Suspension or cancellation of registration certificate requires a prescribed enquiry, notice, hearing, and time-bound report. Manner of holding enquiry before suspension or cancellation of a certificate of registration of a managing general agent is prescribed as a mandatory procedural safeguard. The Competent Authority may appoint an enquiry officer, who must issue notice, receive the MGA's reply and evidence, afford a reasonable hearing, and complete the enquiry within the stipulated time, subject to extension for recorded reasons. The enquiry officer must then submit a report to the Competent Authority after considering the relevant facts and submissions.