Section 25C
Internal auditor.
The Life Insurance Corporation Act, 1956
About this Act
An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
1[25C. Internal auditor.—(1) The Board shall, on the recommendation of the Audit Committee,
appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other
professional as may be determined by the Board to conduct the internal audit of the functions and
activities of the Corporation.
(2) The Audit Committee shall—.
(a) recommend to the Board for the appointment, remuneration and terms of appointment of the internal auditor;.
(b) in consultation with the internal auditor, formulate the scope, functioning, periodicity and methodology for conducting the internal audit;.
(c) review and monitor the internal auditor’s performance and effectiveness of audit process.
(2) The Audit Committee shall—.
(a) recommend to the Board for the appointment, remuneration and terms of appointment of the internal auditor;.
(b) in consultation with the internal auditor, formulate the scope, functioning, periodicity and methodology for conducting the internal audit;.
(c) review and monitor the internal auditor’s performance and effectiveness of audit process.
Notes
1. Subs. by Act 13 of 2021, s. 137, for section 25 (w.e.f. 30-6-2021).