CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities
Suraj Mehta, a practising Company Secretary, is approached by a mid-sized Indian insurer to certify that it has complied with the corporate governance and regulatory filing requirements applicable to it during the year. Which professional service is Suraj being engaged to perform?
Suraj is being engaged for a compliance certification or secretarial audit assignment. Checking and certifying an insurer's adherence to governance and regulatory filing requirements is a core Company Secretary service, unlike actuarial valuation, underwriting or loss assessment, which belong to other specialised professionals.
- AIssuing a compliance certificate or secretarial audit report on regulatory complianceCorrect
- BActing as the insurer's appointed actuary for valuing policy liabilities
- CUnderwriting the insurer's risks on its behalf
- DSettling claims as a licensed surveyor and loss assessor
Explanation
Certifying compliance with governance and regulatory requirements is a compliance certification or secretarial audit assignment, which is a core professional opportunity for a Company Secretary. Valuing policy liabilities is an actuarial function, underwriting is an insurer function, and assessing losses is surveyor work, so none of these fits the engagement.
Did you get it right without looking?
One question tells you little. A timed set on Professional Opportunities shows your real accuracy, how long you take and where you lose marks.
More Professional Opportunities questions
- Meera Joshi, a company secretary in practice, wants to help retail customers choose life and health policies and be paid a commission by ins…
- A Company Secretary is engaged to carry out due diligence on a small general insurance company that a promoter group plans to acquire. Which…
- Nandini, a company secretary, advises a client on insurance and also holds a corporate agency with Insurer X. She recommends only Insurer X'…
- Kavita is an individual who wants to act in a career that advises clients on choosing policies across several insurers and represents the cl…
- Bharat General Insurance Ltd is preparing for its Board meeting where the Policyholder Protection Committee will review grievance data. The …
- Kaveri Insurance Ltd. must file regulatory returns with IRDAI. The Company Secretary is asked to set up a system for this. Which approach be…