Section 43: Auditor’s and actuary’s duty to report

43. Auditor’s and actuary’s duty to report (1) The auditor or the actuary of an insurer shall— (a) where a report or return is made to the insurer or to any public authority, provide a copy to the Commission; (b) where, but for a termination of appointment or resignation, there would have been reason to submit to the insurer a report containing unfavourable or critical remarks, submit such a report or draft report to the Commission. (2) The auditor or the actuary of an insurer shall forthwith inform, and as soon as practicable, submit a report to the Commission where in the performance of his functions he becomes aware or has reason to believe that— (a) the insurer’s financial soundness is seriously prejudiced, or the insurer’s ability otherwise to comply with this Act and the FSC Rules is seriously impaired; (b) there is any material change in the business of the insurer which may jeopardise its ability to continue as a going concern; (c) there has been or there is a breach of any of the provisions of this Act or FSC Rules, or any other enactment relating to the keeping of accounting records and to audit; (d) the policy framework of the insurer to counter money laundering and the financing of terrorist activities, and the related measures, are inadequate, or lacking, or have not been or are not being properly implemented; (e) rules and guidelines made by the Commission have not been or are not being properly complied with; (f) a financial crime or any serious irregularity is being, has been or is likely to be committed; (g) losses have been incurred which reduce the amount paid as stated capital or assigned capital, as the case may be, by 50 per cent or more; (h) the insurer is unable or is not likely to meet the margin of solvency. (3) In respect of any act performed or communication made in good faith, whether spontaneously or in response to a request by the Commission pursuant to the discharge of his duties under this section— (a) the auditor or the actuary shall not be deemed to be in contravention of any enactment or to commit a breach of— (i) any code of professional conduct to which he is subject, whether in Mauritius or abroad; I15 – 33 [Issue 1] Insurance Act (ii) any contractual provision binding him to any confidentiality whether to the insurer or to any other party; (b) no civil, criminal or disciplinary proceedings shall lie against the auditor or the actuary. [S. 43 amended by s. 15 of Act 16 of 2007 w.e.f. 28 September 2007.]