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The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Power to require calling of meeting of directors, etc.
34B. The Chief Controller of Insurance may, during the course, or after the completion of special audit under section 12A or investigation under section 33, by order in writing, and on such terms and conditions as may be specified therein,-
 
 
 
 
(a) require the insurer to call a meeting of its directors for the purpose of considering any matter relating to, or arising out of, the affairs of the insurer;
 
 
 
 
(b) require the principal officer of the insurer to discuss any matter with him or any of his officers;
 
 
 
 
(c) require the insurer to allow any officer deputed for the purpose to watch the proceedings of, and to speak at, any meeting of the Board of Directors of the insurer or of any committee or other body constituted by the insurer and to furnish such officer with a copy of the proceedings of such meeting;
 
 
 
 
(d) require the insurer to send in writing to any officer specified in this behalf by the Chief Controller, at the usual address of such officer, all notices of, and other communications relating to, any meeting of the Board of Directors of the insurer, or of any Committee or other body constituted by the insurer;
 
 
 
 
(e) require the insurer to allow any officer appointed or deputed for the purpose to observe for a specified period which may be extended from time to time the manner in which the affairs of the insurer or of any of its officers or branches are being conducted:
 
 
 
 
Provided that such order has been passed with the prior approval of the Government; and
 
 
(f) with the prior approval of the Government, require the insurer to make within such time as may be specified in the order such changes in the management as the Chief Controller may consider necessary to put the affairs of the insurer in order.
 
 
 
 
 
 

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Ministry of Law, Justice and Parliamentary Affairs