1. Insurance Companies and Insurance-Related Professions shall provide any data or information requested by the Central Bank concerning them or about any company has an ownership or subsidiary relationship therewith in any manner whatsoever, within the timeframe set by the Central Bank. 2. The Central Bank may assign one or more of its employees to verify or audit the transactions, records or documents of Insurance Companies or Insurance-Related Professions, within normal business hours. The concerned party shall put any of the aforesaid at the disposal of the so assigned employee and shall cooperate with him to enable him to fully perform his duties. 3. The Central Bank may, based on the audit result, assign experts, consultants, Actuaries or auditors to audit Insurance Companies’ or Insurance-Related Professions’ business, assess their positions and submit a report thereon. Insurance Companies shall cooperate with them in a manner that enables them to fully perform their duties, provided that the concerned Insurance companies or Insurance-Related Professions shall bear their remuneration, as determined by the Central Bank. 4. It is prohibited for expert, consultant, Actuary or auditor to disclose to any third-party whatsoever data or information received under item (3) of this article without obtaining the Central Bank’s approval, except for the disclosure that is based on a court order.
Interpretation and application must be checked against the official text and current version.