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

IRDAI orders an Investigating Officer to inspect the books of account of Sagar Insurance Ltd. After the inspection the Investigating Officer must do which of the following with the inspection report under Section 33 of the Insurance Act, 1938?

The Investigating Officer must give the insurer a copy of the inspection report and must also report to the Authority on the inspection when directed by it. The Act requires the insurer to receive the report, so it cannot be kept confidential until a final order.

  1. ASupply a copy of the inspection report to the insurer and also report to the AuthorityCorrect
  2. BKeep the report confidential from the insurer until the Authority passes its final order
  3. CSend the report only to the Registrar of Companies
  4. DPublish the report in the Gazette before submitting it to the Authority

Explanation

Section 33(2) requires the Investigating Officer to supply the insurer with a copy of the inspection report, and section 33(5) requires a report to the Authority where inspection was directed by it. Withholding the report until the final order is not provided for.

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