(1) The insurer shall appoint an auditor in accordance with the prevailing law.
(2) Notwithstanding anything contained in sub-section (1): an insurer shall not appoint as auditor any of the following persons:-
(a) a fundamental shareholder of the insurer, a director or a close relative of the director, (b) an executive head of the insurer or his close relative,
(c) an intermediary, employee or member of his immediate family of the insurer,
(d) In case of an employee who has separated from the service of the insurer, a person who has not completed three years of such separation,
(e) a person who is a director, chief executive or partner of an employee of the insurer,
(f) a person having a financial interest in the Insurer or a member of his immediate family,
(G) Insured who is insured for an amount exceeding the specified limit from the respective insurer,
(h) a person who has been appointed as an auditor of the same insurer for three consecutive financial years,
(i) Members of the Committee, incumbent employees of the Authority or members or partners of their immediate family,
(h) A person who is not qualified to be appointed as an auditor or to continue as an auditor in accordance with the prevailing law.