Committee Membership and Qualifications
Past version: Effective from 01 Jan 2011 to 31 Mar 2011
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The Committee shall have at least three members. Such members must have no conflict of interest with any other duties they have for the
A majority of the members of the committee including the Chairman shall be
The Board must satisfy itself that at least a majority of the committee has recent and relevant financial ability and experience, which includes:
(a) An ability to read and understand corporate financial statements including an insurance licensee's balance sheet, income statement and cash flow statement and changes in shareholders' equity;
(b) An understanding of the accounting principles which are applicable to the insurance licensee's financial statements;
(c) Experience in evaluating financial statements that have a level of accounting complexity comparable to that which can be expected in the insurance licensee's business;
(d) An understanding of internal controls and procedures for financial reporting; and
(e) An understanding of the audit committee's controls and procedures for financial reporting.
January 2011