Insurance Companies Act

Duties directors
- Manage or supervise company
- Establish
  - audit committee
  - procedures on conflicts of interest
  - policy for dividends and bonuses
  - policiy on investment
Duties of the audit committee
- Review
  - annual statement before approval by directors
  - returns specified by Superintendent
  - internal control procedures
  - investment and transactions with adverse impact
- Meet with
  - auditor / actuary to discuss annual statement
  - chief internal auditor and mgt on control procedures
Reporting requirements of AA to Board and CEO
- Board:
  - at least annually on financial position and expected future financial condition
- CEO:
  - matters with adverse impact and require rectifications.
  - recommendations for rectification and deadlines.
  - If no suitable actions by deadline, report to superintendent and inform directors
When does the actuary cease to hold office
- resigns
- no longer actuary
- dies
- appt revoked

Author

youngt

339389

Card Set

Insurance Companies Act

Description

Insurance Companies Act

Updated

2018-04-19T01:36:10Z

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