HC-6.3.2
These provisions must include but should not be limited to the following:
(a) The CEO must have authority to act generally in the insurance licensee's name, representing the insurance licensee's interests in concluding transactions on the insurance licensee's behalf and giving instructions to other senior managers and insurance licensee employees;
(b) The chief financial officer must be responsible and accountable for:
(i) The complete, timely, reliable and accurate preparation of the insurance licensee's financial statements, in accordance with the accounting standards and policies of the insurance licensee (see also HC-3.4.1); and
(ii) Presenting the Board with a balanced and understandable assessment of the insurance licensee's financial situation;
(c) The corporate secretary's duties must include arranging, recording and following up on the actions, decisions and meetings of the Board and of the shareholders (both at annual and extraordinary meetings) in books to be kept for that purpose; and
(d) The internal auditor's (see HC-6.5) duties must include providing an independent and objective review of the efficiency of the insurance licensee's operations. This would include a review of the accuracy and reliability of the insurance licensee's accounting records and financial reports as well as a review of the adequacy and effectiveness of the insurance licensee's risk management, control, and governance processes.
January 2011