List out the grounds under which the Insurance Regulatory and Development Authority of India (IRDAI) is compulsorily required to cancel the Certificate of Registration granted for Insurer/Insurance business.

The Insurance Regulatory and Development Authority of India (IRDAI), in case of repeated defaults on the grounds for suspension of a certificate of registration, may impose a penalty in the form of cancellation of the certificate. As per Section 3(4) of the Insurance Act, 1938, the Authority is compulsorily required to cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be: If the insurer fails to comply with the provisions relating to deposits; or If the insurer fails, at any time, to comply with the provisions relating to the excess of the value of his assets over the amount of his liabilities; or If the insurer is in liquidation or is adjudged an insolvent; or If the business or a class of the business of the insurer has been transferred to any person or has been transferred to or amalgamated with the business of any other insurer; or If the whole of the deposit made in respect of the insurance business has been returned to the insurer; If, in case of an insurer, the standing contract is cancelled or is suspended and continues to be suspended for a period of six months, or If the Central Government of India so directs. If the insurer makes default in complying with, or acts in contravention of any requirement of this Act or of any rule or any regulation or order made or, any direction issued there under, or If the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insurance remains unpaid for three months after final judgment in regular course of law, or If the insurer carries on any business other than insurance business or any prescribed business, or If the insurer makes a default in complying with any direction issued or order made, as the case may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999, or If the insurer makes a default in complying with, or acts in contravention of, any requirement of the Companies Act, 2013 or the Life Insurance Corporation Act, 1956 or the General Insurance Business (Nationalization) Act, 1972 or the Foreign Exchange Regulation Act, 1999.