Step-by-Step Breakdown of License Renewal Procedure upon Expiry

The renewal of the license of an International Insurance Intermediary Office (IIIO) is a critical aspect to consider for continued seamless functioning within the stipulated legality. An expired license needs to be renewed promptly, and there is a well-defined process in place for performing this task, which we’ll break down in further detail.

Case I: The Early Bird Advantage – Application within sixty Days

Efficiency always carries rewards, and in line with this principle, an application filed within a period of sixty days from the date of the registration expiry is indeed considered for renewal.

Step 1: Timely Application Submission

The Authority expects timely renewal applications from IIIOs, and any application filed within sixty days from the date the registration expires is eligible for processing.

Step 2: Payment of Additional Fee

The efficient applicants, however, aren’t spared from incurring an additional fee, which gets appended to their bill as a penalty.

Step 3: Authority’s Condonation Toward Reasons for Delay

Subject to the explanation for the delay in application submission and subsequent satisfaction of the Authority with the reasons furnished, an added condonation is granted by the Authority.

Case II: The Procrastinator’s Dilemma – Delayed Application Submission

For applications that lag beyond the sixty days’ submission window from the date of registration expiration, a different timeline operates.

Step 1: Delayed Application Review

A renewal application received after the sixty-days window gets pushed towards a review waiting period, spanning as long as twelve months from the date of the late application submission.

Step 2: Ceasing Certificate Validity

During these twelve months, the IIIO’s certificate ceases to exist in the legal view, disrupting its operations.

Step 3: Freeze on New Business Solicitation

As a consequence of the ceasing certificate, the IIIO cannot solicit any new business during this period, which affects the growth potential of the business.

Step 4: Servicing Existing Clients until Contract Expiry

The silver lining, however, is the permission granted for servicing existing policies, but these services can be provided only until these contracts’ expiration.

When IIIOs grasp the ramifications of a delay in license renewal and understand the requisite license renewal procedure effectively, it empowers them to ensure timely renewals. Therefore, the comprehension of this process holds great significance for all IIIOs to maintain their compliance with the set regulations.