Insurance Companies Act

  1. Duties directors
    • Manage or supervise company
    • Establish
      • audit committee
      • procedures on conflicts of interest
      • policy for dividends and bonuses
      • policiy on investment
  2. 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
  3. 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
  4. When does the actuary cease to hold office
    • resigns
    • no longer actuary
    • dies
    • appt revoked
Card Set
Insurance Companies Act
Insurance Companies Act