Question

When should the insurer confirm the implementation of Internal/Concurrent Audit observations to the Authority?

a.

Along with the Quarterly Investment Returns

b.

In FORM 3

c.

In FORM 4

d.

In the annual audit report

Posted under IC 89 Management Accounting

Answer: (c).In FORM 4 Explanation:The insurer shall, along with Quarterly Investment Returns filed with the Authority, confirm in FORM 4 that the Internal/Concurrent Audit observations, up to the quarter preceding the quarter to which the Returns are filed, are placed before the Audit Committee for its recommendation and action taken.

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Q. When should the insurer confirm the implementation of Internal/Concurrent Audit observations to the Authority?
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