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Baljeet jaiswal | Nov 25, 2021 | Views 663974

Empanelment for Chartered Accountant Firm for Concurrent Audit of National Insurance Company Limited

Empanelment for Chartered Accountant Firm for Concurrent Audit of National Insurance Company Limited


It is proposed to select a Chartered Accountants’ Firm (‘Audit Firm’) for conducting Concurrent Audit of Investment Operations of National Insurance Company Limited (NIC). The eligibility criteria for selection are given hereunder:

1. The Audit firm shall be a firm registered with the Institute of Chartered Accountants of India (‘ICAI’)

2. It should have experience, for at least 4 years, in conducting reviews of Risk Management Systems and Processes of Insurance Companies /Banks / Mutual Funds or have, on behalf of IRDAI, conducted investment inspection of Insurance Companies.

3. On the date of appointment as a Concurrent Auditor, the Auditor must not hold more than two audits of Internal, Concurrent and Risk Management Systems Audit, all taken together. Hence, the Audit firm, can at the maximum hold not more than three Audits (i.e., Investment Risk Management Systems and Process Audit, Internal Audit, Concurrent Audit – all taken together) apart from Statutory Audits at any point of time. For this purpose a declaration shall be submitted by the Audit Firm at the time of appointment in this regard

4. It should not have been prohibited / debarred by any regulating agency like IRDAI, RBI, SEBI, ICAI etc.

5. The Audit Firm to be appointed for the first time should not have conducted the following assignments for NIC during a period of two years immediately preceding its appointment:

i) Statutory Audit,

ii) Any Internal Audit,

iii) Any Concurrent Audit,

iv) Any Consulting assignment, whether or not related to Audit Functions and

v) Review or Certification of Investment Risk Management Systems & Processes.

6. The Concurrent Auditor shall not be eligible for re-appointment, with the same Insurer after serving three consecutive years or three years during the preceding five years.

7. Only Audit Firms having office(s) in their own names, in Kolkata, shall be eligible for consideration of appointment.

The Audit is to be conducted in accordance with the directives of IRDAI. The procedure for conducting the Concurrent Audit and the reporting format prescribed in “Technical Guide on Internal / Concurrent Audit of Investment Functions of Insurance Companies” issued by ICAI will have to be followed. NIC reserves the right to issue instructions to the Concurrent Auditor to facilitate proper conduct of the Audit.

The Audit is required to be conducted concurrently at Investment Department of Head Office of NIC presently functioning at Everest House (4th floor), 46C, J. L. Nehru Road, Kolkata – 700071 or at any other place if the investment Dept shifted within the city of Kolkata . The Concurrent Auditor may have to appear before the Audit Committee of the Board / Board of NIC in connection with the Concurrent Audit for personnel interaction, if required.

The contract for conducting concurrent Audit would initially be for a period of one year i.e. from April 01, 2022 to March 31, 2023. The selected Audit Firm may be considered for re-appointment for a further period of not exceeding two financial years on the same terms and conditions, subject to satisfactory performance.

In view of the above, sealed offers (Pre-qualification-cum-Technical Bid and Commercial bid as per tender document enclosed) are invited from eligible firms of Chartered Accountants for selection as Concurrent Auditor.

The Bidders are requested to download the tender document from the company’s website https://nationalinsurance.nic.co.in during the period 19.11.2021 to 13.12.2021.

The Tender documents (Pre-qualification-cum-Technical Bid and Commercial Bid), duly completed and sealed as per the ‘Instructions to Bidders’ in Section II, should be deposited in the Tender Box at the address given in Page 1 latest by 5.00 pm on 13.12.2021.

The company reserves the right to reject any or all tenders without assigning any reason whatsoever.


Invitation for Bids

National Insurance Co Ltd (NIC) has an Investment Portfolio with market value around Rs 30,000 Crs. as on 31.03.2021 comprising of Central / State Govt Securities, Loans to State Governments for Housing / Fire fighting equipments, Market investments such as shares / debentures etc, Term Loans and various money market investments. The investments are governed by investment regulations of IRDAI.

1. This invitation is for seeking Bids from firms of Chartered Accountants for conducting concurrent audit of Investment operations of the Company (NIC).

2. Prospective Bidders are advised to study the Tender Document carefully. Submission of Tender shall be deemed to have been done after careful study and examination of the Tender Document with full understanding of its implications.

3. Sealed offers (Bids) prepared in accordance with the procedures enumerated in Clause 1 Section II are invited from prospective bidders.

4. This Tender document is NOT transferable.


a. Sealed Tenders should be deposited in the Tender Box kept at:

KOLKATA – 700071.

b. . Last date & time for receipt of Tenders: 13.12.2021 at 5.00 pm.

c. Date and Time of opening of Pre-qualification-cum-Technical Bid: 14.12.2021 at 11.00 am at the above address.

NOTE: The decision of NIC in the matter of selection of Concurrent Auditor shall be final and it is binding on the bidders. No correspondence will be entertained from the unsuccessful bidders in this regard.

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