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

An Investigating Officer has completed an inspection of an insurance intermediary's books of account at IRDAI's direction. Under Section 33 of the Insurance Act, 1938, which duty is cast on the Investigating Officer?

The Investigating Officer must supply the intermediary a copy of the inspection report and also report to the Authority where the inspection was directed by it. Sections 33(2) and 33(5) impose both duties, and neither depends on consent or on an appeal.

  1. ASupply the intermediary a copy of the inspection report and report to the Authority on the inspectionCorrect
  2. BReport to the Authority only and keep the report confidential from the intermediary
  3. CSupply a copy to the intermediary only if the intermediary files an appeal
  4. DSeek the consent of the intermediary before sending the report to the Authority

Explanation

Section 33(2) requires the Investigating Officer to supply the insurer or intermediary a copy of the inspection report, and Section 33(5) requires a report to the Authority where the Authority directed the inspection. Withholding the copy or conditioning it on an appeal has no basis in the text.

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