Managing General Agent registration suspension governs continuation of existing contracts, transfer arrangements, and prospective remuneration.

Suspension or cancellation of a Managing General Agent's certificate of registration causes the MGA to cease acting as such from the date of the final order. The suspended or cancelled MGA must continue servicing existing contracts for six months and arrange transfer of those contracts to another registered MGA. The Competent Authority may also determine disposal of the MGA's deposit. A new MGA taking over policy servicing must seek the foreign insurer's approval, and remuneration on subsisting contracts is payable prospectively from the date of transfer.

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