(1) The Authority may revoke the license of an insurer in the following cases:-
(a) In case such suspension cannot be released even within one year after the insurance business has been banned or the license has been suspended in accordance with section 136,
(b) In case of serious harm to the insured by allowing the insurer to operate the insurance business, (c) If the court initiates a criminal proceeding against the insurer in accordance with the prevailing law,
(d) Insurer's application for cancellation: If the cancellation process is completed.
(2) Except in the case of clause (c) or (d) of sub-section (1), before revoking the license of an insurer, the authority shall give the relevant insurer a reasonable opportunity to submit an explanation within a reasonable time as prescribed.
(3) Notwithstanding anything written elsewhere in this section, if the situation mentioned in Clause (a) or (b) of sub-section (1) arises and the concerned insurer admits to correct such situation and not to remedy the deficiency, the authority shall once again grant such insurer its It can provide reasonable time to improve the situation or to correct deficiencies.
(4) If the license of an insurer is revoked in accordance with this section, the liability assumed by the insurer before such revocation must be done as prescribed.
(5) In case of cancellation of the license in accordance with this section, the authority shall publish the name of the concerned insurance company for public information through at least two national level dailies and the authority's website.