(7)The Authority may by the regulations made by it specify the minimum information to be maintained by insurers or intermediary or insurance intermediary, as the case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications to be adopted by insurers or intermediary or insurance intermediary, as the case may be, in that connection and all other matters incidental thereto as are, in its opinion, necessary to enable the Investigating Officer to discharge satisfactorily his functions under this section.Explanation.--For the purposes of this section, the expression "insurer" shall include in the case of an insurer incorporated in India--(a)all its subsidiaries formed for the purpose of carrying on the business of insurance exclusively outside India; and(b)all its branches whether situated in India or outside India.
