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

Act current to 2013-05-20 and last amended on 2012-12-19. Previous Versions

Marginal note:Report on directors’ statement

  • 906. (1) The auditor of an insurance holding company shall, if required by the shareholders, audit and report to them on any financial statement submitted to them by the directors, and the report shall state whether, in the auditor’s opinion, the financial statement presents fairly the information required by the shareholders.

  • Marginal note:Sending report

    (2) A report of the auditor made under subsection (1) shall be attached to the financial statement to which it relates and a copy of the statement and report shall be sent by the directors to every shareholder and to the Superintendent.

  • 2001, c. 9, s. 465.
Marginal note:Auditor of subsidiaries

  • 907. (1) An insurance holding company shall take all necessary steps to ensure that

    • (a) its auditor is the auditor of each of its subsidiaries; and

    • (b) in the case of a subsidiary with more than one auditor, the auditor of the insurance holding company is one of the subsidiary’s auditors.

  • Marginal note:Subsidiary outside Canada

    (2) Subsection (1) applies in the case of a subsidiary that carries on its operations in a country other than Canada unless the laws of that country do not permit the appointment of the auditor of the insurance holding company as the auditor of that subsidiary.

  • Marginal note:Exception

    (3) Subsection (1) does not apply in respect of any particular subsidiary where the insurance holding company, after having consulted its auditor, is of the opinion that the total assets of the subsidiary are not a material part of the total assets of the insurance holding company.

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 356.
Previous Version
Marginal note:Auditor’s attendance

  • 908. (1) The auditor of an insurance holding company is entitled to receive notice of every meeting of the audit committee of the insurance holding company and, at the expense of the insurance holding 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.

  • 2001, c. 9, s. 465.
Marginal note:Calling meeting

  • 909. (1) The auditor of an insurance holding 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 an insurance holding company or any officer or employee of the insurance holding company acting in a similar capacity shall, at the request of the auditor of the insurance holding company and on receipt of reasonable notice, meet with the auditor.

  • 2001, c. 9, s. 465.