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34E. Further powers.-

The 1[Authority] may,-

(a) caution or prohibit insurers, generally or any insurer in particular against entering into any particular transaction or class of transactions, and generally give advice to any insurer;

(b) at any time, if it is satisfied that in the public interest or in the interests of the insurer or for preventing the affairs of the insurer being conducted in a manner detrimental to the interests of the insurer or hi s policy-holders, it is necessary so to do, by order in writing and on such terms and conditions as may be specified therein,-

(i) require the insurer to call a meeting of hi s directors for the purpose of considering any matter relating to or arising out of the affairs of the insurer; (ii) depute one or more of his officers to watch the proceedings at any meeting of the Board of directors of the insurer or of any committee or of any other body constituted by it; require the insurer to give an opportunity to the officers so deputed to be heard at such meetings and also require such officers to send a report of such proceedings to the 1[Authority];

(iii) require the Board of directors of the insurer or any committee or any other body constituted by it to give in writing to any officer specified by the 1[Authority] in this behalf at hi s usual address all notices if, and other communications relating to, any meeting of the Board, committee or other body constituted by it;

(iv) appoint one or more of hi s officers to observe the manner in which the affairs of the insurer or of hi s offices or branches are being conducted and make a report thereon;

(v) require the insurer to make, within such time as may be specified in the order, such changes in the management as the 1[Authority] may consider necessary.]

1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).

2. Subs. by Act 5 of 2015, s. 39, for sub-section (1) (w.e.f. 26-12-2014).

Insurance Act, 1938 Back

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