Section 33 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
33. Appointment of investigator .-(1) The Authority may appoint a chartered accountant or an actuary or any qualified and experienced individual in the filed of insurance to investigate the books of accounts or the affairs of the insurance broker:
Provided that the person so appointed shall have the same powers of the inspecting authority as are mentioned in regulation 29 and the obligations of the insurance broker in regulation 29 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 226 of the Companies Act, 1956 (1 of 1956), and the expression "actuary", shall mean a member of the Actuarial Society of India.(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.
