Section 12, The Insurance Act, 2000

(1) The Commission shall keep proper books of account and proper records in relation to the accounts. (2) The books and accounts of the Commission shall, at the end of each financial year be audited by the Auditor-General or by an auditor appointed by him. (3) The Commission shall pay in respect of the audit such fees if any, as the Auditor-General and the Commission may agree on. (4) The Auditor-General shall submit a report of the audit carried out by him or by an auditor approved by him to the Commission. (5) The Commission shall, not later than three months after receiving the report of the Auditor-General pursuant to subsection (4) forward the report to the Minister who shall submit the report with his observations on it, to the Cabinet. [Margin: Annual Report.]