Section 11A
Circumstance On Which Certificate Of Registration Of The Insurer Cannot Be renewed
(1) Notwithstanding anything contained in Section 11, the Board
shall not renew the certificate of registration of the Insurer in any of the following circumstances :
(a) If the balance-sheet has not submitted pursuant to Section 23,
(b) If the statement of income has not submitted pursuant to  Section 24,
(c) If the audit report has not submitted pursuant to Section 25,
(d) If the report of Actuary has not submitted pursuant to Section
(e) If the service-charge has not paid pursuant to Section 40,
(f) If it has been prohibited to operate the Insurance Business pursuant to Section 12A.
(2) If a circumstance has been created for not renewing the certificate of registration of an Insurer due to any of the circumstance mentioned in sub-
section (1), the Board shall notify the Insurer within fifteen days from the emergence of such circumstances.
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* Amended by 1 st amendment
# Inserted by 1st amendment
(3) If the Insurer has submitted an application to the Board within fifteen days from the date of receiving the notice pursuant to Sub-section (2), stating
reasonable grounds for not performing the liabilities to be performed pursuant to Section 23, 24, 25, 26 and 40, the Board may, if it considers the reasons to be
appropriate, provide an additional time-limit of up to one month to perform such liabilities.