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

The Authority wants staff placed at various places to scrutinise the returns, statements and information furnished by insurers under the Insurance Act, 1938. Which provision supports this?

Section 33A supports it. It empowers the Authority to appoint such staff, at such places as it considers necessary, for scrutinising returns, statements and information furnished by insurers and ensuring efficient performance of its functions. The General Insurance Council's committee has only advisory roles.

  1. ASection 33A, empowering the Authority to appoint such staff as it considers necessaryCorrect
  2. BSection 64L, empowering the General Insurance Council Executive Committee to appoint inspectors
  3. CSection 27(7), requiring trustees to scrutinise returns
  4. DSection 27(4), allowing the Authority to direct scrutiny of foreign investments

Explanation

Section 33A allows the Authority to appoint staff, at such places as it considers necessary, for scrutiny of returns, statements and information furnished by insurers and to ensure efficient performance of its functions. Section 64L deals with the Executive Committee's advisory functions, not staff appointment.

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