(1) No matter what is written in the existing law: However, if approval is received from the authority for cancellation of the insurer according to section 117, the process of cancellation shall be deemed to have started from that date.
(2) In canceling the insurance, the following should be done:-
(a) Within thirty-five days after receiving the approval from the authority, the notice on the process of canceling the insurance should be published at least twice in two national level daily newspapers and through the website of the authority, (b) The notice on the process of canceling the insurance should be given to all insured, creditors or interested persons and the company registrar. To be given to the office within thirty-five days,
(c) The amount to be paid by the insurer to the insured under the policy, the installment amount to be paid to the insurer and other obligations to be fulfilled within the period specified by the authority,
(d) Even if the amount to be paid to the insured according to clause (c) has not matured for payment according to the policy, the amount to be paid shall be deemed to have matured automatically on the last day of the period determined by the authority. (e) In the event of the payment or fulfillment of the obligation according to Clause (c), if any insured, guarantor or interested person does not come to collect the payment or fails to make the payment due to reason, the amount equal to the obligation to be fulfilled according to the conditions determined by the Authority shall be deposited in a bank designated by the Authority in a separate account. br> (f) After obtaining the approval from the Authority, the insurer shall not act to create any liability or exercise any right except as necessary for termination. (3) The license will automatically be canceled from the date the authority completes the cancellation process of the insurer.
(4) In relation to cancellation of insurance, the authority may make and implement necessary guidelines.