Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 2   Amendment of the Insurance Act 1973

Part 1   Amendments

36   Subsection 49J(1)

Repeal the subsection, substitute:

(1) For each general insurer:

(a) the principal auditor of the insurer must audit the insurer's yearly statutory accounts; and

(b) an auditor of the insurer must perform for the insurer the functions of an auditor set out in the prudential standards; and

(c) an auditor of the insurer must prepare, and give to the insurer, the reports (if any) required by the prudential standards to be prepared by the auditor.