Insurance Companies Act

Marginal note:Auditor’s examination

• 641 (1) The auditor of a foreign company shall make such examination as the auditor considers necessary to enable the auditor to report on the annual return required by subsection 665(2) and on other financial statements required by this Act to be filed with the Superintendent.

• Marginal note:Auditing standards

  (2) The auditor’s examination referred to in subsection (1) shall, except as otherwise specified by the Superintendent, be conducted in accordance with generally accepted auditing standards, the primary source of which is the Handbook of the Chartered Professional Accountants of Canada.

• Marginal note:Reliance on actuary

  (3) An auditor of a foreign company may, in conducting the examination referred to in subsection (1), use the valuation by the actuary of the foreign company of

  • (a) the actuarial and other policy liabilities of the foreign company as at the end of a financial year; and

  • (b) the increase in the actuarial liabilities of the foreign company for a financial year.