407Audit of accounting records and compliance with

407 Audit of accounting records and compliance with (1) The MAI commission may appoint an appropriately qualified person (an appointed auditor) to audit or inspect, and report to the MAI commission on— (a) the accounting records of a licensed insurer; or (b) other records relating to the business or financial position of a licensed insurer; or (c) the licensed insurer’s compliance with the MAI guidelines. (2) An appointed auditor is, in exercising a function under this section, entitled to inspect the accounting records and other records of the (3) An appointed auditor exercising a function under this section has qualified privilege in a proceeding for defamation for any statement that the auditor makes orally or in writing in the course of exercising the function. accounting records, of a licensed insurer—see section 406 (2).