Section 43 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
43. Appointment of investigator by the Authority.
(1)The Authority may appoint a chartered accountant or an actuary or any qualified and experienced individual in the field of insurance to investigate the books of accounts or the affairs of the insurance broker, if the Authority is of the view that the affairs of the insurance broker are not in the interest of the policyholder or are not in compliance to the provisions of the Insurance Act, Regulations, circulars, guidelines, etc. :Provided that the person so appointed shall have the same powers of the inspecting authority as are mentioned in regulation 42 and the obligations of the insurance broker in regulation 42 shall be applicable to the investigation under this regulation.Explanation - For the purposes of this regulation the expression "chartered accountant" shall have the same meaning as given in Section 141 of the Companies Act, 2013 (18 of 2013), as amended from time to time, and the expression actuary? shall have the same meaning as given in section 2(1)(a) of The Actuaries Act, 2006 (35 of 2006).(2)The expenses and costs of such an investigation shall be recovered by the Authority from the insurance broker whose affairs had been caused to be investigated.Chapter - IV Online Sales, Telemarketing and Distance Marketing
