(1) Section 12A of the Act. In relation to the ban imposed on the insurance business, the relevant insurer shall submit an application to the committee, including the necessary documents, within thirty-five days from the date of non-existence of such a ban.
(2) If the conditions mentioned in the application given in accordance with sub-rule (1) and the evidence attached thereto are found to be satisfactory, the committee may release the ban imposed on the insurance business. When the committee releases the ban imposed on insurance business in this way, it can release the ban on insurance business by imposing a fine of ten thousand rupees in case of partial ban and twenty five thousand rupees in case of complete ban. Explanation: For the purpose of this rule –
(1) "Complete suspension" shall mean a suspension imposed in such a way that the insurer is not able to conduct all transactions related to insurance business.
(2) "Partial suspension" means a suspension imposed in such a way that the insurer cannot conduct any one or more transactions out of all the transactions related to the insurance business.