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

The Authority directed an Investigating Officer to cause an inspection of the books of Bharat Shield Insurance Brokers, an insurance intermediary. The inspection was completed by the officer's team. Under Section 33, which statement about the report is correct?

The Investigating Officer reports to the Authority on the inspection and must also supply the insurer or intermediary a copy of the inspection report. The intermediary therefore has a right to the copy, and no filing with the Registrar of Companies is involved.

  1. AThe Investigating Officer reports to the Authority and must supply the intermediary a copy of the inspection reportCorrect
  2. BThe report goes only to the Authority and the intermediary has no right to a copy
  3. CThe intermediary prepares the report and sends it to the Authority
  4. DThe report must be filed with the Registrar of Companies first

Explanation

Section 33(2) requires the Investigating Officer to supply the insurer or intermediary a copy of the inspection report, and 33(5) requires a report to the Authority when inspection was directed by it. The claim that no copy is given contradicts 33(2).

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