Question
According to the Insurance Act, what is the maximum
period that books, accounts, papers, receipts, vouchers, reports, or other documents can be retained by the authorized officer after seizure?Solution
Section 34H. Search and seizure (5) The books, accounts, papers, receipts, vouchers, reports, or other documents seized under sub-section (1) shall not be retained by the authorised officer for a period exceeding one hundred and eighty days from the date of the seizure unless the reasons for retaining the same recorded by hi m in writing and the approval of the Chairperson of the Authority for such retention is obtained.
________________ is an account to hold financial securities in electronic form.
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