(1) On completion of the allocated time period or size of the proposal specified, the applicant shall submit a report to the Authority within 15 days on how the proposal met the objectives along with feedback from the policyholders and such other information or details as specified by the Authority. The applicant shall also submit a plan of action as to how the proposal be brought under the extant regulatory framework.
(2) On examining the report of the applicant, if the Authority is satisfied that the objectives of the proposal have been met, it may accord permission to the applicant to adopt the proposal under the extant regulatory framework wherein in addition to provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999, all Regulations, guidelines, circulars, etc. will be applicable from the date of moving to the extant regulatory framework.
(3) On examining the report submitted by the applicant, if the Chairperson of the Authority is of the view that the objectives of the proposal are not met, the applicant may be directed to discontinue the proposal.
(4) An applicant may also file for early termination of the proposal in case it is felt that the proposal shall not be able to meet the desired objective. The Chairperson of the Authority shall consider the request on merits and advise the applicant accordingly subject to such conditions as it deems fit.
(5) It shall be the duty of the applicant to erase all personal data of the participants and give a confirmation to that effect to the Authority.
(6) The decision of the Chairperson of the Authority on whether or not to allow continuation of the proposal is final.
CHAPTER III