Section 56, The Insurance Act, 2000

(1) The Commissioner may, at any time, investigate the affairs of an insurer and may for this purpose employ an auditor or any other person as he thinks fit. (2) It shall be the duty of every manager, managing director, officer or employee of the insurer to produce to the Commissioner or the person appointed by him to conduct the investigation, all such books of account, registers and other documents in his custody or power and to furnish him with any statement or information relating to the affairs of the insurer within such time as the Commissioner or the person appointed by him to conduct the investigation may require. 34 No. 5 Insurance Act 2000 (3) The Commissioner or the person appointed by him to conduct the investigation may examine any director, the managing director, manager, officer, employee or agent of the insurer on oath on any matter pertaining to the affairs of the insurer. (4) When an investigation is made under this section, the Commissioner may, after giving an opportunity to the insurer to make a representation in writing or be heard in person, in writing— (a) require the insurer to take such action in respect of any matter arising out of the investigation as he thinks fit to secure compliance with the provisions of this Act; or (b) cancel the registration of the insurer under paragraph (a) of subsection (1) of section 29; (c) apply to the Court for the winding up of the insurer whether the registration has been cancelled or not; (d) make a recommendation to the Minister— (i) for the removal or suspension of any directors, manager, officer or employees who, in the opinion of the Commissioner, should be removed or suspended or for the appointment of any person who has had proper training and experience to advice the insurer in rectifying matters and whose remuneration shall be paid by the insurer; or (ii) without prejudice to subparagraph (i), for taking any other step as an alternative or in addition to the action taken under sub-paragraph (i). (5) The Minister may, after considering the recommendation under paragraph (d) of subsection (4) and giving an opportunity to the insurer to make a representation in writing or be heard in person make such order as he thinks fit. No. 5 Insurance Act 2000 35 (6) All expenses of and incidental to any investigation made under this section shall be defrayed by the insurer, and shall have priority as debts due from the insurer, which shall be recoverable as arrears of the State. [Margin: Inspection of books, documents etc.]