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CS Professional · Banking and Insurance - Laws and Practice · Inspection, Investigation, Penalty and Appellate Procedure

An Investigating Officer directed under Section 33(1) is examining Nilgiri Insurance Brokers Ltd. He wishes to question its managing director about the firm's business. Which statement is correct?

He may examine the managing director on oath in relation to his business. Section 33(4) empowers the Investigating Officer to do so for officers of an insurer, intermediary or insurance intermediary, without needing any Magistrate's permission.

  1. AHe may examine the managing director on oath in relation to his businessCorrect
  2. BHe may only take an unsworn written statement
  3. CHe may examine on oath only with a Magistrate's permission
  4. DHe may examine on oath only officers of insurers, not of intermediaries

Explanation

Section 33(4) lets an Investigating Officer directed to investigate or inspect examine on oath any manager, managing director or other officer of the insurer or intermediary or insurance intermediary in relation to his business. No Magistrate permission is needed and intermediaries are covered.

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