Section 31: Establishment, etc., and staff of the Inspectorate Department.

(1) There is hereby established for the Commission, an Inspectorate Department which shall be responsible for carrying out the supervisory functions of the Commission in respect of insurance institutions and shall for that purpose-
(a) not less than once in every two years, authorise an inspection, examination or investigation of every insurance institution for the purpose of satisfying the Commission as to whether or not the provisions of this Act or the Insurance Act or any regulations made thereunder are being complied with;
(b) may, without prejudice to the provisions of paragraph (a) of this subsection, at any time, authorise one or more inspectors or other officers to inspect, examine or investigate any aspect of the insurance institution's business; and
(c) with reference to the inspection to be carried out under paragraph (b) of this subsection, the Commission shall submit to the Minister a half yearly report on the activities of the Inspectorate Department.
(2) The Inspectorate Department shall-
(a) be headed by a Chief Inspector of Insurance whose status shall be of the rank of a director;
(b) have such number of other officers, to be known as inspectors, as may be necessary and expedient, to assist the Chief Inspector of Insurance in the performance of the functions of the department under this Act.