BR-2.3.29

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Past version: Effective from 01 Oct 2007 to 30 Sep 2014
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An insurance licensee must seek prior approval from the CBB for the following:

(a) Outsourcing of the internal audit function (ref. HC-3.3.2) and other material functions (RM-7.1.2);

(b) Appointment or re-appointment of external auditors (ref. AU-2.7.1 and AA-1.1.1);

(c) Appointment of actuary (ref. AU-2.7.2 and AA-4.1.1);

(d) Appointment of persons undertaking a controlled function in an insurance licensee (ref.AU-1.2.1);

(e) Appointment or cancellation of appointment of an insurance manager in accordance with AU-2.2.4;

(f) Any material changes or proposed changes to the information provided to the CBB in support of an authorisation application that occurs after authorisation has been granted. Insurance licensees must, in particular, seek prior CBB approval before undertaking activities in new classes of insurance. (ref. AU-5.4.1); and

(g) Before submitting a proposal for a distribution of profits (dividends) to a shareholder vote (ref GR-3.1.1).

Amended: January 2007
Amended: October 2007