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(1) Upon completion of the audit of the accounts and financial statements referred to in section 143 (1), the auditor shall provide an audit report that complies with the Regulations to the insurance intermediary.

(2) The Commission may at any time, by notice, direct a company or partnership which holds a licence as an insurance broker or an insurance loss adjuster to supply the Commission with a report, prepared by its auditor or other person nominated by the Commission, on such matters as the Board may determine which may include an opinion on the adequacy of the accounting and control systems of the company.

(3) A report prepared under subsection (20 shall be at the cost of the insurance intermediary.