The approval for marketing insurance policies shall be issued for the respective types and classes of insurance as required to be approved. The approval shall be for one year ending at the end of December of each year. The first approval shall be valid from the date of issuance through the end of December of the same year.
The approval shall be renewed by an application to be submitted to the Authority (30) days before the end of the approval term, after ensuring the continued compliance with the provisions of these Instructions and the decisions issued thereunder. The Authority shall issue its decision within a period of 10 working days from the date of submitting the complete application.