(1) The regulatory authority may authorise one or more persons to be inspectors for the purposes of -

(a) ensuring compliance by insurance undertakings with this Act,

(b) examining notices to the Agency under section 15,

(c) ascertaining whether insurance undertakings have established systems, procedures and practices that are adequate to secure an effective check on the identification, notification, transfer, recording and payment of moneys payable under unclaimed policies, and

(d) determining whether those systems, procedures and practices have been employed and applied in an adequate manner in relation to moneys payable under unclaimed policies.

(2) An authorisation under this section shall be in writing and shall be subject to any terms and conditions (including terms and conditions relating to the remuneration, fees and allowances for expenses) that may be determined by the regulatory authority, with the consent of the Minister for Finance, and that are specified in the authorisation.

(3) The remuneration, fees and allowances for expenses referred to in subsection (2) shall be payable out of the Fund.