Section 94: Request for information

94. Request for information (1) Without prejudice to the powers of the Chief Executive under the Financial Services Act, the Chief Executive may, for the purpose of carrying out the functions of the Commission under this Act or any FSC Rules, by notice in writing, require a licensee or registered person to provide to the Commission— (a) at such times or intervals, at such place and in respect of such periods with such information or document as may be specified in the notice; (b) with a report, in such form as may be specified in the notice, by a person who has relevant professional skill and who is nominated or approved by the Commission on, or on any aspect of, any matter in relation to which the Chief Executive may require information under paragraph (a). (1A) Subsection (1) shall apply to information, records or documents required in connection with the exercise by the Commission of its functions under this Act, or any other enactment including the Financial Intelligence and Anti-Money Laundering Act and the Prevention of Terrorism Act. (2) The notice under subsection (1) may require the information or document to be verified in a manner or by a person referred to in subsection (1) (b). (3) The power to require production of information and document under subsection (1) shall extend to any person who, in the opinion of the Chief Executive, appears to be in possession of such information and document. (4) Where documents are produced, the Chief Executive may take copies of or extracts from them and require— (a) any person who is a present or past officer, controller, partner, manager or employee of that licensee; (b) the person producing the document; (c) in the case of an insurer, any insurance agent, broker, manager or insurance salesperson who acts, or has acted for that insurer, to provide explanation on the document produced. (5) Where the information or document requested is not in the possession of the person who was required to produce it, that person shall state, to the best of his knowledge and belief, where the document can be found. (6) Any person who, without reasonable excuse, fails to comply with any requirement of this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 2 years. [S. 94 amended by s. 28 of Act 16 of 2007 w.e.f. 28 September 2007.] I15 – 61 [Issue 1] Insurance Act