Insurance Act, 2017 (Act No. 18 of 2017)Chapter 5 : GovernancePart 1 : Insurers and insurance groups33. Audit committee |
| (1) | Section 94 of the Companies Act, except section 94(2), applies to an insurer (other than a branch of a foreign reinsurer, Lloyd’s underwriter or Lloyd’s) and a controlling company. |
| (2) | An insurer (other than a branch of a foreign reinsurer, Lloyd’s underwriter or Lloyd’s) and a controlling company must appoint an audit committee. |
| (3) | The audit committee must— |
| (a) | be structured to ensure that it has the necessary authority, independence, resources, expertise and access to all relevant employees and information to perform its functions; and |
| (b) | in addition to the functions referred to in section 94(7) of the Companies Act, perform the functions as may be prescribed. |