_ (1) Within one year of obtaining the license, the insurer shall appoint a compliance officer from among the authorized employees of the managerial level who have received a master's degree in insurance, management, commerce or law, or inform the authority thereof.
(2) An insurer who has obtained a license at the commencement of this Act shall, within six months of the commencement of this Act, appoint a compliance officer in accordance with this section or inform the Authority accordingly.
(3) The Compliance Officer shall prepare and submit to the Authority quarterly a report on whether or not the insurer has complied with the matters mentioned in sub-section (3).
(4) Notwithstanding anything written in sub-section (4), the authority may at any time request updated information from the compliance officer regarding whether the matter mentioned in sub-section (3) has been complied with by the concerned insurer or not. (5) If details are requested according to sub-section (5), the compliance officer shall submit such details to the authority within the period specified by the authority.
(6) The concerned compliance officer shall be responsible for the truthfulness and authenticity of the details submitted in accordance with sub-section (6).
(7) Nothing in this section shall be deemed to exempt the insurer, the board of directors or the chief executive of the insurer from complying with the matters mentioned in subsection (3) in an up-to-date manner.