(1) The Commission may, at any time, for the purposes of supervision of insurers and insurance intermediaries

(a) inspect the premises, business and affairs, including the procedures systems and controls, of a person, whether in or outside Ghana

(b) inspect the assets, including cash, belonging to or in the possession or control of any person, and

(c) Examine and make copies of documents, including accounting records, belonging to or in the possession or control of a person who m the opinion of the Commission, relate to the carrying on by the person of insurance business or the business of an insurance intermediary.

(2) When undertaking an inspection, the Commission may have regard to matters which, in its opinion, are relevant to the supervision of insurers and insurance intermediaries including

(a) verifying the capital and, in the case of an insurer, the solvency margin and reserves,

(b) satisfying itself that the insurer or insurance intermediary is in compliance with this Act, Regulations, the Code of Practice, the Market Conduct Rules, any conditions to which its licence is subject and any directives that the Commission may have issued to an insurer or insurance intermediary, and

(c) Satisfying itself that the insurer or insurance intermediary has adequate procedures in place to prevent it from being used for the purposes of money laundering or for terrorist funding.

(3) The Commission shall give reasonable notice to an insurer or insurance intermediary of its intention exercise its powers under subsection (1).

(4) Without limiting the scope of subsection (1), the Commission shall ensure that an inspection is carried out in respect of an insurer or insurance intermediary not less than once in every two years.

(5) In undertaking an inspection, the Commission shall exercise reasonable care to avoid hindrance to the day to day activities of the insurer or insurance intermediary.