- (1.) The order of the Chairman dated 5th October, 2012 refusing to renew the licence issued under the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002 (hereinafter referred to as "Brokers Regulations 2002") is the subject-matter of challenge in this writ application. The petitioner was functioning as a composite broker in terms of a licence initially granted on 18th February, 2003 which was subsequently renewed on 13th March, 2006 for a period of 3 years on and from 18th February, 2003.
(2.) On 31st December, 2008, an application was filed for renewal.
(3.) The authority concerned declined to renew the said licence. This has resulted in a writ application being filed and ultimately consequent upon an order being passed by the Hon'ble Supreme Court on 6th July, 2012, the Chairman considered the application filed for renewal on 31st December, 2008 and by a detailed order dated 5th October, 2012 rejected the said application for grant of renewal.;