A-32.1 - Insurers Act

Section 355 Disposition versions

2019-06-13

355. The board of directors of a self-regulatory organization may not delegate the exercise of the following functions and powers:

(1)  appointing the members of the decision-making committee;

(2)  approving an investment policy for the insurance fund established by the organization;

(3)  determining the extent of the coverage offered and the tariff of rates and amounts of premiums;

(4)  imposing a special assessment in order to maintain in the insurance fund adequate assets to meet the liabilities charged against it, as and when they become due, and adequate capital to guarantee that it can serve its purpose; and

(5)  appointing the auditor and the actuary of the insurance fund.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

355. The board of directors of a self-regulatory organization may not delegate the exercise of the following functions and powers:

(1)  appointing the members of the decision-making committee;

(2)  approving an investment policy for the insurance fund established by the organization;

(3)  determining the extent of the coverage offered and the tariff of rates and amounts of premiums;

(4)  imposing a special assessment in order to maintain in the insurance fund adequate assets to meet the liabilities charged against it, as and when they become due, and adequate capital to guarantee that it can serve its purpose; and

(5)  appointing the auditor and the actuary of the insurance fund.

2018, c. 23, s. 3.