33. 2[ Power of investigation.
The Central Government may, at any time, by order in writing, direct the Controller or any other person specified in the
order to investigate the affairs of any insurer and to report to the Central Government on any investigation made by him: Provided that the Controller or the other person may, wherever necessary, employ an auditor or actuary or both for the purpose of assisting him in any investigation under this section.
1[ Notwithstanding anything to the contrary contained in section 235 of the Companies Act, 1956 (1 of 1956 ), the Controller may, at any time, and shall, on being directed so to do by the Central Government, cause an inspection to be made by one or more of his officers of any insurer and his books and accounts; and the Controller shall supply to the insurer a copy of his report on such inspection.]
It shall be the duty of every manager, managing director or other officer of the insurer to produce before the person directed to make the investigation under sub- section (1) 1[ , or inspection under sub- section, (1A)] all such books of account, registers and other documents in his custody or power and to furnish him with any statements and information relating to the affairs of the insurer as the said person may require of him within such time as the said person may specify.
Any person, directed to make an investigation under sub- section (1) 1[ , or inspection under sub- section (1A)], may examine on oath, any manager, managing director or other officer of the insurer in relation to his business and may administer oaths accordingly.
1[ The Controller shall, if he has been directed by the Central Government to cause an inspection to be made, and may, in any other case, report to the Central Government on any inspection made under this section.]
On receipt of any report under sub- section (1) 1[ or under sub- section (3A), the Central Government may, after giving such opportunity to the insurer to make a representation in connection with the report as, in the opinion of the Central Government, seems reasonable, by order in writing,--
require the insurer to take such action in respect of any matter arising out of the report as the Central Government may think fit; or
direct the Controller to cancel the registration of the insurer; or
direct the Controller to apply to the Court for the winding up of the insurer, if a company, whether the registration of the insurer has been cancelled under clause (b) or not.
1[ The Central Government may, after giving reasonable notice to the insurer, publish the report submitted by the Controller under sub- section (3A) or such portion thereof as may appear to it to be necessary.
The Central Government may prescribe the minimum information to be maintained by insurers in their books, the manner in which such information should be maintained, the checks and other verifications to be adopted by insurers in that connection and all other matters incidental thereto as are, in its opinion, necessary to enable the Controller to discharge satisfactorily his functions under this section. Explanation.-- For the purposes of this section, the expression" insurer" shall include--
in the case of an insurer incorporated outside India, all his branches in India; and
in the case of an insurer incorporated in India--
all his subsidiaries formed for the purpose of carrying on the business of insurance exclusively outside India; and
all his branches whether situated in India or outside India.]
No order made under this section other than an order made under clause (b) of sub- section (4) shall be capable of being called in question in any Court.
All expenses of, and incidental to, any investigation made under this section shall be defrayed by the insurer, shall have priority over other debts due from the insurer and shall be recoverable as an arrear of landrevenue.] 2[ APPOINTMENT OF STAFF