Section 34: Report of inspection.

(1) An inspector shall, on completing a routine inspection under section 32 of this Act, make a report of the inspection to the Commissioner.
(2) The Commissioner shall-
(a) submit every report made to him under subsection (1) of this section to the Board for consideration; and
(b)
forward a copy of the report, together with any recommendation by the Board, to the insurance institution concerned, with instruction that it be placed before a meeting of the board of directors or of the partners specially convened for the purpose of considering the report and recommendation.
(3)
The insurance institution shall within 14 days of receiving the report under subsection (2) of this section forward to the Commission, the board of directors or partners' reactions to the report and its proposals for implementing the recommendations of the Board.
(4) An insurance institution which fails to comply with the provisions of subsection (3) of this section is guilty of an offence and liable on conviction to a fine of N2,500 for each day during which the offence continues and if the offence continues for more than 60 days, the Commission may, in addition to the fine, suspend the registration of the insurance institution.