(1) In order to get his/her license renewed, the insurance agent shall submit an application to the office of the committee in the format as per Schedule-10, along with the renewal fee of Rs. If such an application is received, the committee will have to renew the license of such insurance agent.
(2) If an insurance agent fails to submit an application for the renewal of his license within the period specified in sub-rule (1), if an application is made to the office of the Opening Committee and the reason is deemed reasonable, the committee shall pay one hundred rupees per day for the first two months after the expiry of the renewal period and five rupees per day for the next four months. The license of such insurance agent can be renewed by taking an additional fee.