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1989 No. 277 INSURANCE (AGENTS AND BROKERS) REGULATIONS (AMENDMENT) - REG 11

11. Regulations 11, 12 and 13 of the Principal Regulations are repealed and
the following regulations substituted: Prescribed form of
acknowledgment-paragraph 34 (1) (c) of the Act

"11. For the purposes of paragraph 34 (1) (c) of the Act:

   (a)  Form 4 is prescribed as the prescribed form of acknowledgment; and

   (b)  the following manner of giving an acknowledgment is prescribed,
        namely, the giving of an acknowledgment:

        (i)    in a document separate from the contract of insurance to which
               the acknowledgment relates; and

        (ii)   written in letters at least 2 millimetres in height. Audit
               report-registered insurance broker

"12. (1) Where an audit of the accounts of a registered insurance broker's
business as an insurance intermediary is carried out, the registered insurance
broker must obtain a report in accordance with subregulation (2) from an
approved auditor.

"(2) A report referred to in subregulation (1) must:

   (a)  state whether the accounts to which the report relates are, in the
        opinion of the auditor, in accordance with the Act and give
        particulars of any matters that are not, in the opinion of the
        auditor, in accordance with the Act; and

   (b)  state whether the accounting records of the broker have been, in the
        opinion of the auditor, properly kept and whether they record and
        explain correctly the transactions and financial position of the
        broker and give particulars of:

        (i)    any accounting records that, in the opinion of the auditor,
               have not been so kept; and

        (ii)   any transactions that, in the opinion of the auditor, are not
               correctly recorded and explained; and

   (c)  state whether the auditor has obtained the information and
        explanations that the auditor requested from the broker for the
        purposes of the audit and give particulars of information and
        explanations that the auditor requested but did not obtain; and

   (d)  state whether, in the opinion of the auditor, the accounts referred to
        in paragraph (a) agree with the accounting records of the broker in
        respect of the period to which those accounts relate and truly
        represent the transactions and financial position of the broker in
        respect of that period and, if any of those accounts, in the opinion
        of the auditor, fail so to represent the transactions or financial
        position of the broker in respect of that period, give particulars of
        the failure.

"(3) A registered insurance broker must, if so requested by the Commissioner,
give to the Commissioner a copy of the report obtained by the broker under
subregulation (1). Audit report-registered foreign insurance agent

"13. (1) Where an audit of the accounts of a registered foreign insurance
agent's business as an insurance intermediary is carried out, the registered
foreign insurance agent must obtain a report in accordance with subregulation
(2) from an approved auditor.

"(2) A report referred to in subregulation (1) must:

   (a)  state whether the accounts to which the report relates are, in the
        opinion of the auditor, in accordance with the Act and give
        particulars of any matters that are not, in the opinion of the
        auditor, in accordance with the Act; and

   (b)  state whether the accounting records of the foreign insurance agent
        have been, in the opinion of the auditor, properly kept and whether
        they record and explain correctly the transactions and financial
        position of the foreign insurance agent and give particulars of:

        (i)    any accounting records that, in the opinion of the auditor,
               have not been so kept; and

        (ii)   any transactions that, in the opinion of the auditor, are not
               correctly recorded and explained; and

   (c)  state whether the auditor has obtained the information and
        explanations that the auditor requested from the foreign insurance
        agent for the purposes of the audit and give particulars of
        information and explanations that the auditor requested but did not
        obtain; and

   (d)  state whether, in the opinion of the auditor, the accounts referred to
        in paragraph (a) agree with the accounting records of the foreign
        insurance agent in respect of the period to which those accounts
        relate and truly represent the transactions and financial position of
        the foreign insurance agent in respect of that period and, if any of
        those accounts, in the opinion of the auditor, fail so to represent
        the transactions or financial position of the foreign insurance agent
        in respect of that period, give particulars of the failure.

"(3) A registered foreign insurance agent must, if so requested by the
Commissioner, give to the Commissioner a copy of the report obtained by the
registered foreign insurance agent under subregulation (1).". 


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