Any natural person carrying out operations of insurance agent, insurance broker, loss and damage adjuster, insurance consultant or actuary shall be obligated upon enforcing the provisions of the law herein to adjust his situation according to the provisions thereof and according to the regulations and rules pursuant thereto within the period determined by the Board, provided such period shall not exceed a year as from date of implementing the provisions of the law herein, otherwise his registration or license as might be the case shall be deemed lawfully cancelled and shall be prohibited from carrying out the operations of insurance subject to punishment according to law.