(1) An insurer shall appoint an auditor for the purposes of auditing

(a) the accounts referred to in paragraphs (a) to (c) of section 80 (1), and

(b) the accounts and statements referred to in section 80 (1) (d) that the Regulations made under this Act specify shall be audited.

(2) An auditor shall not be appointed under subsection (1) unless

(a) the auditor is qualified under Regulations to act as the auditor of an insurer, and

(b) the Commission has given its approval in writing to the auditor's appointment.

(3) The Commission shall approve the appointment of an auditor where it is satisfied that the auditor has sufficient experience and is competent to audit the accounts of the insurer.

(4) An insurer shall make the arrangements that are necessary to enable its auditor to audit its accounts and financial statements in accordance with this Act.

(5) Despite subsection (2), the approval of the Commission is not required where the auditor appointed in respect of a financial year acted as the auditor of the insurer in the previous financial year.

(6) An insurer that fails to appoint an auditor in accordance with subsection (1) is Liable to pay the commission the pecuniary penalty stated in the First Schedule Obligation and termination of appointment of auditors

(7) An insurer shall, within fourteen days of the appointment of its auditor, submit a notice of appointment in the prescribed form to the Commission; failure to notify the Commission attracts the pecuniary penalty stated in the First Schedule and payable to the Commission.