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A-32.1 - Insurers Act
Section 442
Disposition versions
442. The affairs of the member companies of a federation are inspected by the federation at least once every other year or whenever it considers it necessary for the protection of the insureds and of the holders of insurance contracts that the member companies underwrite.
The inspection of the affairs of a member company must cover such matters as
(1) its administrative structure;
(2) whether it conducts its affairs in an orderly manner;
(3) the effectiveness of its board of directors;
(4) the availability of reliable financial information; and
(5) whether the obligations imposed on member companies under this Act have been satisfied.
The federation produces a report of its inspection and sends it to the Authority and to the member company’s board of directors. If the federation calls a meeting or at the request of the member company’s board of directors, the report is presented to the member company’s directors, and the federation is required to provide them with the explanations they request.
In force: 2019-06-13
442. The affairs of the member companies of a federation are inspected by the federation at least once every other year or whenever it considers it necessary for the protection of the insureds and of the holders of insurance contracts that the member companies underwrite.
The inspection of the affairs of a member company must cover such matters as
(1) its administrative structure;
(2) whether it conducts its affairs in an orderly manner;
(3) the effectiveness of its board of directors;
(4) the availability of reliable financial information; and
(5) whether the obligations imposed on member companies under this Act have been satisfied.
The federation produces a report of its inspection and sends it to the Authority and to the member company’s board of directors. If the federation calls a meeting or at the request of the member company’s board of directors, the report is presented to the member company’s directors, and the federation is required to provide them with the explanations they request.
