Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
347 Conduct review committee
must consist of at least 3 directors.
(2) Two-thirds of the members of the conduct review 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 conduct review committee may
be officers, employees, insurance agents, adjusters or brokers of
the company or of a subsidiary of the company.
(3) The conduct review committee of a provincial company must
(a) establish procedures for the review of transactions with
related parties of the provincial company to which Subpart
12 applies,
(b) review all proposed transactio ns with related parties of the
company in accordance with Subpart 12, and
(c) review the practices of the company to ensure that any
transactions with related parties of the company that may
have a material effect on the stability or solvency of the
company are identified.
(4) After each meeting of the conduct review committee of a
provincial company, the committee must report to the directors of
the company on all transactions and other matters reviewed by the
committee.
1999 cI-5.1 s347