Section 33: Duty of insurance institution to produce books, etc., to inspector.

(1) It shall be the duty of every insurance institution, to produce and give an inspector such book, account, document, voucher, information and explanation as the inspector may require for the purposes of section 32 of this Act.
(2) An insurance institution which-
(a) wilfully refuses to-
(i) produce any book, account, document or voucher; or
(ii) give any information or explanation required by an inspector; or
(b)
negligently, wilfully or with intent to defraud-
(i) produces any book, account, document or voucher; or
(ii) gives any information or explanation,
which is false in any material particular, is guilty of an offence.
(3) An insurance institution which is guilty of an offence under subsection (2) of this section is liable on conviction to a fine of N250,000 and in the case of a continuous offence, to an additional fine of N1,000 for each day during which the offence continues.