Section 22(1) in Life Insurance Corporation General Rules, 1956
(1)The Audit Committee shall formulate and recommend to the Board for adoption of a policy for selection of auditors of the Corporation or of any branch or office of the Corporation as is referred to in sub-section (6) of section 25B (hereinafter referred to as "Auditor"):Provided that such policy shall include submission of a certificate by the proposed Auditor that -(a)the individual or the firm, as the case may be, is eligible for the proposed appointment and is not disqualified for appointment under the Act and the Chartered Accountants Act, 1949 (38 of 1949), and the rules and regulations made thereunder, and that the auditor satisfies the criteria provided for eligibility for appointment as an auditor of a company under section 141 of the Companies Act, 2013 (18 of 2013);(b)the proposed appointment is as per the term provided under the Act;(c)the proposed appointment is within the limits laid down by or under the authority of the Act;(d)the list of proceedings against the auditor or audit firm or any partner of the audit firm pending with respect to professional matters of conduct, to be disclosed in the certificate, is true and correct.
