Inspection and investigation

(1) The Supervisor may appoint in writing an Inspector to investigate the affairs or any part of the affairs of a registered insurer and to inspect the registered insurer’s business and accounting records and accounts and such other records as may have been kept by the registered insurer in the course of its international insurance business, for any reason and if he has reason to believe that the registered insurer is carrying on its business in a manner prejudicial to the interests of its policy holders or of persons who may become policy holders or that it may have insufficient assets to cover its liabilities and claims by policy holders, or that it may be contravening any of the provisions of this Act, either in Belize or elsewhere. (2) It shall be the duty of the registered insurer under investigation and of all past and present officers of the registered insurer and of any related company which has been involved in the international insurance business transactions of the registered insurer, to produce to the Inspector all books, records and documents relating to the registered insurer or related company under investigation which are in their custody or control and otherwise to give the Inspector all assistance in connection with the investigation which they are reasonably able to give. (3) The Inspector shall have powers of entry and access necessary for the purposes of this section, and he may take possession of all such books, accounts and documents as, and for so long as, may be necessary for the purposes of his (4) The Inspector shall exercise his rights of entry and access under sub-section (3) during the normal office hours of the registered insurer, unless otherwise authorised by the Court. 34 (5) The Inspector may take copies of all books, accounts and documents of the registered insurer in his possession for the purposes of his inspection and investigation under this section. (6) Any person who– (a) wilfully obstructs the Inspector acting in the execution of his powers under this section; (b) refuses, fails or neglects to produce any book, account, document or information required under this section; or (c) knowingly produces or causes or permits to be produced any book, account, document or information required under this section which he knows to be false in a material particular, commits an offence against this Act. (7) The Inspector shall have the same powers in respect of the supply of information and production of documents as are given to the Supervisor under section 24.