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CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities

Meera Iyer, a practising Company Secretary, is approached by a mid-sized private insurer to examine whether its board processes, policyholder protection policies and regulatory filings meet IRDAI requirements, and to certify the position. Which professional service best describes this engagement?

The engagement is a compliance audit and certification of the insurer's regulatory and governance framework. A Company Secretary reviews board processes, policyholder protection and IRDAI filings and certifies them. Actuarial valuation, surveying and underwriting are separate specialist roles requiring different qualifications.

  1. ACompliance audit and certification of the insurer's regulatory and governance frameworkCorrect
  2. BActuarial valuation of the insurer's policy liabilities
  3. CSurveying and loss assessment of a fire claim
  4. DUnderwriting of a large corporate risk

Explanation

Reviewing governance, policyholder protection and regulatory filings and then certifying them is a compliance audit and certification service, a core area for Company Secretaries in insurance. Actuarial valuation, loss assessment and underwriting are specialist functions requiring different qualifications.

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