Delegation of directors’ duties

(1) The directors of an insurer may delegate to a committee or to the chief executive officer such duties and powers of the directors, as the directors consider appropriate or the Supervisor considers necessary or desirable. 72 (2) Without limitation to the generality of sub-section (1), the audit committee of an insurer shall– (a) review the consolidated annual statement of the insurer before it is approved by the (b) review such reports of the insurer as the Supervisor may specify; (c) require the management of the insurer to implement and maintain appropriate internal control procedures, and review, evaluate and approve those procedures; (d) review such investments and transactions that could adversely affect the well-being of the insurer as the auditor or any officer of the insurer may bring to the attention of the (e) recommend the external auditor; (f) review the internal audit functions and approve all audit plans; (g) meet with the auditor to discuss the consolidated annual statement and the reports and transactions referred to in this sub-section; (h) meet with the chief internal auditor of the insurer or insurance intermediary, or the officer or employee of the insurer acting in a similar capacity, and with management of the insurer, to discuss the effectiveness of the internal control procedures established for the insurer or insurance intermediary; 73 (i) meet with the appointed actuary to discuss the parts of the annual statement and reports prepared by the actuary; (j) ensure compliance with policies, laws, regulations and circulars; and (k) report to the directors following each meeting of the audit committee. (3) In the case of the consolidated annual statement and reports of an insurer that under this Act must be approved by the directors of the insurer, the audit committee of the insurer shall report thereon to the directors before the approval is given. (4) The audit committee of an insurer may call a meeting of the directors of the insurer to consider any matter of concern to the committee.