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A-32.1 - Insurers Act
Section 94
Disposition versions
94. The board of directors must ensure that the authorized insurer adheres to sound commercial practices and sound and prudent management practices.
To that end, it must entrust certain directors it designates or a committee of such directors with the responsibility of seeing that such practices are adhered to and situations contrary to such practices are detected.
Within three months after the closing date of the insurer’s fiscal year, the directors or the committee, as the case may be, report to the board of directors on the performance of the responsibility entrusted to them or it and, if applicable, on the other activities they or it carries on for the insurer.
In force: 2019-06-13
94. The board of directors must ensure that the authorized insurer adheres to sound commercial practices and sound and prudent management practices.
To that end, it must entrust certain directors it designates or a committee of such directors with the responsibility of seeing that such practices are adhered to and situations contrary to such practices are detected.
Within three months after the closing date of the insurer’s fiscal year, the directors or the committee, as the case may be, report to the board of directors on the performance of the responsibility entrusted to them or it and, if applicable, on the other activities they or it carries on for the insurer.
