(1) If the Insurer fails to submit the audit report to the Board within the period of time as referred to in Section 25 or  if such report has a reasonable ground to confirm an irregularity committed in the Insurance Business or if a complaint is filed with the Board alleging that the   accounts and records of the Insurance Business carried on by the Insurer suffer from irregularity, the Board may audit or re-audit, or cause to be audited or re- audited, the Insurance Business of the Insurer.
(2) The Insurer him/herself has to bear all the expenses incurred in the performance of audit or re-audit pursuant to Sub-section (1).