the facility is taken or given by someone, all such service facility andTo collect the amount due and the interest according to the prevailing law from the persons providing such service facilities,
(e) Ordering the concerned insurer to send a written action to the body with which the director, officer, executive head or employee of the insurer is professionally affiliated.
(3) A person who has been removed from the post in accordance with clause (c) of sub-section (2) shall not be entitled to any compensation or benefit for having been granted leave and shall not be allowed to be appointed in the service of any insurer for five years after such leave.
(4) If the insurer is required to pay due to the misbehavior or dishonesty of any director, officer, executive head or employee, the insurer may order such amount to be recovered from the director, officer, executive head or employee.
(5) within thirty-five days from the date of receiving the information of the order given under sub-section (4), such director, officer, executive head or; The employee shall pay such amount personally.
(6) If the amount as per sub-section (5) is not paid or not paid within the period specified by the authority, the government dues from the account of any bank or financial institution held in the name of such director, officer, executive head or employee or his family of one house or any movable and immovable property of him or his family of one house The same will be charged.
(7) / this. According to the law, if the authority publishes or broadcasts the information publicly by regulating, inspecting, monitoring or any other action on any insurer, intermediary, the insurer shall bear the expenses incurred in publishing or broadcasting such information.