The insurance broker shall be obliged to submit within one month as from the end of each year the following information to the Insurance Authority approved by an accredited auditor:
The budget and the final statement of the accounts of the insurance brokerage operations in the State for the previous fiscal year.
Names of the insurance companies the broker is dealing with and the amounts due to and from them at the end of the year.
Amount of commissions received by the broker and the amount of commissions due from the companies for the previous fiscal year (each company separately).
The statistical data required by the Insurance Authority according to specimen forms prepared for the purpose.
The Director General may assign one or more of the Insurance Authority’s employees or appoint an outside entity to examine the broker’s operations and records and that the insurance broker shall put all the brokerage records, documents and entries at their disposal, cooperate with them and meet their requests in order to do their work in good order.
The insurance broker shall bear the expenses determined by the Director General in case an outside entity is being appointed for such examination.
The insurance broker shall submit any particulars or information requested by the Director General within the period as he determined for the purpose.
