Section 95: On site inspection

95. On site inspection (1) Without prejudice to the powers of the Chief Executive under the Financial Services Act, the Chief Executive may, at any time, inspect the affairs or any part of the affairs of a licensee or registered person in order to verify whether the licensee or registered person, as the case may be, is conducting its business according to sound insurance principles. (2) For the purpose of carrying out an inspection under subsection (1), the Chief Executive may appoint as inspector any person, whether or not a member of staff of the Commission, who is an auditor, actuary or any person of required competence. (3) An inspection may take place at the head office and any branch offices or any premises where business of the licensee or registered person is conducted or records are maintained by the licensee, registered person or any associated party. (4) For the purpose of the inspection, the inspector may— (a) request such information and documents in such form and medium, put such questions and require such explanations as the inspector thinks necessary; (b) enter any premises used or apparently used by the licensee for business purposes; (c) examine, and make copies of or take extracts from documents; (d) record any information or make copy of any information kept in electronic form; (e) seek information, explanation or clarification about any document or information; and (f) make such request as would assist him in the inspection. (5) A licensee, registered person or associated party shall, for the purpose of an inspection under this Part, provide the inspector with such facility and assistance as may be necessary for him to carry out the inspection in an efficient and effective manner. (6) Any person who obstructs an inspector in the performance of his duties under this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 2 years. [S. 95 amended by s. 29 of Act 16 of 2007 w.e.f. 28 September 2007.]