Insurance Act, 2017 (Act No. 18 of 2017)Chapter 3 : Key Persons and Significant OwnersPart 2 : Appointment and termination of key persons14. Approval of appointment of certain key persons |
| (1) | The appointment of any of the following key persons must be approved by the Prudential Authority, and takes effect only if the Prudential Authority approves the appointment: |
| (a) | In the case of an insurer (other than a branch of a foreign reinsurer, a Lloyd’s underwriter or Lloyd’s) or a controlling company, a director and an auditor referred to in section 32; and |
| (b) | in the case of a branch of a foreign reinsurer or Lloyd’s— |
| (i) | an auditor referred to in section 32; |
| (ii) | a representative and a deputy representative of Lloyd’s or a branch of a foreign reinsurer referred to in section 34; and |
| (iii) | a trustee of a trust referred to in section 41. |
| (2) |
| (a) | In the case of an auditor, subsection (1) does not apply in respect of the reappointment of an auditor that does not involve a break in the continuity of the appointment. |
| (b) | Where the appointed auditor is a firm defined under the Auditing Profession Act, both the firm and the partner that takes responsibility for compliance with section 32 must be approved by the Prudential Authority. |
| (c) | The Prudential Authority’s approval of a firm as defined under the Auditing Profession Act does not lapse by reason of a change in the membership of the firm if at least half of the members of the firm, after the change, were members when the appointment of the firm was approved by the Prudential Authority, and the partner that takes responsibility for compliance with section 32 is not affected by this change. |