Question

What is the regulatory requirement for insurers with Asset under Management (AUM) not exceeding Rs. 1000 crores regarding internal audit of investments?

a.

Conduct a quarterly internal audit

b.

Appoint a Chartered Accountant firm for concurrent audit

c.

Conduct an annual internal audit

d.

No internal audit required

Answer: (a).Conduct a quarterly internal audit Explanation:Insurers having AUM not more than Rs. 1000 crores are required to conduct a Quarterly Internal Audit to cover both transactions and related systems.

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Q. What is the regulatory requirement for insurers with Asset under Management (AUM) not exceeding Rs. 1000 crores regarding internal audit of investments?

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