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Insurance Companies Act

Version of section 907 from 2003-01-01 to 2006-11-27:

Marginal note:Auditor of subsidiaries

  •  (1) An insurance holding company shall take all necessary steps to ensure that its auditor is duly appointed as the auditor of each of its subsidiaries.

  • Marginal note:Subsidiary outside Canada

    (2) Subsection (1) applies in the case of a subsidiary that carries on its operations in a country other than Canada unless the laws of that country do not permit the appointment of the auditor of the insurance holding company as the auditor of that subsidiary.

  • Marginal note:Exception

    (3) Subsection (1) does not apply in respect of any particular subsidiary where the insurance holding company, after having consulted its auditor, is of the opinion that the total assets of the subsidiary are not a material part of the total assets of the insurance holding company.

  • 2001, c. 9, s. 465

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