Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
346 Audit committee
of at least 3 directors.
(2) Two thirds of the members of the audit committee of a
provincial company must be directors who are not affiliated
directors of the company as determined under section 314(4) and
(5), and none of the members of the audit committee may be
officers, employees, insurance agents, adjusters or brokers of the
company or of a subsidiary of the company.
(3) The audit committee of a provincial company must
(a) review the annual financ ial statements of the company
before the annual financial statements are approved by the
directors,
(b) review the annual return of the company before the annual
return is approved by the directors,
(c) ensure that appropriate internal control procedures are in
place,
(d) review the investments and transactions that could adversely
affect the well-being of the company that the auditor or any
officer of the company brings to the attention of the
committee,
(e) meet with the auditor to discuss the annual financial
statements and the annual return and transactions referred to
in this subsection,
(f) meet with the actuary of th e company to discuss the parts of
the annual financial statements and the annual return
prepared by the actuary, and
(g) meet with the chief internal auditor of the company, or the
officer or employee of the company acting in a similar
capacity, and with management of the company, to discuss
the effectiveness of the internal control procedures
established for the company.
(4) The audit committee of a provincial company must report on
the annual financial statements and annual return to the directors
before the directors approve the statements and return.
(5) The audit committee of a provincial company may call a
meeting of the directors of the company to consider any matter of
concern to the committee.
1999 cI-5.1 s346
RSA 2000