If it was substantiated by evidence to the Authority and any other competent authorities, that the Company, Insurance Agent or Insurance Broker committed a violation, then the Authority may take one of the following actions and penalties:
a. Warning that appropriate measures shall be taken to rectify conditions within a specified period.
b. Suspend the electronic system for a period not exceeding six months in cooperation with the related Competent Authorities, and in case of repeating the violation, the period of suspension shall be doubled, and the public shall be notified of such by an announcement which shall be published by the Insurance Authority on its website or any other means.
c. In case of failure to rectify conditions within the specific period, a decision to cancel the approval granted shall be taken, and all Insurance Companies, Agents, Brokers and competent authorities shall be informed of the decision and the public shall be informed by an announcement published by the Insurance Authority on its website. d. In the event the approval granted is cancelled pursuant to the provision of the Article herein, the entity against which the decision was issued may not submit a new application for approval before the lapse of one year from the date of issuing the cancellation decision.
Websites that carry out insurance operations inside the State without obtaining a required license by the IA shall be blocked, in coordination with the Competent Authorities in the state.