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CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part II)

Nirmaan General Insurance Ltd wants to know who prescribes the manner and authentication of its investment returns under Section 28. Its compliance officer is told that the form and time are fixed by the regulations. Which statement is correct?

The returns of investments are submitted to the Authority, and the form, time and manner, including authentication, are those specified by the regulations. Neither the insurer's board nor the General Insurance Council prescribes them, so the insurer must follow the regulatory specification when filing.

  1. AThe Authority receives the returns, and the form, time and manner including authentication are as specified by the regulationsCorrect
  2. BThe insurer's board decides the form and time, and the Authority merely receives the returns
  3. CThe Executive Committee of the General Insurance Council specifies the form and time of the returns
  4. DThe form and time are left to the insurer, but authentication must be by the Authority

Explanation

Section 28 says returns go to the Authority, in such form, time and manner including its authentication as may be specified by the regulations. The insurer's board and the Council have no role in prescribing these.

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