A-32 - Act respecting insurance

Section 298.2 Disposition versions

2004-12-17

298.2. The auditing committee shall be composed of not less than three directors, a majority of whom shall be persons who are not

(1)  officers and employees of the insurer;

(2)  members of another committee of the board of directors;

(3)  directors, officers, other mandataries and employees of a legal person affiliated with the insurer;

(4)  directors, officers and other mandataries, where the insurer is a mutual insurance association, of the federation with which that association is affiliated, of the guarantee fund of which it is a member or of a legal person belonging to the same group as the federation;

(5)  shareholders holding 10% or more of the voting rights attached to shares issued by the insurer or by a legal person affiliated with it, or 10% or more of such shares.

Where the Authority considers that circumstances justify it, the Authority may authorize the appointment of a committee composed in a way which does not comply with the requirements of the first paragraph.

1990, c. 86, s. 44; 1996, c. 63, s. 80, s. 82; 2002, c. 45, s. 243; 2004, c. 37, s. 90.

2004-02-01

298.2. The auditing committee shall be composed of not less than three directors, a majority of whom shall be persons who are not

(1)  officers and employees of the insurer;

(2)  members of another committee of the board of directors;

(3)  directors, officers, other mandataries and employees of a legal person affiliated with the insurer;

(4)  directors, officers and other mandataries, where the insurer is a mutual insurance association, of the federation with which that association is affiliated, of the guarantee fund of which it is a member or of a legal person belonging to the same group as the federation;

(5)  shareholders holding 10 % or more of the voting rights attached to shares issued by the insurer or by a legal person affiliated with it, or 10 % or more of such shares.

Where the Agency considers that circumstances justify it, the Agency may authorize the appointment of a committee composed in a way which does not comply with the requirements of the first paragraph.

1990, c. 86, s. 44; 1996, c. 63, s. 80, s. 82; 2002, c. 45, s. 243.

1996-12-23

298.2. The auditing committee shall be composed of not less than three directors, a majority of whom shall be persons who are not

(1)  officers and employees of the insurer;

(2)  members of another committee of the board of directors;

(3)  directors, officers, other mandataries and employees of a legal person affiliated with the insurer;

(4)  directors, officers and other mandataries, where the insurer is a mutual insurance association, of the federation with which that association is affiliated, of the guarantee fund of which it is a member or of a legal person belonging to the same group as the federation;

(5)  shareholders holding 10 % or more of the voting rights attached to shares issued by the insurer or by a legal person affiliated with it, or 10 % or more of such shares.

Where the Inspector General considers that circumstances justify it, he may authorize the appointment of a committee composed in a way which does not comply with the requirements of the first paragraph.

1990, c. 86, s. 44; 1996, c. 63, s. 80, s. 82.

1991-07-01

298.2. The auditing committee shall be composed of not less than three directors, a majority of whom shall be persons who are not

(1)  officers and employees of the insurer;

(2)  members of another committee of the board of directors;

(3)  directors, officers, other mandataries and employees of a corporation affiliated with the insurer;

(4)  directors, officers and other mandataries, where the insurer is a mutual insurance association, of the federation with which that association is affiliated, of the guarantee fund corporation of which it is a member or of a corporation belonging to the same group as the federation;

(5)  shareholders holding 10 % or more of the voting rights attached to shares issued by the insurer or by a corporation affiliated with it, or 10 % or more of such shares.

Where the Inspector General considers that circumstances justify it, he may authorize the appointment of a committee composed in a way which does not comply with the requirements of the first paragraph.

1990, c. 86, s. 44.