 |
|
|
|
|
|
|
||||||
|
 |
 |
|
|
||||||||
|
|
|||||||||||
 |
 |
|
||||||||||
 |
|
|||||||||||
|
||||||||||||
Report No. 190 (ii) Power of TAC to require information 8.6.7.5 TAC may require by notice under Section 64 UE any insurer to supply necessary information within the period specified by it and failure to do so would be deemed as contravention of the Act. This provision is similar to that of the section 44A wherein the Authority has been empowered to exercise similar powers. 8.6.7.6 Sub-section (3) of section 64 UE empowers the Authority to depute any of its officers to make personal inspection of accounts, ledger etc. in order to verify accuracy of statements furnished by the insurer. 8.6.7.7 Advisory committee is a statutory body and it is appropriate that the powers under this section be exercised by TAC instead of Authority because verification of whatever submitted by the insurers under sub-section [1] should be done by the Advisory committee and not by the Authority. Therefore, in sub-section (3), the word "Authority'" may be substituted by words 'committee on its own or as directed by the Authority.' 8.6.7.8 TAC is also empowered to make arrangements for inspection on application of the insurer under sub-section (4) in respect of risks, adjustment of losses etc. However, the proviso to it states that such inspection can only be made with the written permission of the organization (insurer). It is appropriate if instead of 'written permission' the words 'prior written intimation' be substituted, because inspection under this subsection is on the application of the insurer, hence permission of organization seems to be irrelevant.    |
||||||||||||
|
||||||||||||
|
||||||||||||
 |
|
|||||||||||
 |
|
 |
|
|||||||||
Back