Section 30 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
30. Notice before inspection .-(1) Before undertaking an inspection under regulation 29, the Authority shall give a notice of ten days to an insurance broker for that purpose.
(2)Notwithstanding anything contained in sub-regulation (1), where the Authority is satisfied that in the interests of the policyholders no such notice shall be given, it may, for reasons recorded in writing, direct that the inspection of the affairs of the insurance broker be taken up without such notice.(3)The insurance broker shall allow the inspecting authority to have full access to the premises occupied by such insurance broker or by any other person on his behalf and also extend all facilities for examining books, records, documents and computer data in the possession of the insurance broker.(4)The inspecting authority, in the course of inspection, shall be entitled to examine or record statements of any principal officer or employee of the insurance broker and have the powers to seize or make copies of documents/records.(5)It shall be the duty of every such person to give to the inspecting authority all assistance in connection with the inspection which the insurance broker may reasonably be expected to give.(6)Failure to comply with the requirements of the Authority in this regard or failure to cooperate with the inspection officers shall result in suspension of license.
