Section 29 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
29. Authority's right to inspect .-(1) The Authority may appoint one or more of its officers as an "inspecting authority" to undertake inspection of the premises of the insurance broker to ascertain and see how the business is carried on, and also to inspect the books of accounts, records and documents of the insurance broker for any of the purposes specified in sub-regulation (2).
(2)The purposes referred to in sub-regulation (1) may be as follows, namely:-(i)to ensure that the books of account are being maintained in the manner required;(ii)to ensure that the provisions of the Act, rules, regulations are being complied with;(iii)to investigate the complaints received from any insured, any insurer, other insurance brokers or any other person on any matter having a bearing on the activities of the insurance broker; and(iv)to investigate the affairs of the insurance broker suo motu in the, interest of proper development of insurance business or in policy holders' interest.
