Section 42 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
42. Authority's power to inspect.
(1)The Authority may appoint one or more of its officers as "inspecting authority" to undertake inspection of the premises of the insurance broker to ascertain and see how the business is carried on, and 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: -(a)to ensure that the books of account are being maintained in the manner required;(b)to ensure that the provisions of the Act, rules, regulations are being complied with;(c)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(d)to investigate the affairs of the insurance broker suo-motu in the interest of proper development of insurance business or in policyholders' interest.(3)The manner in which the inspection will be conducted is specified in Schedule II - Form Z of these regulations.(4)The list of documents required for the inspection to be maintained by the insurance broker and to be provided at the time of inspection shall be as specified by the Authority.
