Insurance Companies Act (S.C. 1991, c. 47)

Marginal note:Auditor’s attendance

• 353. (1) The auditor of a company is entitled to receive notice of every meeting of the audit committee and the conduct review committee of the company and, at the expense of the company, to attend and be heard at that meeting.

• Marginal note:Attendance

  (2) If so requested by a member of the audit committee, the auditor shall attend every meeting of the audit committee held during the member’s term of office.

Marginal note:Calling meeting

• 354. (1) The auditor of a company or a member of the audit committee may call a meeting of the audit committee.

• Marginal note:Right to interview

  (2) The chief internal auditor of a company or any officer or employee of the company acting in a similar capacity shall, at the request of the auditor of the company and on receipt of reasonable notice, meet with the auditor.

Marginal note:Notice of errors

• 355. (1) A director or an officer of a company shall forthwith notify the audit committee and the auditor of the company of any error or misstatement of which the director or officer becomes aware in an annual statement or other financial statement on which the auditor or any former auditor has reported.

• Marginal note:Error noted by auditor

  (2) If the auditor or a former auditor of a company is notified or becomes aware of an error or misstatement in an annual statement or other financial statement on which the auditor reported and in the auditor’s opinion the error or misstatement is material, the auditor or former auditor shall inform each director of the company accordingly.

• Marginal note:Duty of directors

  (3) Where under subsection (2) the auditor or a former auditor of a company informs the directors of an error or misstatement in an annual statement or other financial statement, the directors shall

  • (a) prepare and issue a revised annual statement or financial statement; or

  • (b) otherwise inform the shareholders and policyholders referred to in subsection 334(1) and the Superintendent of the error or misstatement.

Marginal note:Qualified privilege for statements

356. Any oral or written statement or report made under this Act by the auditor or a former auditor of a company has qualified privilege.

Marginal note:Notice of appointment

357. A company shall, forthwith after the appointment of the actuary of the company, notify the Superintendent in writing of the appointment.

358. and 359. [Repealed, 1997, c. 15, s. 236]