Insurance Companies Act
Version of section 392 from 2006-04-27 to 2024-10-30:
Marginal note:Due diligence
392 A liquidator is not liable if they exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on
(a) financial statements of the company represented to the liquidator by an officer of the company or in a written report of the auditor of the company fairly to reflect the financial condition of the company; or
(b) a report of a person whose profession lends credibility to a statement made by them.
- 1991, c. 47, s. 392
- 2005, c. 54, s. 293
- Date modified: