Section 11(15) in The Insurance Regulatory and Development Authority (Sharing of Database for Distribution of Insurance Products) Regulations, 2010
(15)The insurer shall nominate one of its senior officials who reports to the board of directors of the insurer, as a compliance officer, who shall be responsible for the verification and due diligence pertaining to the proposed and existing referral companies and shall also be authorised to sign the referral agreements. The compliance officer shall also be responsible for reporting all matters pertaining to the referral agreements to the Authority;
