Improper records to be examined by an auditor

(1) If, at any time, it appears to the Supervisor that the books of account and records of any registrant are not kept in such a business-like way as to enable the Supervisor to conduct a proper examination of the registrant’s affairs and to ascertain its or his financial position, the Supervisor shallInternational Insurance 13 (a) appoint a competent auditor to examine, under his direction, the books of account and records of the delinquent registrant; and (b) such auditor shall give the necessary instructions to the delinquent registrant who or which shall forthwith rectify the delinquency. (2) The expense of such auditor– (a) shall not exceed one hundred fifty dollars ($150.00) per day and shall be borne by the delinquent registrant; and (b) shall be certified and approved by the Minister and thereupon– (i) shall be paid forthwith by the delinquent registrant; and (ii) if not so paid may be recovered as a debt due to the Supervisor in his name or office.