Section 35: Special inspection.

(1) The Commissioner may, at any time, with the approval of the Board, order a special inspection or investigation of the books and affairs of an insurance institution where he suspects, or is satisfied that-
(a) it is in the public interest so to do; or
(b) the insurance institution has been carrying on its business in a manner detrimental to the interest of its policy holders; or
(c) the insurance institution does not have sufficient assets to cover its liabilities to the insuring public and it is necessary to do so; or
(d) the insurance institution has been contravening the provisions of the Act or the Insurance Act; or
(e) an application is made therefor by-
(i) a director, shareholder or partner of the insurance institution;
(ii) a policy-holder of the insurance institution.
(2) For the purpose of subsection (1) of this section, the Commission shall have power to appoint one or more qualified persons, other than the officers of the Commission, to conduct the special inspection or investigation, under conditions of confidentiality, of the books and affairs of the insurance institution.
(3) Nothing in this section or in any other section of this Act shall be construed as precluding the Commission from appointing one or more officers of the Commission apart from those mentioned in subsection (2) of this section and ascribing to those officers such other designations as it deems fit, and from directing or requiring all or any of the officers to exercise all or any of the powers conferred on the inspectorate department.
(4) An inspector shall, not later than 30 days after completing an inspection or investigation under this section, submit a report to the Commissioner.
(5) The provisions of section 34 of this Act shall apply to a report submitted under subsection (4) of this section .
(6) An insurance institution which fails to comply with the provisions of section 34 of this Act in respect of a report submitted under subsection (4) of this section, is guilty of an offence and liable on conviction to a fine of N1,000 for each day during which the offence continues and if the offence continues for more than 60 days, the Commission shall in addition suspend the certificate of registration of the insurance institution.
(7) In this section, "inspector" includes a person appointed under subsection (2) of this section;
(8) An inspector carrying out an inspection or investigation has the same powers as are conferred on an inspector under section 32 of this Act.