(1) If the insurer does not submit the audit report to the committee within the time period of section 25 of the Act, or if there is a reasonable basis to confirm that there is an irregularity in the insurance business from such report, or if there is a complaint before the committee that there has been an irregularity in the accounting of the insurance business done by the insurer, the committee shall audit or re-account the insurance business of the insurer. (2) In accordance with sub-section (1), the insurer shall bear all the expenses incurred during the audit or re-audit.